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Collection Agency Laws Information

There are specific collection agency laws and credit collection laws to protect consumers suffering from debt, and DebtSettlemenProgram.net understands each collection agency law thoroughly. It is important to be aware of credit reporting rules and credit card debt collection laws to ensure that your rights are not infringed upon. Credit collection protection is put in place to prevent you from falling victim to unwarranted practices.

Law is on the side of the consumer when it comes to personal debts. In terms of credit reporting laws, credit collection rules, the ability to file for protection and statute of limitations, the federal and local governments have enacted collection agency laws to both inform and protect the consumers against unfair practices. For actual legal advice please contact a lawyer.

Here are some of the primary laws to become familiar with:

Fair Credit Billing Act – This act was passed by Congress in 1975, for the purpose of creating guidelines for dispute resolution, specifically regarding information reported on credit card statements. On the reverse side of every credit card statement must be contact information so that in the event that a consumer has a question, concern or dispute regarding charges or information on their account, they can reach the organization. In the event that the cardholder has a dispute, they must file a claim within 60 days of receiving their respective billing statement.

Fair Debt Collection Practices Act (FDCPA) – This regulation applies to third party debt collectors, typically hired by the original creditor to collect on an unpaid debt. When a debt collector calls a consumer, they must advise that they are calling from a collection agency and they must identify the name of the original creditor. This information is important as it allows the debtor to identify the validity of the call.

Fair Credit Reporting Act – This act governs the reporting of information on a consumer’s credit report. While most information will appear for a period of 7 years, bankruptcy could appear for up to 10 years.

The Truth in Lending Act – This is a Federal statute requiring commercial lenders to provide precise information regarding interest rates for given loans or other forms of credit. And, lenders must provide a 3 day window whereby borrowers may consider and compare the terms of the agreement before signing.

Collection Agency Law, Credit Collection Laws, Credit Card Collection Rules, Collection Agency Rules and More

Statute of Limitations – Each state has its own statute of limitations for how long a creditor may pursue collecting a given debt. Once this time frame has been reached or passed, generally speaking, the creditor has waived their right to pursue collection. The time frame begins once the debt has been officially discharged. You can review your given state’s statute of limitations on their primary government website.

Bankruptcy – Individual borrowers may have the option to file for protection under the federal bankruptcy codes, as either Chapter 7 or Chapter 13. To file for Chapter 7 protection, the individual must pass the mean’s test. In the event that they don’t pass, they may still be eligible for Chapter 13 protection, which allows the debtors to reorganize and restructure payment of their debts over a specified time frame.

Consumers should be aware of their given rights when repaying debts and when applying for credit. Be sure to understand the rules and how they apply to you within your given state of residence.

It is important to have a resource that is aware of existing and new credit reporting laws, to make sure you don’t suffer any undue hassle or mistreatment. Don’t be taken advantage of due to not being aware of your rights under credit card collection rules. There are national collection agency laws and credit collection laws to protect consumers with debt, and DebtSettlemenProgram.net wants you to be informed.

Debt Settlement Program is a Credit Card Debt Reduction company offering a Debt Settlement Program to Eliminate Credit Debt and Credit Debt Advice to assist you in paying off your debt.

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