Fair Debt Collection Practices Act
Under fair Debt Collection Please note that the format of the text differs in minor ways from the U.S. Code and Westâ€™s U.S. Code Annotated. For example, this version uses FDCPA section numbers in the headings. In addition, the relevant U.S. Code citation is included with each section heading. Although the staff has made every effort to transcribe the statutory material accurately, this compendium is intended as a convenience for the public and not a substitute for the text in the U.S. Code.
What You Need to Know About Debt Collection Laws, Regulations, & Compliance
Ensuring clients and customers pay for the products and services they receive is a crucial aspect of any business. In dealing with delinquent accounts, companies often depend on third-party debt collections agencies for help in bringing accounts receivables up to date. At National Service Bureau, we have over 30 yearsâ€™ experience in the field and have collected over 200 million dollars on behalf of our clients.
We know it can prove challenging for collections agencies to adhere to all the various laws and regulations that are in force. There are different rules depending on whether you are involved in commercial or consumer collections, with requirements that vary depending on both industry and state. We created this guide to serve as a resource regarding debt collection laws, regulations, and compliance. Consumer collections are covered extensively under state laws and federal rules, such as the Fair Debt Collection Practices Act and the Fair Credit Reporting Act, which serve to protect the interests and rights of both the creditor and the debtor.
In contrast, limitations on commercial collections are generally only subject to state regulatory agencies, such as the Attorney Generalâ€™s Office. In providing this guide which details both types of collections, it is our goal to help companies understand the general, yet critical aspects involved in collecting on these types of debts.