Your SlideShare is downloading. ×
Understanding The Fair Debt Collection Practices Act
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Understanding The Fair Debt Collection Practices Act

1,966
views

Published on

Understanding the Fair Debt Collection Practices Act

Understanding the Fair Debt Collection Practices Act


0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,966
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
29
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Understanding the FairDebt Collection Practices Act
    By Michelle Dunn
    www.MichelleDunn.com
  • 2. 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
  • 3. According to the Better Business Bureau:
    DebtCollectorsresolve 85% of the complaints receivedagainstthem, whichissignificantlyhigherthananyotherindustry.
  • 4. Debtscovered by the FDCPA:
    Personaldebts
    Familydebts
    Householddebts
    Personalcreditcards
    Auto loans
    Medical bills
    Mortgage
  • 5. How bill collectors can contact debtors:
    In person
    By mail
    By telephone
    By telegram
    By fax
  • 6. The FDCPA only applies to:
    Consumer debts
    Mortgage
    Auto loan
    Medical bills
    Credit card bills
    utilities
    Third party debt collectors – NOT original creditors
  • 7. 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.
  • 8. 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
  • 9. 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
  • 10. Resources
    www.ftc.gov
    www.credit-and-collections.com
    www.encyclopediaofcredit.com
    www.FDCPA.biz

×