4. Don’t give your personal information

There are chances that sometimes, debt collectors will ask you for personal information like your bank account number, your Social Security number, your work place, references from friends and colleagues. Have you ever thought why they want this information? It is just to put together a “financial statement” they need to work out on any repayment plan.

They don’t want you to know that they are merely fishing for information that will help them find you, if you move, sue you if you don’t repay, or get into your bank records. There is no financial statement, and you should never give out proprietary information to anyone ever.

5. Your credit is damaged already

Exaggeration is like a prime right for debtors; they often inflate the consequences of law-breaking and non-payment. Threats are illegal under the FDCPA, but suggestions that your credit score will suffer, or that your possessions may be seized, are simply scare tactics with nothing to back them up.

In fact, if your debt is in collection, your credit score has already been damaged and the potential loss of your possessions is pure fiction. What they don’t want you to know is that all they can really do is ask, cajole, and demand that you pay.