The Ultimate Zombie Debt Quiz
by Staff
If you've ever had a company try to collect on a loan you don't actually owe, you've dealt with zombie debt. Zombie debt can be difficult to deal with, as can the companies that collect this debt. Do you know what to do when these harassing calls start to come in?

To avoid future credit problems, what should you do if your credit card is stolen?

  • Immediately report the theft to the credit card company.
  • Call 911.
  • Retrace your steps, and try to figure out the identity of the thief.

What will most credit card companies do if you report that your card has been stolen.

  • They will cancel your account, and ask you to pay off the balance on the account.
  • They will cancel the card and the ignore the illegal purchases.
  • They will give you 48 hours to find your card before fining you for the loss of the card.

How does an agency you've never heard of get your debt information?

  • They hire private investigators.
  • They steal your credit information.
  • They purchase your debts.

Which of these statements best describes zombie debt?

  • Zombie debt is a debt owed to you by an individual who has since changed his or her name, and cannot be found.
  • Zombie debt is a debt that is not your responsibility, but which someone is trying to collect from you.
  • Zombie debt is a debt owed by an individual who has passed away.

How might zombie debt hurt your credit?

  • There is a special section on your credit report for zombie debts.
  • The charge might appear on your credit report as unpaid, which will lower your credit score.
  • The IRS requires all zombie debt to be taxed at 5.8 percent, and failing to pay these taxes can lower your credit score.

Which of these has contributed to the profitability of zombie debt collection?

  • Y2K
  • tax cuts
  • identity theft

To avoid zombie debt you should check your credit report at least how often?

  • once a year
  • once every three years
  • twice every seven years

What do credit card companies do when their efforts to collect on a debt fail.

  • They report the case to the Attorney General's office.
  • They contact the IRS.
  • They write the debt off as a loss.

After a credit card company writes off a debt it will often do which of the following?

  • They sell the debt to a collection agency.
  • They sue you for breach of contract.
  • They offer you a settlement option.

What is the price range that collectors will pay to purchase a debt?

  • between a fraction of a penny and $0.12 on the dollar
  • between $0.05 and $0.10 on the dollar
  • between $0.10 and $0.25 on the dollar

How much money did collectors profit from zombie debt in 2006?

  • $110 million
  • $110 billion
  • $110 trillion

In 2006, the federal government took actions against which of these companies for improper debt collection?

  • Halliburton
  • Enron
  • NCO Financial Systems

Asset Acceptance Capita's revenues increased by how much between 2001 and 2005?

  • 200 percent
  • 300 percent
  • 400 percent

Which of these was written to protect consumers from improper debt collect?

  • the Fair Debt Collection Practices Act
  • the Federal Consumer Protection Act
  • the Credit Fairness Act of 2003

Which of these government organizations deals with complaints against collection agencies?

  • the Federal Bureau of Investigation
  • the Internal Revenue Service
  • the Federal Trade Commission

A debt collector is legally obligated to do which of the following?

  • They must identify themselves.
  • They must give you one year to pay off your debt.
  • They must send you a letter in writing.

When contacted by a collection agency regarding a debt you know is not yours, you should do which of these?

  • Call a tax attorney.
  • Send a certified letter requesting that the company stop contacting you.
  • Contact your state representative about the matter.

If you've filed for bankruptcy, the debt being collected can be fought using which of these?

  • a bankruptcy discharge order
  • an IRS CH-13 form
  • an FTC form 42-a

Which of these actions are debt collectors not allowed to engage in?

  • They may not charge interest and fees.
  • The may not harass you.
  • They may not contact you after 8p.m.

Which of these advocacy groups can provide helpful information about handling zombie debt?

  • the National Association of Consumer Advocates
  • the Federal Trade Commission
  • the National Rifle Association