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Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Michigan collection agencies can help businesses, medical practices and facilities that are creditors to collect their accounts receivable. Have you gotten a collection call about a debt you don't recognize Last Updated. If the debt collector does not provide verification information on the first communication with you, he must send written notice with that information within five days of the initial contact. for a lender to threaten a borrower with arrest or jail. Calling A Debtor Without Identifying That They Are A Debt Collector. This information may be different than what you see when you visit a financial institution, service provider or specific products site. (ND). This information may include links or references to third-party resources or content. Chatzky, J. Debt Collection Laws: Collections Process, Practices & Methods We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Despite these protections, consumer advocates argue that the new rules expose people to increased harassment from unscrupulous lenders. About the author: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. Request a validation letter from the debt collector if you dont receive one within five business days of first contact. 2. Ultimately, if you owe a debt, its because you chose to borrow money. It also can require research in making sure that you actually owe a debt. how to get the name of the original creditor. The first step is to verify you owe the debt and that the person contacting you is a legitimate debt collector. Find the resources you need to understand how consumer protection law impacts your business. Email this Business. If the debt is past the statute of limitations, for example, making a payment will reset that clock and could lead to a lawsuit or wage garnishment.