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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 ...
If a debt collector doesn’t give this information by the required date, but keeps contacting you for collection, you can pursue legal recourse. 4. Dispute a debt that isn’t yours
What to do. Where to go. File a complaint about a debt collector or creditor's in-house collection agency. U.S. Consumer Financial Protection Bureau, 855-411-2372 or the complaint form on the CFPB ...
An organization that specializes in debt collection is known as a collection agency or debt collector. [1] Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. [2] Historically, debtors could face debt slavery, debtor's prison, or coercive collection methods. In the 21st ...
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.
The FDCPA forbids debt collectors from behavior that aims to “harass, oppress or abuse” individuals to collect a debt, regardless of whether the debt is legitimate or not.
Statute of limitations on debt collection by state. The statute of limitations is a law that limits how long debt collectors can legally sue consumers for unpaid debt. The statute of limitations ...