Debt Collection Guide

Fair Debt Collection Act Section


 

Fair Debt Collection Act Navigation

Main Home Page
Partners
Tell A Friend about us
Fair Debt Collection |
Debt Collection Techniques |
Debt Collection Software |
Fair Debt Collection Practices Act |
Debt Collection |
Debt Collection Letter |
Fair Debt Collection Practices Act |
Collection Debt |
Debt Collection Techniques |
Debt Collection Letter |

List of Debt-Collection Articles

Fair Debt Collection Act Best seller

Buy it Now!



Best Fair Debt Collection Act Products



"Legit Online Jobs" - Click Here To Start Earning Today!


Ovation Credit Services
Check out Ovation Credit Services ... Fix your credit profile today! Ovation specializes in credit report repair. This is an awesome program. They get fantastic results and you'll be amazed at the low monthly fee. Highly recommended!


"How To Get A Mortgage"
Terrific resource on obtaining a mortgage, even if you've been foreclosed or filed bankruptcy. On sale now for only $10.00!


Click Here!


Loan Officer 101 Loan Officer Training. Learn How To Make $100,000 Per Year As A Loan Officer With This 18-lesson Training Program, Complete With 28 Marketing Ideas - Now Is The Time To Prepare For The Next Wave Of Lending!

Click Here!


Personal Loans & Visa Approved At Abacus
Offering Personal Loans, Credit Cards For The Credit Impaired.


Click Here!


Mortgage Secrets For Investors
Mortgage Secrets For Real Estate Investors E-book. Stop Getting Bullied By The Banks And Start Closing Your Investor Loans!

Click Here!


Bad Credit Personal Loans Regardless Of Bad Credit - Up To $25,000
Click Here!



Sitemap



Social bookmarking
You like it? Share it!
socialize it

Newsletter

Subscribe to our newsletter AND receive our exclusive Special Report on Debt-Collection
Email:
First Name:



Main Fair Debt Collection Act sponsors


 



Newest Best Sellers


 

Welcome to Debt Collection Guide

 

Fair Debt Collection Act Article

Thumbnail example

Defend Yourself with the Fair Debt Collection Act



In 1977, the United States’ congress passed the Fair Debt Collection Practices Act. Commonly referred to as the Fair Debt Collection Act, this law was drafted in order to provide guidelines, procedures and limitations to regulate the activities that are done in debt collection processes. Because of the Fair Debt Collection Act, debt collectors have refrained from using threats, lies or insults to harass and intimidate debtors.

In order to understand this act, you must first have an understanding of what a debt collector is. According to the Fair Debt Collection Act, a debt collector is someone who “uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another”. To put it simply, a debt collector is someone who collects payments that debtors owe to another company. For example, you have a delinquent account with a credit card company. Once the credit company feels that too much resource is required to pursue you to make payments, it will hire a debt collector to pursue the payments for them.

Now that you understand what a debt collector is, you must also know what the debt collector’s job entails. The Fair Debt Collection Act details the information that your debt collector must give you. Remember, for the debt collection activity to be legitimate, you should first be supplied with documents that will help you understand the situation you are in.

Once the debt collector has contacted you, he has five days to provide you with the following:

1) The exact figures regarding that debt that you supposedly owe.
2) Information about the creditor that you owe the debt to.
3) The debt collector must tell you that you have a maximum of 30 days to raise your doubts or disagreements regarding the nature and specifics of the debt. If you do not dispute the debt, the collector assumes that the debt is valid and binding.
4) In case you claim that you have no debt, the debt collector must immediately send you documents and other certificates that will verify the debt.
5) Under the Fair Debt Collection Act, the debt collector should inform you that if you have switched creditors, you are allowed to ask for information regarding your original creditor.

As you can see, the Fair Debt Collection Act mandates that the debtor be given adequate details as well as ample time to evaluate them and raise whatever concerns he may have. If for some reason, the debt collector becomes aggressive and abusive, the Fair Debt Collection Act also gives the debtor the right to sue the debt collector.

However, the debtor must remember that the Fair Debt Collection Act of 1977 does not erase debts. It isn’t a get-out-of-debt ticket. It simply ensures that debt collectors will be able to do their work and solicit payments without violating the rights of the debtors.