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business Wednesday 9 February 2022
Millennial Money: Watch for debt collectors, scams on social

By LAUREN SCHWAHN of AN UNUSUAL PAYMENT. ditReport.com. "Make a list
NerdWallet Fraudsters often seek fast of the debts that you owe:
Social media is where you payment through difficult- the creditors, the balances,
watch cooking videos, to-recover methods. A le- the account numbers. The
gaze at photos of dreamy gitimate debt collector debt collector will often ref-
travel destinations and won't pressure you to pay erence the last four digits of
doomscroll through endless using questionable means the account number," Boss-
news headlines. Now, sites such as a money transfer, ler says.
like Instagram, Facebook bitcoin terminal or prepaid You may be dealing with a
and Twitter could also be card, Kuehnhoff says. "They collection department for
where debt collectors slide won't tell you to go down the original creditor, mak-
into your DMs. to the Apple store and buy ing it easier to match up
In late 2021, rule changes an Apple (gift) card." the details. But the original
under the Fair Debt Col- Don't pay anything with- creditor may have sold the
lection Practices Act went In this Sept. 16, 2017, file photo, a person uses a smart phone in out first confirming that the debt to an outside com-
into effect that specify how Chicago. debt and the collector are pany. That third-party col-
third-party debt collectors Associated Press real. You can learn more lector should provide infor-
can communicate through about fake and abusive mation such as their name,
social media, email and alert you to abusive behav- 'I'm a debt collector' and debt collectors from the company and mailing
texts. Consumer advocates ior or scams: nothing else, I would defi- Federal Trade Commission. address. Use these details
like April Kuehnhoff, a staff — THE MESSAGE ISN'T PRI- nitely be suspect from the KNOW AND PROTECT YOUR to double-check their au-
attorney at the National VATE . Debt collectors can start," says Katie Bossler, a RIGHTS thenticity.
Consumer Law Center, are request to join your friends quality assurance specialist The FDCPA gives you cer- "Several states have their
concerned that these rules or followers as long as they at GreenPath, a nonprofit tain protections. For ex- debt collection licenses
could lead to confusion tell you they're debt collec- credit counseling agency. ample, you can opt out of registered at the NMLS, the
and an uptick in scams. tors. However, the FDCPA — YOU'RE THREATENED OR communications. Collec- National Multistate Licens-
"It's much cheaper to use states that all communica- HARASSED. "Sometimes tors are required to provide ing (System)," Kuehnhoff
electronic communica- tions must be private. That scammers will threaten an easy, free way to end says. "Even if your state
tions to reach out to more means messages can't consumers with arrest or social media contact. That doesn't use it, it can be a
people. We'll see a rise in be visible to the public or deportation or try to scare won't erase the debt, how- helpful place to check if this
the number of illegitimate people in your network on them into paying quickly," ever. name is a legitimate debt
actors who are imperson- the platform. If you receive Kuehnhoff says. But it's ille- You also have the right to collection name that's reg-
ating debt collectors and a message that others can gal for collectors to make dispute a debt that you istered in other states."
emailing, direct messaging see, that signals a bad ac- threats or use violent or pro- believe is incorrect or not Even if everything checks
or texting people in an at- tor. fane language. yours. However, you'll have out, don't feel pressured
tempt to get them to pay — IMPORTANT INFORMA- A collector also cannot le- to submit a written request to pay right away. Making
money for debts that they TION IS MISSING. Debt col- gally sue you if the debt is within 30 days of receiving a payment could revive a
don't actually owe," Kue- lectors are legally obligat- time-barred , or past the notice if you want to dis- debt that was past the stat-
hnhoff says. ed to share specific details statute of limitations. How pute or get more informa- ute of limitations. Instead,
Spotting the signs and about the debt, including do you know if your debt tion about the debt. Infor- give yourself time to make
knowing your rights can the amount owed, the is time-barred? Research mation on how to do either a plan that works for you
help you guard against creditor's name and infor- your state's laws and re- must be included in the and your budget.
unfair and fraudulent debt mation about your rights. view your payment history collector's initial communi- If a debt collector violates
collection practices. Here's They'll usually provide this on your credit reports. Or, cation to you. your rights or you encoun-
what to watch for and information, known as a consider seeking help from How can you verify the ter a scam, you can file a
how to stay safe as you sift validation notice, the first your local legal aid office debt and the collector? complaint with the FTC, the
through notifications. time they contact you or or a nonprofit credit coun- Bossler suggests starting Consumer Financial Pro-
RECOGNIZE THE RED FLAGS within five days. seling agency. with pulling your free credit tection Bureau or your state
Several warning signs can "If someone's just saying — YOU'RE ASKED TO MAKE reports from AnnualCre- attorney general's office.q

U.S. and Japan reach deal to make

most steel imports tax-free

By JOSH BOAK tively nullifying the tariffs a statement.
Associated Press while also allowing for tax- U.S. Trade Representa-
U.S. government officials es to be charged on any tive Katherine Tai said the
said Monday that they imports in excess of that agreement with Japan
reached an agreement to sum. along with a separate deal
essentially lift the 25% tariff "The deal we reached will last year on steel with the
that former President Don- strengthen America's steel European Union will put
ald Trump imposed on im- industry and ensure its them in a better place to
ported Japanese steel. workforce stays competi- compete against China,
The deal with Japan would tive, while also providing the world's second larg- Commerce Secretary Gina Raimondo testifies before a Senate
exclude the first 1.25 mil- more access to cheaper est economy. The Biden Appropriations Subcommittee on Commerce, Justice, Science,
lion metric tons of import- steel and addressing a administration has bluntly and Related Agencies hearing on Capitol Hill in Washington,
ed steel from the tax. That major irritant between the centered its policies on Tuesday, Feb. 1, 2022, to examine expanding broadband
amount of steel is equal to United States and Japan, competing against China, access, focusing on the Department of Commerce broadband
the average that Ameri- one of our most important which accounts for the programs in the Infrastructure Investment and Jobs Act.
cans imported from Japan allies," Commerce Secre- majority of global steel Associated Press
in 2018 and 2019, effec- tary Gina Raimondo said in production, according to the Belgium-based World Steel Association.q