As Covid-19 continues to alter our way of life, both financially and physically, debt collectors have enjoyed a healthy level of profits as consumers default on their loans or miss payments.
Debt collectors are notorious for sending you threatening letters in the mail and spamming your phone. Here are three debt collectors you need to watch out for. They are the largest, most aggressive, and hardest to deal with.
- 11 Charter Communications
11 Charter Communications is one of the largest debt collection agencies in the world. You may have heard of them as ‘Charter Communications’ or ‘Spectrum.’ These are the two brands most consumers know them as. For most consumers, this debt collector will only appear on your credit report if you missed a TV payment.
- Portfolio Recovery Associates
This debt collector specializes in collection medical debt, bulk student loan debt, overdue utility bills, and unpaid tuition. Their reach is far and great. However, Portfolio Recovery Associates recently lost a lawsuit against the NY State Attorney General, in which case they were found guilty of improperly collecting debt. Nonetheless, PRA is a large debt collector that you need to avoid at all cost.
- Harris and Harris
Another large debt collector in America, Harris and Harris collects debt for Government organizations, healthcare providers, and utility companies. In recent years, they have appeared on thousands of consumer credit reports. These powerful entities pay Harris and Harris a fee to collect debt on their behalf.
What to Do if a Debt Collector Contacts You
If a debt collector contacts you, the best thing to do is to politely tell them you know your consumer rights that are protected under the Fair Debt Collections Practices Act (FDCPA). This act protects you from illegal debt collection activities.
Debt collectors hate when consumers know their rights because it severely restricts them from collecting debt. This limits their ability to send you letters and call you. A simple mention like this will protect you from harassment! So, it is a win-win all around.
Dealing with debt collectors is never a good experience. They are annoying, rude, and intimidating. We listed out three of the largest debt collectors in the United States. These are the ones you need to watch out for and avoid at all costs.
However, if they do contact you, make sure you tell them you know your consumer rights protected under the FDCPA. This should get them off your back and put an end to the annoying phone calls for a brief period.
You never want to give them your personal information, such as a credit card or mailing address, or anything they can leverage to get you to pay off the debt. Limit all contact with debt collectors, and seek professional advice if need be.