Fair Debt Collection Practices Act Summary Video from GFS
Did you know that as a consumer you have rights regarding debt collection and credit?
The Fair Credit Reporting Act illustrates consumer rights regarding credit, and the Fair Debt Collection Practices Act outlines your rights regarding debt collection. Consumers should understand both of these Acts.
Today, we will take a look at your rights as a consumer in regards to debt collection.
From Wikipedia, “The Fair Debt Collection Practices Act (FDCPA), is an amendment (codified as 15 U.S.C. § 1692), establishing legal protection from abusive debt collection practices… The statute’s stated purposes are: to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection, and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information’s accuracy. The Act creates guidelines under which debt collectors may conduct business, defines rights of consumers involved with debt collectors, and prescribes penalties and remedies for violations of the Act.”
Debt collectors have been known to harass, scare, mislead and abuse consumers, as a tactic to collect money. Third-party debt collectors are regulated, and abusive methods are prohibited. The FDCPA provides consumers with rights that protect them from debt collectors.
Golden Financial services produced an easy to understand guide, which a person can skim through and learn the important points in the Act within minutes.
If you desire to learn more details about FDCPA, then we recommend viewing the full copy of the Act on the Federal Trade Commission Website (FTC). We are in no way trying to represent the FTC. Our version is not intended in any way to constitute, override or replace the original versions created by the Federal Trade Commission, and we urge consumers to view the original version as well.
Call 866-376-9846 for further assistance in understanding this Act or if you need assistance with debt.