Quick Answer: Debt collectors actively use social media platforms like Facebook, LinkedIn, and Twitter to locate debtors who are avoiding payment obligations. While Facebook’s growth slowed to 320,800 new monthly users in June 2010 compared to 7.8 million in May, public social media profiles remain powerful tools for collectors tracking down elusive debtors.I feel the …
Quick Answer: Despite overall debt levels falling, complaints about debt collector harassment surged 50% to 67,550 in 2009 according to the FTC, with violations including threats, obscene language, and repeated harassing calls. These practices violate the Fair Debt Collection Practices Act established in 1978.CNN Money’s recent article, “Debt collectors get nasty” showed some real insight …
Quick Answer: The Fair Debt Collection Practices Act (FDCPA) protects debtors from harassment and abuse by third-party debt collectors, collection agencies, and attorneys collecting debts. However, the FDCPA does not apply to original creditors, though consumers can still sue them separately for harassment under other laws.When you are in debt, sometimes you may feel that …
Quick Answer: The FTC settlement reveals credit repair companies cannot remove accurate negative information from credit reports, despite charging consumers up to $59.95 monthly for ineffective dispute letters. Federal courts banned these companies from collecting advance fees and making false removal claims under the Credit Repair Organizations Act.A federal court has ordered a credit repair …
Quick Answer: H.R. 2309 the Consumer Credit Protection Act aims to regulate the debt settlement industry through federal legislation. Expert testimony suggests the bill would help eliminate bad actors in debt settlement while protecting vulnerable consumers who face inherent harm from current industry business models.The Consumer Credit and Protection Act was recently introduced in the …
Quick Answer: The FTC’s report identifies major information flow problems in debt collection and recommends FDCPA reforms requiring collectors to have better debtor information and provide clearer consumer rights explanations. The recommendations aim to ensure collection efforts target the right consumers for correct amounts while modernizing the 1977 law.The Federal Trade Commission issued a report …
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