It’s hard not to know when you owe money to a collection agency because they often call, write and leave messages. Of course, it’s preferable to stay current with your bills and avoid dealing with a collection agency if at all possible. But if you’re past this point and you’re not sure where your debt stands, read on for more information.

Call Your Lender

They may have a record of your accounts and whether an account has been placed with a collection agency. If you’re still in the early stages of being overdue with payments, you may be able to set up a payment plan with your lender or receive some other form of assistance, so it makes sense to start here. When creditors are unable to collect from their customers, they may place the delinquent accounts with collection agencies. This typically happens after 180 days, though different creditors may have different policies. Collection agencies then try to collect what is owed.

Review Your Phone Records

If you owe money to a collection agency, they have most likely been calling. Check your missed calls and voicemail and see who has been reaching out to you.

Go Through That Pile of Mail

What you may have mistaken for junk mail could actually be a bill. If you owe a collection agency money, they will be mailing to you at regular intervals.

Take Steps to Pay Debts

Remember, when a creditor has written off a debt, it may have placed it with a collection agency. It’s important to get a handle on whether your debt was transferred and begin to deal with the outstanding debt as soon as possible. The faster you pay off existing debts, the more likely you will be able to recover.

Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.