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Federal Collection Laws
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Learn About Federal Collections Laws
Federal collection laws are the laws that regulate all collection agencies doing business in the United States. Many of the Federal collection laws were created to protect consumer's rights from en-ethical collection agencies and collectors. Unfortunately, some of the Federal collection laws are abused be debtors who want to absolve themselves of paying a legitimate debt. Some debtors even attempt to sue collection agencies and the businesses the represent for alleged violations of the Federal collection laws. It is of the highest importance that the collection agency you hire, and your own internal collections department abide by these Federal collections laws. You do not need any more liability than you already have, and imagine how hot your blood would boil if a debtor who got your product or service for free, then decided to sue you! Not a pretty picture, so take some time to read up on the major Federal collections laws listed here: Fair Debt Collection Practices Act [FDCPA]The Fair Debt Collection Practices Act is the foremost of the Federal collections laws. This collection law regulates all collection agencies doing business in America, plus businesses that have in-house collection departments. To see the full text of this all important of the Federal collection laws, click on the following link: Fair Debt Collection Practices Act Fair Credit Reporting Act [FCRA]Another of the germane Federal collections laws is the Fair Credit Reporting Act, or FCRA. The Fair Credit Reporting Act, was created to promote accuracy and ensure the privacy of the information used in consumer credit reports. If you or your collection agency reports unpaid accounts to the major credit bureaus - [Equifax, Experian & Trans Union], you must make certain that this Federal collections laws is followed. To see the full text of this very important of the Federal collections laws, click on the following link: Please note this website site not intended to give legal advice and may not be complete or up to date with the most current collection laws changes. |
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