What should you know about the FDCPA?

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Jul18

What should you know about the FDCPA?

Know More: Creating a Credit Policy, Credit Applications, Credit Reporting, Credit related Websites, Debt Collection Letters, FAQs, Fair Debt Collection Practices Act, I have past due customers, what do I do?, Making Collection Calls, Understanding Credit Reports, What makes a Good Collector?

The Fair Debt Collection Practices Act covers the collection practices of third-party debt collectors and attorneys who regularly collect debts for others. You as a business owner and credit grantor should be familiar with this law because:

Credit grantor's collection practices are covered by the law under certain conditions.
Credit grantor's should know what their collection services and attorneys may and may not do under the law, especially if they hire them to do collection work for them as this is a reflection on you and your business.
Creditors may be liable with respect to the collection practices of a third party debt collector under Section 5 of the Federal Trade Commission Act and in some cases, under their state laws.
Credit grantor's must comply with FDCPA when they collect their own debts using a name other than their own. Some financial institutions, such as banks or credit unions, become debt collectors when they ask for help from another bank when a debtor has relocated, so then the bank must comply.

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