Debt collection is the process by which a person or entity who is owed money or property seeks payment for the debt. Debt collection may be performed by the person or entity who is owed the debt (the creditor), or may be performed by a third-party debt collector hired by the creditor to collect the debt on behalf of the creditor. Sometimes creditors sell the debt to another entity at a discounted value, and the entity that purchases the debt becomes the creditor.

Debts that are often the subject of debt collection efforts include (1) credit card debt; (2) car or auto loan debt; (3) medical debt; (4) student loan debt; (5) unpaid utility and telephone bills; and (6) personal loan debt.

If you owe money, you have a legal obligation to repay it. But state and federal laws—such as the Fair Debt Collection Practices Act—prohibit debt collectors from using deceptive or abusive tactics to collect the debt.

In Oklahoma, debt collection is regulated by both state statutes and federal law, including the Fair Debt Collection Practices Act (FDCPA). The FDCPA is a federal law that sets national standards for the collection of debts, prohibiting debt collectors from using deceptive, abusive, or unfair practices. It applies to personal, family, and household debts, which include credit card debt, auto loans, medical bills, student loans, and other types of personal loans. In Oklahoma, creditors may attempt to collect debts themselves or hire third-party debt collectors. Additionally, creditors can sell the debt to another entity, which then becomes the new creditor. These debt buyers are also subject to the FDCPA. Oklahoma state law also provides protections and outlines lawful practices for debt collection, complementing federal regulations. Debt collectors must adhere to these laws when attempting to collect debts, and consumers have the right to request verification of the debt and to dispute any inaccuracies. If a debt collector violates state or federal laws, consumers may have legal recourse and should consider consulting with an attorney to understand their rights and potential remedies.