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For years, though, the independent federal agency took serious enforcement actions, which were spurred by consumer complaints and investigative reports. More than $21 billion in relief was obtained.
Here’s what you can do if you receive a debt collection text, call, email or letter: Get contact information . Request the caller’s name, company details, street address and a callback number.
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector.CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the ...
“Debt collectors are mandated by law to disclose the amount due, the name of the creditor and the right of the debtor to verify or dispute the debt,” said David Clark, lawyer and partner at ...
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.
U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]
(Here’s a list of other enforcement actions it has taken against other debt collection agencies in the past.) Commonwealth has not responded to CNN Business’ request for comment.
The FDCPA is enforced by a variety of federal agencies, primarily the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC). The FDCPA also establishes a private right of action; this allows private individuals who are harmed by unlawful debt collection practices to file lawsuits against the debt collector on their own.
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