What are the FCRA laws for the collection industry?

Answer by  patti (29325)

The Fair Credit Report Act applies to anyone who reports to a consumer's credit file, not just collectors. The Fair Debt Collection Act governs the manner in which collectors must operate, including rules about tactics, methods, policies and the like. Problems with a collector are usually with as the result of the FDCA, not the FCRA.

Answer by  patti (29325)

The FCRA applies to all entities reporting to the credit bureaus. There is no specific section for the collectors. The Fair Debt Collection Practices Act applies specifically to collectors.

Answer by  taxguru (12)

The Fair Credit Reporting Act regulate the information that can be provided to credit reporting agencies by requiring them to only list information on debts that they have full accurate details for and have course of action to research any consumer disputes of the information. The laws also ensure people are told about information that is harmful to their credit.

Answer by  flamiss22 (5081)

This law states collectors can only call you once a day. They are not allowed to harass you. You can also ask for written correspondence only instead of phone calls.

Answer by  Dean (4035)

The FCRA is much too long and complex to detail here. Essentially, reporting must be true and accurate, and corrected if it isn't. Read the FCRA online.

Answer by  Maria99 (108)

The FCRA is the Fair Credit Reporting Act. This act deals with the practice of the credit reporting industry, not the collections industry. The Fair Debt Collections Practices Act (FDCP Act) contains the laws for the collection industry. Theses laws are numerous, as it is an entire "Act", not just a single law.

Answer by  patti (29325)

The collection industry is a creditor like any other entity to which a consumer owes money. As such the Fair Credit Reporting Act applies to the collection industry the same as for any other creditor. Details of the FCRA are involved and complex. The FCRA is available online.

Answer by  Dean (4035)

The FCRA spells out how and what creditors report to the credit bureaus. It also details the rights of consumers. A collection business is a "creditor," the same as a bank or department store would be, and can report accordingly.

Answer by  Roland27 (16334)

Collection agencies are not by any law to call you before 8 a. m. or after 9 p. m. They can not threaten you or make false claims, such as taking you to court, unless they are actually able to sue you. They also cannot call you during times you deem inconvenient such as; dinner time or picking the kids up.

Answer by  belle39 (966)

Debt collectors are not allowed to call your job, call before 8 a. m. and after 9 p. m. , or threaten criminal charges due to the debt.

Answer by  flamiss22 (5081)

The Fair Credit Reporting Act allows individuals to see their credit report once a year for free. Also no employer can access your file without your consent.