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You can pay the original creditor—but only if they still legally own the debt. Once it’s sold to a collection agency or debt buyer, your obligation transfers. Paying the wrong party won’t resolve the debt—and could even leave you paying twice. Understanding Debt Ownership: Assignment vs. Sale Debt moves through two primary channels: Tip: If…
Yes, you are still legally obligated to pay the full amount of your debt even after it has been sold to a third-party collection agency. The debt doesn’t disappear—it simply changes hands. However, strict consumer protection laws like the Fair Debt Collection Practices Act (FDCPA) give you powerful tools to dispute, verify, and negotiate debt…
Yes, it is legal for collection agencies—known as debt buyers—to purchase delinquent debts and pursue repayment. However, their actions are tightly regulated under the Fair Debt Collection Practices Act (FDCPA) and relevant state laws. Consumers retain critical rights throughout the process. How Debt Buying Works From Charge-Off to Sale When a debt becomes 90–180 days…
Business identity theft has ballooned into a $56.6 billion menace that undermines operational continuity and regulatory compliance. This comprehensive guide breaks down the scale of business identity theft, the underlying causes, and actionable defense strategies you can implement now. Business Identity Theft — A $56.6 Billion Threat While personal identity theft causes hardship, business identity…
Employment identity theft is a growing and underreported crime in the United States, affecting tens of thousands each year. Unlike financial identity theft, this form involves criminals using stolen identities—often Social Security Numbers (SSNs)—to gain employment, bypass background checks, or evade legal restrictions. In 2025, this form of fraud has emerged as one of the…
Losing your wallet can be more than just a hassle—it can be a gateway to identity theft and financial loss. In the U.S. alone, nearly 1 in 5 people who have their wallets stolen report fraudulent use of their personal information afterward. Whether your wallet was lost, left behind, or stolen, taking swift and strategic…
Identity theft can derail your finances, ruin your credit, and create a bureaucratic nightmare. The average identity theft victim spends over 100 hours and $1,343 out of pocket restoring their identity, according to a 2023 Javelin Strategy report. Fortunately, identity theft insurance can help ease the financial and logistical burden. But what exactly does it…
Identity theft has escalated from a financial nuisance to a global crisis. With fraudsters leveraging AI-driven scams and exploiting systemic weaknesses, the effects now stretch far beyond stolen funds. Victims suffer credit destruction, legal troubles, medical errors, wrongful arrests, and even social alienation—while businesses and government agencies lose billions each year. This article offers a…
The most effective defense against identity theft is a credit freeze. This free, government-backed tool prevents new accounts from being fraudulently opened in your name. However, while a credit freeze blocks unauthorized credit access, it doesn’t reimburse the financial losses or cover recovery services—this is where identity-theft insurance endorsements on homeowners policies can fill in…