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Friday, June 25, 2010

Protection From Debt Collectors: Part 4

Protection From Debt Collectors: Part 4


This is Part 4 of a multi-part series.  Previously: Part 1 (identifying applicable Federal Law); Part 2 (allowable communications from FDCPA debt collectors); and Part 3 (whether debt collectors can sue debtors/consumers).

What Information Must a Debt Collector Provide to the Consumer?


1.  Unless it was included in the initial communication from the debt collector to the debtor, the following information must be provided in  writing to the debtor, unless the debtor pays the debt within 5 days of that initial communication:


a) the name of the creditor to whom the debt is owed;

b) the amount of the debt;

c) that the debtor has thirty (30) days to dispute the debt, or else the debt is assumed to be valid;

d) if the debtor, in writing, disputes the validity of the debt, the debt collector will send the debtor a verification of the debt;

(1) it should be noted that, if the debtor so disputes the debt in writing,  debt collection efforts must stop until written verification of the debt has been provided to the debtor;


e) notice to the debtor that, if the debtor makes a written request for the name and address of the original creditor within the first 30 days, that information will be provided by debt collector (this typically applies in situations in which the current creditor/loan holder identified pursuant to (a) above bought or otherwise acquired the loan from the original creditor/loan holder)

(1) it should be noted that, if the debtor so makes a demand in writing for  the name and address of the original creditor, debt collection efforts must stop until that information has been provided.


MR. MCGRATH PROVIDES ASSISTANCE AGAINST DEBT COLLECTORS BASED ON APPLICABLE FEDERAL AND/OR STATE LAW.  CLICK HERE TO FIND OUT MORE.