Find Out How Much Debt You Owe

Find Out How Much Debt You Owe – If you have a serious delinquent debt, it’s possible that the company you originally owed the money to (such as a credit card company or bank) has sold or transferred your debt to a buyer or collection agency. If this happens, you will have to deal with whoever owns your delinquent debt, not your original creditor.

If you think you owe a debt to a debt collector, but don’t know how to check your records to see which collection agency you owe and how much you owe, there are four easy ways to find out.

Find Out How Much Debt You Owe

The easiest way to find out who owns your debt is to contact the original creditor or account manager directly. They should be able to tell you the name and contact details of the collection agency you owe money to.

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You may even find that your debt has not yet been sent to collection. Sometimes there is a delay between your creditor collecting your debt and sending it to a collection agency. In this case, you can simply pay your original creditor directly and assume that any collection agencies calling you about the debt are scams.

If you are not sure how much you owe, you can ask your original creditor when you contact them, although they may not be able to discuss the account with you if they no longer owe the debt. You can also check the correct amount by checking your old bank statements.

A common sign that you are dealing with a illegitimate debt collector is that they do not comply with the Fair Debt Collection Practices Act (FDCPA). This is a federal law that protects consumers from harassment by debt collectors by regulating what debt collectors can and can do. I can’t. Be sure to read the rules to protect your credit, finances, and identity.

Most debt collectors report to at least one of the three major credit bureaus (Experian, TransUnion, and Equifax). For this reason, checking your credit report is an easy way to find the name and contact information of the collection agency that owns your debt.

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You are entitled to a free copy of your credit report from each of the three major credit bureaus every 12 months (due to the COVID-19 pandemic, they are currently available every week until December 2022). 1 Visit AnnualCreditReport.com to request copies of your credit reports.

You don’t know which credit bureau your collector will report to, so you may need to check all of your credit reports. Also keep in mind that collection accounts that are more than seven years old or brand new may not show up on your credit reports. 2

If debt collectors call you and you don’t answer, they may leave a voicemail message explaining which agency they represent and how to contact them.

If all they say in their voicemail is the name of the company, look it up in this list of common debt collectors to learn everything about your debt collectors, including whether they’re legitimate and how to contact them.

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Another way to find a collection agency is to get the phone number from a voicemail message or caller ID and enter it into a search engine. Other people may have posted online that they received calls from this number.

If you can’t find information about the debt collection agency itself, you have another option: wait for them to contact you by phone or email.

However, if they approach you, proceed with caution. Never give private information to debt collectors until you confirm that they are not scammers impersonating debt collectors trying to collect money from you.

If you are not sure, ask the collection agencies to send you a letter confirming the debt. The letter will provide details about your debt, including the name of the original creditor, the amount you owe, and information about your right to dispute the debt. They are required by law to provide you with this information within five days of first contacting you. 3

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Once you receive this message, you can respond with a debt confirmation letter. Despite the similar names, this is very different from the proof of debt they have to send you. This is a letter that forces them to provide additional proof that you owe the debt, providing additional protection against debt collection fraud.

Use this debt acknowledgment letter template if a collection agency has contacted you about a debt and you want to dispute it. The collection agency is required to respond to your debt verification letter.

Assuming you can identify the agency you owe and the debt turns out to be legitimate, you need to decide how to proceed. You have several options:

Whichever approach you choose, rest assured that there are many ways to rebuild your credit after the debt has been sent to collection.

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With a little effort, you can even remove charges from your credit report entirely. Make sure you monitor your credit so you always know who is monitoring your credit accounts and watch out for debt collection fraud.

I-Jane Lee is a credit analyst who writes for. Her work includes credit repair, credit scoring industry, budgeting and debt management. She holds a BA from McGill University in Montreal, Quebec.

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That’s the only way we make money. We do not accept compensation in exchange for reviews or articles, and we do not sell any products or services. Our editorial team works independently (without influence from our affiliates or advertising team) to ensure that the objectivity of our reviews is not compromised. Learn more about how we make money. Student loan debt and an outstanding credit card payment… We all know that debt can often get out of hand. It doesn’t help that our lifestyles often tempt us to go into debt. And then we are left with insufficient savings and overdue payments.

But fear no more: in this post, we’ll give you some tips on how to avoid dodgy debt. However, if you already feel like you’re in the deep end, we have some helpful tips from a credit counselor that can help you with a debt consolidation loan and keep the debt collector from knocking on your door. Know how to manage your debts! Here’s what we’ll discuss in this post:

Before we dive into the common pitfalls that get us into financial trouble, make sure you read our article on financial literacy. We’ve covered some key financial terms you should keep in mind. Once you do that, you’re ready to join us here. As a reminder, it is important to understand each of these pitfalls before speaking about our biases. First, we need to address this basic task, specifically how to manage debt and save. Next, we unpack the slopes one by one.

You can get started right away by watching the episode below. Subscribe to our YouTube channel to be notified of upcoming episodes. You can also listen to the episode on your favorite podcast platform or just scroll to read on.

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This mainly refers to spending on basic necessities

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