Financial losses associated with identity theft seem to expand each year despite the safeguards and ongoing educational information published by government, financial and consumer groups. In this episode of ACA Cast titled, “Identity Theft: Don’t Fall Victim to the Threat,” Jessica Hearn, CFO and compliance director with Universal Fidelity in Katy, Texas, provides thoughtful insights on securing personal information and communicating with debt collectors about potential fraud.
Hearn notes that professional debt collectors are trained to understand and manage cases where fraud may have occurred. “Collection agencies are here to rectify outstanding balances and they do not want to collect on fraudulent balances," Hearn said. "This doesn’t benefit the consumer or the client. The consumer trying to rectify identify theft should provide this information to the collection agency so that their accounts are flagged and handled properly.” She also mentioned that collection agencies will ask consumers to provide a police report or Federal Trade Commission identity theft document to attach to the account.Support the show