Mark Required Fields In Legal New York Fair Debt Collections Forms For Free

Effective April 7, 2022, the New York statute of limitations for debt collection lawsuits arising out of a consumer credit transaction is reduced from six years to three years. Also, payment toward the debt or written or oral affirmation of the debt by the consumer does not revive or extend the limitations period.

Who Must Have a Debt Collection Agency License? Businesses whose principal purpose is to regularly collect or to attempt to collect personal or household debts from New York City residents must have a Debt Collection Agency license no matter where the agency is located, including outside of New York State.

In New York, collection agencies are not required to be licensed at the state level. However, local cities/counties may require licensing. New York City and the City of Buffalo require all entities engaged in the business of collecting personal or household debts to obtain a Collection Agency license.

The amount and age of the debt: Ask for a copy of the last billing statement sent by the original creditor, the amount owed when the collector purchased the debt, the date of last payment and whether the debt is past the statute of limitations.

If you choose not to verify your identity by providing information, like your Social Security number, the debt collector will generally ask you for another form of identification, including: Account number for the debt in question, if you know it. Other contact information, such as your current or previous address.

The information on the debt must be accurate, and rules and disclosures must be present. Letters need to also provide resources to debtors on how to dispute the debt and how they can respond. Contact details for the collector must also be present. Language can never be threatening or aggressive.