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Collecting a past-due debt is a legal way for creditors and debt collection agencies to get money that's owed to them. If you're late on payments ? or haven't made them at all ? you owe it to companies to pay that money back.
A debt collection form is used by employers to get the contact information from debtors (people who owe you money).
A debt collection letter reminds a debtor that they owe you money. You can use a debt collection letter to set up a repayment plan or warn of impending legal proceedings. A debt collection letter should include the total debt owed, the initial due date, and any necessary warnings of impending legal action.
The Colorado Fair Debt Collection Practices Act (CFDCPA) is a state law that governs the actions of debt collectors and collection agencies. It provides consumers with certain rights and restricts the practices collection agencies may use to attempt to collect debts.
If you don't receive a validation notice within 10 days of the first contact, request one from the debt collector the next time you're contacted. Ask for the debt collector's mailing address at this time as well, in case you decide to request a debt verification letter.
If you have a bill that goes unpaid, the company that you owe can send your debt to collections. They may hire a debt collection agency to collect the outstanding balance, and in some cases, they can sell your debt to a debt collection company.
If you receive a notice from a debt collector, it's important to respond as soon as possible?even if you do not owe the debt?because otherwise the collector may continue trying to collect the debt, report negative information to credit reporting companies, and even sue you.
Provide verification and documentation about why this is a debt that I am required to pay. The amount and age of the debt, including: A copy of the last billing statement sent to me by the original creditor. State the amount of the debt when you obtained it, and when that was.