Notion of FTC about the aggressive debt collectors
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By Anya BennettPreviously it was found that the people were not allowed to keep a track of their credit records. They often used to get shocking news about their credit records. As they were unable to make their payments, their debt seemed to spiral up and the credit collectors used to harass them. Their torture was unbearable to the debtors. In order to bring an end to all these problems, four credit repair laws came into action. According to these laws, the consumers are allowed to keep a track on their credit records as well as take necessary actions against torturous actions of the debt collectors. In spite of the implementation of the FDCPA (Fair Debt Collection Practices Act) laws, complaints against the debt collectors are still pouring into the federal database. It mostly holds allegations of illegal late night phone calls, arrest threats and many more.
What is FTC (Federal Trade Commission) commenting about this issue?
It is known to all that the debt collection industry is found to be booming because the Americans are regularly struggling to make minimum payments on their cards. Now according to the records of the FTC it is found that 164,361 complaints have been filed till the month of December. This is 17% higher than the complaints made in the year 2010. According to the FTC records, 498 collection agencies and creditors have been sued due to ill practices. Previous year total lawsuits filed due to violation of FDCPA laws are 9,917. During the later half of the previous year, 492 FDCPA lawsuits, 83 Fair credit reporting Act lawsuits, 23 Truth in lending Act lawsuits and 21 Telephone Consumer Protection Act lawsuits were filed.
Lastly, if you’re using credit cards, you must make yourself aware of the FDCPA laws that will safe guard you form the harassment of the credit collectors. If a credit collector calls you, you must stay calm and avoid entering into any argument. Ask them to provide you the debt validation to make sure that you actually owe the debt amount. Try to enroll in a debt consolidation program where your monthly payments will be affordable and you have to make only one monthly payment to repay your multiple creditors. This will help you satisfy your creditors as well as the collection agency. Try to be aware of the FDCPA laws so that, no one can take undue advantage of your ignorance.
Anya Bennett is a financial writer associated with Oak View Law Group. She helps people to rid their debt problems with her sound advice.
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