What is debt collection law?

Debt collection law is a set of legal regulations which govern the activity of debt collection. This law provides rules and regulations which creditors and debt collectors must adhere to when attempting to collect a debt from an individual or business. In Washington, the Fair Debt Collection Practices Act (FDCPA) is the primary law which applies to debt collectors. The FDCPA provides consumers with protections from unfair, harassing, or abusive practices. It also outlines certain disclosure requirements that debt collectors must follow such as providing the consumer with written notices of the amount of the debt, the creditor to whom the debt is owed, and the legal action they may take if the debt is not paid. Additionally, the FDCPA also prohibits debt collectors from making false statements and engaging in deceptive practices. The Washington State Department of Financial Institutions is responsible for enforcing the FDCPA and provides guidance to both creditors and debt collectors in order to ensure that all regulations are properly followed. Debt collection law is important because it protects consumers from unfair or illegal practices while simultaneously providing creditors a fair process to collect a debt.

Related FAQs

Can a debt collector contact me at work?
Can a debt collector threaten to take legal action against me for a debt?
Is there a limit on how often a debt collector can contact me?
Can a debt collector obtain information about my employment?
Can a debt collector contact me on my cell phone?
How long can a debt collector attempt to collect a debt?
Who do I contact if I believe a debt collector has violated the law?
Can a debt collector ever contact me via email or text message?
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What rights does the Fair Debt Collection Practices Act give me?

What is debt collection law?

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