OH SO SINGLE

A Division of Precepts and Promises

A Single’s Guide to
Financial Independence
Week 4
 COLLECTION AGENCIES

• Dealing with collection agencies can be stressful.

However, according to the “Fair Debt Collections
Practice Act”:
– Debt collectors cannot use: coercion, threats,
lies, intimidation, fear, blackmail, harassment
or constant phone calls in an attempt to force
you to pay a debt.
 BE PROACTIVE

• If you’re being harassed by collection agencies

you may:
– Report the company to your state Attorney
General’s office;
– Report the company to the Federal Trade
Commission at www.ftc.gov or 877-FTC-
HELP; and
– Send the Company a cease contact letter by
certified return receipt requested.
 IDENTITY THEFT

• This occurs when someone steals your private

information and uses it for their personal gain
(opening fraudulent lines of credit, etc.).
• How do they obtain your information?
– Searching your garbage
– Electronically (ex. Spam emails)
– From employee files
 IDENTITY THEFT cont.

• How to avoid being a victim:

– Don’t carry your social security card in your
wallet.
– Ask your employer to keep personnel
information secure.
– Request a locking drawer at work.
– Shred all sensitive mail.
– Consider Identity Theft Insurance
 REALITY CHECK
• If your identity is stolen:
– Contact the three credit bureaus and ask them to
put an “alert” on your file.
– Report ID theft to your local precinct.
– File a complaint with the Federal Trade
Commission (www.ftc.gov or 877-ID-THEFT).
– Contact the Identity Theft Resource Center at
www.idtheftcenter.org or 858-693-7935.
 RESOURCES
• Zero Debt by Lynnette Khalfani-Cox
• www.betterbudgeting.com
• The Motley Fool: www.fool.com
• www.themoneycoach.net
 RESOURCES cont.
• For those with student loans:
– Project on Student Debt (
www.projectonstudentdebt.org)
– United States Student Association (
www.usstudents.org)
– Public Interest Research Group
(www.uspirg.org)
HAPPY FINANCIAL PLANNING

THANKS FOR READING