BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Equal Credit Opportunity Act
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Fair Credit Billing Act
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Fair Credit Reporting Act
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Fair Debt Collection Practices Act
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Detailed explanation-1: -The Fair Debt Collection Practices Act (FDCPA) (15 USC 1692 et seq.), which became effective in March 1978, was designed to eliminate abusive, deceptive, and unfair debt collection practices.
Detailed explanation-2: -The Fair Debt Collection Practices Act (FDCPA) is the main federal law that governs debt collection practices. The FDCPA prohibits debt collection companies from using abusive, unfair or deceptive practices to collect debts from you.
Detailed explanation-3: -Report the Action to a Government Agency Consumers can contact the FTC with FDCPA concerns. You can file an online complaint using the FTC’s Complaint Assistant at www.ftccomplaintassistant.gov. Consumers may also contact the Consumer Financial Protection Bureau (CFPB).
Detailed explanation-4: -Old (Time-Barred) Debts In California, there is generally a four-year limit for filing a lawsuit to collect a debt based on a written agreement.
Detailed explanation-5: -California’s statute of limitations on debt is 4 years, per the state’s Code of Civil Procedure § 337. A statute of limitations is the amount of time you have to take legal action. In the case of debt, it refers to how long a creditor has before it can ask a court to force you to pay debt.