Question 1

Do these rules apply to the original lender?

Accepted Answer

The main federal debt collection law mostly covers third-party collectors and debt buyers, not the original lender. Some states have rules that cover original lenders too.

Question 2

How long does a debt stay on my credit report?

Accepted Answer

Most negative items stay up to 7 years from when the account first went delinquent.

Question 3

How do I stop debt collectors from calling me?

Accepted Answer

Send the collector a letter telling them to stop contacting you, and keep a copy. They can still contact you to confirm they’ll stop or to tell you about specific actions like a lawsuit.

Question 4

What is a debt validation letter?

Accepted Answer

The notice a collector must send after first contacting you, showing who the debt is for, how much, and how to dispute it. Disputing in writing within 30 days makes them verify the debt before collecting more.

Question 5

Can a debt collector call me at work?

Accepted Answer

Not if you tell them your employer doesn’t allow it. Say so, and put it in writing.

Question 6

Can debt collectors take money from my bank account?

Accepted Answer

Not on their own. They usually need to sue you and win a court judgment first. Some money, like Social Security benefits, has extra protection.

Question 7

Should I pay a debt I don’t recognize?

Accepted Answer

No. Dispute it in writing and ask for proof. Paying an unknown debt may help a scammer or restart the clock on an old one.

Question 8

Where do I report a debt collector?

Accepted Answer

To the Consumer Financial Protection Bureau (CFPB) and your state attorney general. Include dates, call logs and copies of letters.

Common questions: Debt collectors