The terms original collector, original creditor, and original debtor get thrown around quite a bit, and it isn’t initially clear what differentiates them. Knowing the difference can help you understand your rights and build a stronger case.
Definition of Original Creditor
A collector simply a person or entity that’s collecting on a debt. For example, if you take out a loan with a bank and the bank attempts to collect on it, the bank would be the collector
The term “original collector” sounds a lot like “original creditor,” but “original creditor” is often the term that people mean when they’re talking about a collector in the banking scenario. The original creditor is the person or entity that loaned out the money in the first place.
The debtor is the person who owes the money. In the bank scenario, that would be you.
Basically, the debtor is the person who has to pay off the debt, and the creditor is the person who distributes the credit. The collector is whoever attempts to collect on the debt.
How These Can Affect Your FDCPA Claim
Understanding these terms is important because they can determine whether you should file a case. The FDCPA only covers third-party collectors, which means that if you’re being bothered by the entity that the original debt belongs to, you may not be able to file an FDCPA claim.
However, that doesn’t mean that the harassment has to continue. An attorney can help you figure out what laws could help you get the phone calls to end. This process can be complex and downright confusing, but an experienced attorney can shed some light on it.