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2. Know your debt collection rights. Educate yourself about your rights under the Fair Debt Collection Practices Act (FDCPA). This federal law regulates how creditors and debt collectors can ...
Debt relief companies are agencies that use a combination of tools, including counseling and debt settlement services, to help you get out of debt faster in exchange for a fee. Many require you to ...
Collection agencies may be unwilling to negotiate a settlement, even after months of payments to a debt settlement company. Having accounts in collections can damage your credit score .
A good debt settlement company will handle calls from the credit card companies, nor the collection agencies. Calls will slow down as the settlement company makes contact with the creditors. Good settlement companies will arrange monthly update calls, establish a plan where the debtor can miss a payment or two, or finish the plan six months ...
U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.