|DEBT COLLECTION BASICS|
|Posted on: Jun. 23, 2017 in Debt|
Having a debt go into collections can be a frustrating situation. There may be times when you’d pay it back if you could, but money is too tight. Perhaps you didn’t even know the debt was outstanding, or you did pay and it wasn’t recorded correctly. And then there are situations where you don’t believe you owe the money at all and the charge is being disputed. Regardless, when collection agents start contacting you, it can get scary.
It’s important to know your rights. The Federal Trade Commission (FTC) is the United States’ consumer protection agency which helps to protect consumers against unfair trade practices, among other things. They are also responsible for enforcing the Fair Debt Collection Practices Act (FDCPA). The FDCPA says that debt collectors cannot use abusive, unfair, or deceptive practices while trying to collect personal, family, or household debts from you. The FDCPA doesn’t cover business debts.
Here are a few rules debt collectors must follow when contacting you:
These are some of the basics, but the FDCPA provides even more regulations to protect consumers. The FTC offers a wealth of information on their website.
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