FDCPA,facts,that,you,should,kn finance, share, loan FDCPA - facts that you should know about it
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The Fair Debt Collection Practices Act or FDCPA was developed in order to protect consumers from being harassed by the collection agencies. It was observed that many consumers were choosing the option of bankruptcy being threatened by the debt collectors. So, a federal act named FDCPA was passed to provide guidelines of debt collection.The important facts: Debts covered under FDCPA- Types of debts, covered under FDCPA may vary slightly from state to state. In some states, the law may cover a broader range of debt types, but in most of the cases they are similar: The types of debt that are generally covered under the act are:o Personal loanso Home loanso Car loanso Retail financing loanso Loans taken for purchasing medical careo Credit card debto First mortgage loano Second mortgage loan Debt collectors covered under FDCPA- The act generally provides guidelines for all the parties that are involved in collection of debt, owed to others. But, there are some specific inclusions and exclusions. The persons or agencies, whose conducts are regulated under FDCPA act are:o Collection Agencieso Repossession companieso Creditors who collect debt for other creditorso Collection attorneys i.e. the lawyers who provide debt collection service o Creditors who collect debt with false nameso Persons who supply deceptive collection letters Debt Collectors, not covered under FDCPA- There are some debt collectors, whose activities are not restricted by the FDCPA. The parties who are excluded from the act are:o In-house collection agents i.e. the creditors who collect their own debtso Banks that collect their own debtso Credit card companies like Chase, Visa, MasterCard, Citibank, American Express, MBNA
FDCPA,facts,that,you,should,kn