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How the Fair Debt Collection Practices Act Works.
The FDCPA does not protect debtors from those who are attempting to collect a personal debt. If you owe money to the local hardware store, for example, and the owner of the store calls you to collect that debt, he is not a debt collector under the terms of this act. FDCPA only applies to third-party debt collectors, such as those who work for a debt collection agency. The law covers credit card debt, medical bills, student loans, mortgages, and other household debt.
The Act prohibits certain types of "abusive and deceptive" conduct when attempting to collect debts including the following:
The Act requires debt collectors to do the following (among other requirements):
We will be discussing the do's and don'ts of collections thereby assuring that collectors and collection management teams are best prepared to achieve their goals in safe and sound ways.
Collections practices have always been an integral part of financial services. There are many regulations impacting practices, policies and procedures. Consumer advocates, as well as governmental staff are constantly adjusting those regulations, in order to ensure fairness and sensitive treatment of clients. This means that it is imperative that we stay abreast of changes, not only in policies and regulations, but also in the social conscience.
So if you are concerned about what can and cannot be done when trying to collect moneys owed this webinar is for you. If you are planning on changing processes, policies or procedures or simply require just an update about the temperature of collection activity today, then you should plan on attending this webinar.
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