Average personal loan debt: $8,018. Personal loans are unsecured debt governed by the original loan agreement and state law. If in collections, FDCPA applies. Many collection agencies lack original documentation.
Common Second Round Sub Violations
Collecting debts they cannot substantiate
Failing to cease collection after dispute
Inaccurate credit bureau reporting
Personal Loan Debt Dispute Strategies
1
Demand debt validation under FDCPA
2
Check statute of limitations in your state
3
Verify the amount is correct
4
Negotiate settlement if valid
5
Dispute credit reporting errors under FCRA
Tips Against Second Round Sub
Second Round buys deeply discounted debt — negotiate aggressively
Demand full validation including original creditor statements