Scammers like these payment methods because they may be untraceable, and it can be hard for you to get your money back. Pressures you to pay by money transfer or prepaid card If the debt collector does not provide this information during the initial contact with you, they are required to send you a written notice within five days of that initial contact. Warning signs of debt collection scams Withholds information from youĪ debt collector must tell you information such as the name of the creditor, the amount owed, and that if you dispute the debt the debt collector will have to obtain verification of the debt. While there are many legitimate debt collectors in the financial marketplace, there are also scammers who may try to get you to pay on debts that you don’t owe or on debts that don’t even exist. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed.