Fair Debt Collection Practices Act - FDCPA

Filed Under » , ,
Dictionary Says

Definition of 'Fair Debt Collection Practices Act - FDCPA'

A Federal law that limits the behavior and actions of debt collectors who are attempting to collect the debt for another person or entity. The law restricts the means and methods by which they can contact the debtor, as well as the time of day that contact can be made. If violated, suit may be brought within one year to collect damages and attorney fees.
Investopedia Says

Investopedia explains 'Fair Debt Collection Practices Act - FDCPA'

This law does not protect debtors from those who are attempting to collect a personal debt. For example, if you owe money to the local hardware store and the owner of the store calls you to collect that debt, he is not a debt collector under this act. The act applies to third-party debt collectors such as people who work for a debt collection agency. It is designed to protect debtors from harassment by these individuals in the form of threats of arrest or bodily harm if you don't pay. Collectors can't imply that they represent law enforcement, nor can they make multiple phone calls daily or call you at work if you refuse to take such calls.

Articles Of Interest

  1.

    Outfox The Debt Collector's Hounds

    Dealing with a collection agency is scary if you don't know your rights. We help you take back the power.

  2. Negotiating A Debt Settlement

    If you're being harassed by a debt-collection agency, you can take charge. Find out how.

  3. Take Control Of Your Credit Cards

    The plastic in your wallet doesn't have to hurt your finances. Learn how to manage it responsibly.

  4. How Credit Cards Affect Your Credit Rating

    The average American household has four cards, but does that mean more is better?

  5. Understanding Credit Card Interest

    Paying these rates can impact your disposable income and your investment returns.

  6. Digging Out Of Personal Debt

    Find out why good intentions can put consumers in an even bigger hole than before.

  7. Dawn Of The Zombie Debt

    Are old debts coming back to haunt you? We'll show you how to keep these zombies from eating you alive.

  8. Top 4 Most Scandalous Insider Trading Debacles

    Here we look at some of the landmark incidents of insider trading.

  9. Handcuffs And Smoking Guns: The Criminal Elements Of Wall Street

    From godfathers to perps, familiarize yourself with the "criminal elements" creeping around Wall Street.

  10. 4 Credit Card Rewards Gimmicks Revealed

    Credit card rewards programs are everywhere, but some are more rewarding than others. Learn to spot the "rewards" that can leave you feeling like a loser.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Network Effect

    A phenomenon whereby a good or service becomes more valuable when more people use it. The internet is a good example...

  2. Racketeering

    Racketeering refers to criminal activity that is performed to benefit an organization such as a crime syndicate. Examples of racketeering activity include...

  3. Lawful Money

    Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves.

  4. Fast Market Rule

    A rule in the United Kingdom that permits market makers to trade outside quoted ranges, when an exchange determines that market movements are so sharp that quotes cannot be kept current.

  5. Absorption Rate

    The rate at which available homes are sold in a specific real estate market during a given time period.

  6. Yellow Sheets

    A United States bulletin that provides updated bid and ask prices as well as other information on over-the-counter (OTC) corporate bonds...
Trading Center