Understanding the Fair Debt Collection Practices Act

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Presentation transcript:

Understanding the Fair Debt Collection Practices Act By Michelle Dunn www.MichelleDunn.com

New rules & regulations CFPB plans new rules for debt collectors According to the CFPB debt collectors will include banks collecting on loans

The CFPB will focus on 4 areas: Do debt collectors provide required disclosures Do debt collectors provide accurate information Do debt collectors have a consumer complaint & resolution process Do debt collectors communicate civilly and honestly with consumers

Debts covered by the FDCPA: Personal debts Family debts Household debts Personal credit cards Auto loans Medical bills Mortgage

Who is a debt collector under the FDCPA & CFPB? Any person who uses mail, internet or phone to collect a debt Debt buyers Third party collection agencies Collection attorneys

The Common questions about the FDCPA Can I call a debtor at work? Can I ask someone to give the debtor a message? Can I leave the mini-miranda on voice mail? Can I send the mini-miranda in an email or text?

Last year 4,162 consumers complained about collectors calling them at work. The law instructs collectors not to call consumers at work if the consumer has stated their employer prohibits such contacts and such contacts may put the employee’s job at risk.

The FDCPA requires collectors to: Identify themselves as a debt collector Give the name & address of the original creditor Notify the consumer of their right to dispute the debt Provide verification of the debt File a lawsuit in a proper venue Check time zones before calling debtors Have written polices in place Have a compliance plan and a compliance officer to oversee that plan

Complaints received by the FTC: 88,190 FDCPA complaints about 3rd party collectors in 2009 78,925 FDCPA complaints about 3rd party collectors in 2008

Tips for following the FDCPA Identify yourself and don’t use a fake name Give the name and address of the original creditor Notify the consumer of their right to dispute the debt Provide verification of the debt Check time zones before calling a debtor Have a compliance policy and enforcer

Reducing your Risk Training collectors Monitor collectors and test them Fire anyone who violates the FDCPA Retain a FDCPA attorney in your area Keep copies of the FDCPA in your office Know your state laws on debt collection Keep records and have policies in place

Resources Blog www.Credit-and-Collections.com Federal Trade Commission www.ftc.gov Feedback to CFPB about new regulations www.Regulationsroom.org The CFPB’s debt collection examination procedures (Oct 24,2012) http://files.consumerfinance.gov/f/201210_cfpb_debt-collection-examination-procedures.pdf

Books by Michelle Dunn Understanding the Fair Debt Collection Practices Act Using Social Media in Debt Collections And many more available online and everywhere books are sold. www.MichelleDunn.com