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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]
A debt collection bureau in Minnesota. Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [1]
According to the Fair Debt Collection Practices Act, for example, it’s against the law for collection agencies to misrepresent themselves, the amount you owe or their plans to get you to pay ...
Certain consumer debt has a “shelf life” in which a creditor or debt collector can legally sue you for the debt. This is called the debt’s statute of limitations, which varies by state and ...
Statute of limitations on debt collection by state. The statute of limitations is a law that limits how long debt collectors can legally sue consumers for unpaid debt. The statute of limitations ...
Debt validation, or "debt verification", refers to a consumer's right to challenge a debt and/or receive written verification of a debt from a debt collector. The right to dispute the debt and receive validation are part of the consumer's rights under the United States Federal Fair Debt Collection Practices Act (FDCPA) and are set out in §809 of that act, which has been codified in Title 15 ...
This federal law regulates how creditors and debt collectors can interact with you regarding debt collection. When you know your rights, you can protect yourself from unfair or abusive practices ...