 |
First Major Regulatory and Legislative Victory of 2005 for
Creditors and Consumers
Under the Fair Debt Collection Practices Act, collectors are
not allowed to disclose a consumers past due debt to anyone other
than the debtor and in some cases a spouse. The Telephone
Consumer Protection Act would have required collectors to
identify the registered name of their business in any
pre-recorded messages to consumers or debtors. Since the name of
many collection agencies indicates that they are a debt
collection agency or that they are calling for the purpose of
collecting a debt, this would have caused them to violate the
FDCPA. The TCPA creates unworkable contradictions with collectors
and creditors who are following the Fair Debt Collection
Practices Act.
The Telephone Consumer Protection Act (TCPA) of 1991 was
created in response to consumer concerns about the growing number
of unsolicited telemarketing calls to their homes and the
increasing use of automated and prerecorded messages. The FCC has
rules to aid consumers who wish to limit these uninvited calls.
On June 26, 2003, the FCC revised its rules implementing the TCPA
and established, in coordination with the Federal Trade
Commission (FTC), a national do-not-call registry.
The term "telephone solicitation" does not include calls or
messages placed with the receiver's prior expressed permission,
by or on behalf of a tax-exempt non-profit organization, or from
a person or organization with which the receiver has an
established business relationship, such as a creditor or a
collection agency. An established business relationship exists if
you have made an inquiry, application, purchase, or transaction
regarding products or services offered by the person or entity
involved. Consumers, who add their number to the Do Not Call
list, will not stop collection calls. This will only stop
unsolicited telemarketing calls.
Congress and the Federal Communications Commission (FCC) will
be reducing the abuse of the legal system through frivolous
lawsuits. Also, the U.S. Senate approved a bill to reform class
litigation. ACA International has been instrumental in getting
these changes made. ACA International has used its over 5,300
members to help build support for this bill in order to reduce
the number of frivolous lawsuits filed against companies and
collection agencies including ACA members.
Michelle Dunn is the Author of the FREE e-book How to Help You
Get Paid, Credit & Collection Forms and Letters. She has also
written and published How to Make Money Collecting Money,
Starting a Collection Agency that is available from http://www.michelledunn.com and
all major bookstores. For more information on Starting a
Collection Agency, order her book for immediate delivery or sign
up for her consulting services to start your own agency. Michelle
opened and ran her own very successful collection agency for 8
years. She has over 17 years experience in debt collection. To
sign up for Michelle's FREE online networking group visit
http://www.credit-and-collections.com.
Get FREE forms and tips for starting your own agency.
Please visit http://www.michelledunn.com for
information on her consulting packages for Starting a Collection
Agency or Starting a Home Based Business.
MORE RESOURCES:
Credit - Google News
|
|
|
RELATED ARTICLES
SuperCharged Secret 1 of
5 - Credit Card Utopia
I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note:
The following is part 1 of a 5 part series.
Credit Counseling: Is it
Really Necessary?
Not everyone has a positive experience with credit
counseling. Potential creditors often frown upon consumers
who are going through credit counseling, denying them
credit or sticking them with elevated interest rates on new
lines of credit.
Credit Repair Services
vs. Do-It-Yourself Credit Repair
Millions of Americans suffer because of bad credit these
days, and almost all of these people turn to the Internet
for help. In the past 5 years hundreds of 'internet-based'
credit repair services have sprung up, preying on consumers
in need of real help.
Convenience Can Be
Costly
You've just opened your credit card bill and attached to
your statement you find a "convenience check" included. It
may already be filled out with a dollar amount such as
$300, $500, or even $1,000.
Credit Card Benefits and
Drawbacks
Credit cards have both benefits and drawbacks. It is wise
to consider both before applying for a credit card.
Credit Cards Can Help
You Get Out Of Debt
Your credit rating / credit score is based upon how you
have dealt with credit previously. If you have always paid
the full amount owing and never missed a payment then your
credit score will be high.
Practical Suggestions
for Protecting Yourself From Identity Theft
It's no surprise that thousands of Americans are victimized
by identity theft each year. Last year more than 9,000,000
people were victims of identity theft amounting to some $45
billion dollars.
Harassment of People in
Debt by Creditors
HarassmentHarassment of people in debt by creditors or
their agents is a criminal offence under the Administration
of Justice Act 1970. It is often difficult to know what to
do when you feel a creditor is not dealing with your
account fairly.
Credit cards
If gold medals were awarded for marketing consistency, the
credit card industry would be the Sarah Hughes of the
business world. Major players Visa and MasterCard, who have
maintained their steady rates of spending and commitment to
their positioning platforms for years, will stick to their
established routines this year.
Our World Of Credit
Cards! Which One Is Right For You
There are not many of us who do not have a credit card
these days. But, not all of us are as wise in the area of
understanding how they work and how they make money.
Establishing Credit -
What You Need To Know Part 1
Establishing credit is one of the most important things you
can do in order to add stability to your financial record
and dramatically increase your ability to borrow necessary
funds in order to purchase a new home, new car or even pay
for college expenses. Unfortunately credit has two sides to
it that consumers can exploit.
Automobile Credit
Report
When applying for a loan to purchase a car, the lender will
want to take a look at a person's auto credit report.
Credit reports tell lenders all they need to know about
granting a loan to all applicants.
10 Ways To Protect Your
Financial Identity Being Used For Someone Else's Shopping
Spree
Someone impersonating you could be spending your
hard-earned money.Impossible! Not really, check, loan, and
identity fraud are a real problem.
Free Credit Report -
Watch Out for Scams
Many people may still not be aware of an amendment to the
Fair Credit Reporting Act (FCRA) that Congress passed last
year. This amendment allows U.
Sound Advice For First
Time Credit Card Users
If you are just entering the world of credit cards, there
is important information you will need to know in order to
manage your credit and your finances effectively.
Establishing good habits and a good credit history now is
the foundation for a solid financial future.
Credit and Banking Money
Saving Services
The first rule when applying for banking and credit
services is to always read the fine print and to understand
all of it. Read up, take it home, and analyze it, ask the
banking manager questions.
Credit Cards, Merchant
Accounts, and Your Bottomline
Q: I'm opening a gift shop and want to be able to accept
credit cards. I talked to the branch manager at my bank,
but he didn't seem to know much about how it all worked.
Credit Cards - Why
Prepay?
With prepaid credit cards, you get the practicality of
plastic while choosing exactly how much debt to charge. By
taking charge of your personal financing, you determine
your own limits, to the penny, and change them any time you
need to.
Tips For Getting Your
First Credit Card
Most of us get a credit card on our name when we go to
college or when we are in our senior years of high school
and all of us stumble into the same types of difficulties
when it comes to finding an issuer and managing the credit
card. Most banks ask for a prior type of credit history
that most of the time lacks and for some type of warranty
that we will be good payers.
It Takes Credit To Build
Credit
Using a credit card wisely is an important step in building
a good credit rating. If you're trying to re-build your
credit or if you're young and just starting out, pay close
attention the next time you receive a new card offer in the
mail.
|
|
