Check to See if Loans are Real Before Paying Money to Collectors

Monday, August 21st, 2023 -- 1:01 PM

(Raymond Neupert, WRN) If you're getting aggressive calls from loan collectors, be sure the loans they're trying to collect are real.

Before you start making payments to a loan collector, make sure you actually owe what they're asking you to pay. Lisa Schiller with the Better Business Bureau says those collectors need to have a paper trail to confirm any loan they're trying to collect.

"They should be able to provide you with proof that you owe money, whether it was from years ago or it was more recent, where is the proof, they should be able to provide you with that."

Schiller says in many cases businesses buy loans in bulk without checking to see if they are still valid. "Don't just go ahead and pay it because somebody called you or sent you a threatening letter, you really have to look into it these days, you have to just do a little bit of homework."

Schiller says predatory companies will simply take your money and not help you with your bills at all. "What we always tell consumers, is to make sure, first of all, that the person that's trying to collect on that debt is legitimate."

Anyone trying to collect a debt should be able to provide you with exact information of how much you owe and to whom, and if they can't you should contact the B B B or state consumer protection for help.

Feel free to contact us with questions and/or comments.