ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Much debt a person is allowed to carry
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Much interest a lender can charge
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Debt collectors can interact with individuals
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Much of a debt a person must repay
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Detailed explanation-1: -The Fair Debt Collection Practices Act specifies that debt collectors cannot contact debtors at inconvenient times. That means they should not call before 8 a.m. or after 9 p.m. unless the debtor and the collector have made an arrangement for a call outside of the permitted hours.
Detailed explanation-2: -The FDCPA defines a debt collector as any person who regularly collects, or attempts to collect, consumer debts for another person or institution or uses some name other than its own when collecting its own consumer debts.
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: -Collectors are required by Fair Debt Collection Practices Act (FDCPA) to send you a written debt validation notice with information about the debt they’re trying to collect. It must be sent within five days of the first contact.
Detailed explanation-5: -Phone Calls. Be polite and professional. Call at the right time of day. Take notes or record conversations. Be careful about leaving messages. Email. If you can’t write, don’t. Be polite and professional. More items •15-Aug-2017