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Understanding The Fair Debt Collection Practices Act
 

Understanding The Fair Debt Collection Practices Act

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Understanding the Fair Debt Collection Practices Act

Understanding the Fair Debt Collection Practices Act

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    Understanding The Fair Debt Collection Practices Act Understanding The Fair Debt Collection Practices Act Presentation Transcript

    • Understanding the FairDebt Collection Practices Act
      By Michelle Dunn
      www.MichelleDunn.com
    • According to the FTC
      In 2009 therewere 32,076 complaints about in-house collectors
      In 2008 therewere 26,652 complaints about in-house collectors
      A difference of 5,424 complaints
    • According to the Better Business Bureau:
      DebtCollectorsresolve 85% of the complaints receivedagainstthem, whichissignificantlyhigherthananyotherindustry.
    • Debtscovered by the FDCPA:
      Personaldebts
      Familydebts
      Householddebts
      Personalcreditcards
      Auto loans
      Medical bills
      Mortgage
    • How bill collectors can contact debtors:
      In person
      By mail
      By telephone
      By telegram
      By fax
    • The FDCPA only applies to:
      Consumer debts
      Mortgage
      Auto loan
      Medical bills
      Credit card bills
      utilities
      Third party debt collectors – NOT original creditors
    • Last year 4,162 consumers complained about collectors calling them at work.
      The law instructs collectors not to call consumers at work if the consumer has stated their employer prohibits such contacts and such contacts may put the employee’s job at risk.
    • The FDCPA requires collectors to:
      Identify themselves as a debt collector
      Give the name & address of the original creditor
      Notify the consumer of their right to dispute the debt
      Provide verification of the debt
      File a lawsuit in a proper venue
      Check time zones before calling debtors
      Have written polices in place
      Have a compliance plan and a compliance officer to oversee that plan
    • Complaints received by the FTC:
      88,190 FDCPA complaints about 3rd party collectors in 2009
      78,925 FDCPA complaints about 3rd party collectors in 2008
    • Resources
      www.ftc.gov
      www.credit-and-collections.com
      www.encyclopediaofcredit.com
      www.FDCPA.biz