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A debt collection bureau in Minnesota. Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [1]
“Debt collectors are mandated by law to disclose the amount due, the name of the creditor and the right of the debtor to verify or dispute the debt,” said David Clark, lawyer and partner at ...
The safest way to pay a debt collector is with a method that provides proof of payment, such as mailing a check with a return receipt or using a secure online payment portal provided by the collector.
2. Know What Collectors Can and Cannot Do to Collect Debts. Ignoring a debt collection agency won’t make the amount you owe disappear. In fact, it could make your financial problems even worse ...
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.
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]