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Debt Collection Regulations Article
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Learn About Debt Collection Laws
from:With millions of Americans in debt, debt collection has become a booming industry. In 2004 alone, the debt collection industry made over $16.5 billion in profit. With so much money on the line, debt collection agencies are under a lot of pressure. In some cases, this pressure has resulted in abusive and aggressive behavior that many debtors find intimidating.
So, in order to protect debtors, the United States had to formulate debt collection laws that will help keep debt collectors in check. The primary debt collection law is the Fair Debt Collection Practices Act (FDCPA) of 1977. In a nutshell, the FDCPA specifies ways in which debt collectors must conduct themselves.
As the most prominent of all the debt collection laws, the FDCPA has measures that prohibit debt collectors from engaging in certain activities. Some of these include the following:
Violations of your privacy – Debt collectors can only talk to other people for the purpose of finding your current location. They are not allowed to disclose any information regarding the terms of the debt collection process. In the first place, they are not allowed to tell anyone that you have an outstanding debt.
Unfair calls or visits – According to debt collection laws, especially the FDCPA, debt collectors are not allowed to appear at your doorstep whenever they want to. They are only allowed to call or visit between the hours of 8:00 am and 9:00 pm. Debt collectors are also prohibited from appearing at your workplace, especially if you have previously informed them that you are against such visits.
False Representation – The debt collector cannot intimidate you with false authority. He cannot say that he is a lawyer if he isn’t. He cannot inform you that he has the power to personally repossess your things. He also cannot present documents that make it seem like his actions are directed by the government.
However, the FDCPA is not the only law that is related to debt collection. Individual states usually have their own debt collection laws that are imposed to provide protection for their own citizens. In California, for example, the debt collection laws require the debtor to keep written records of communications and transactions with the debt collector. On the other hand, Pennsylvania has a Fair Credit Extension Uniformity Act that helps protect debtors from the deceptive behaviors of debt collectors. This act supports the FDCPA and it states that debt collectors CANNOT falsely imply that your inability to pay your debt is a crime. The debt collection laws of Pennsylvania also detail that debt collectors are not allowed to issue false threats of legal action.
Other states also have their own debt collection laws. These debt collection laws have one thing in common - they help protect debtors from being abused by eager debt collectors. The debt collection laws make sure that the growth of the debt collection agency is coupled with the values of good service and integrity.
Debt Collection Regulations News
Fair Debt Collection Reform Bill Re-Introduced by Barney Frank - InsideARM
 InsideARM | Fair Debt Collection Reform Bill Re-Introduced by Barney Frank InsideARM Thursday introduced another bill that would amend the Fair Debt Collection Practices Act (FDCPA) to specifically exempt debt collectors from liability when using approved language in voice mails and messages. The bill's (HR 5794) purpose, as officially ... |
Bad News for Most Debt Collectors and Good News for Consumers - Huffington Post
Bad News for Most Debt Collectors and Good News for Consumers Huffington Post Also in 1978, Congress enacted a debt-collection law known as the FDCPA, or "Fair Debt Collection Practices Act," which we're still working under today, 34 years later. Hemlines have changed a zillion times since then, but our debt-collection laws have ... |
CBE Group Presents at NARCA 2012 Spring Collection Conference - Virtual-Strategy Magazine
CBE Group Presents at NARCA 2012 Spring Collection Conference Virtual-Strategy Magazine NARCA is a trade association dedicated to serving law firms engaged in the practice of consumer debt collection law. The 2012 Spring Collection Conference is suited for attorneys who focus on legal collection of consumer debt, buyers and sellers of ... |
Directors may revise HCA collection agency regulations - Standard Speaker
Directors may revise HCA collection agency regulations Standard Speaker By SAM GALSKI (Staff Writer) Hazleton City Authority directors are considering revising its 42-year-old regulations to include language that would put past-due accounts in the hands of a collection agency. Authority board Chairman John Keegan recently ... |
Collection agency used by three metro health systems under investigation - Detroit Free Press
 Daily Beast | Collection agency used by three metro health systems under investigation Detroit Free Press The lawsuit charges that the company violated state and federal health-privacy laws and state debt-collection and consumer protection laws. Minnesota is in discussion with state and federal regulators about coordinating investigations, according to ... Medical debt collector accused of too-tough tactics Illinois AG's office to look into Accretive's collection tactics |