Fair Debt Collection Practices Act
The purpose of this policy and procedure guide is to address the Fair Debt Collection Practices Act (FDCPA), Regulation F, including the regulatory framework and prohibited practice for communicating with consumers regarding debt. Specific policy components include communication via telephone, cellular phone, voicemail messages, email, text messaging and social media.
Overview
The AllRegs® Fair Debt Collection Practices Act Policy and Procedure Guide assists financial institutions efforts to prevent abusive, deceptive, and unfair debt collection practices.
The Fair Debt Collection Practices Act Guide addresses the following topics:
- Communication for debt collection
- Communication with consumers
- Harassment or abuse
- False, deceptive, or misleading representations
- Unfair or unconscionable means
- Collection of time-barred debt
- Furnishing information to consumer reporting agencies
- Prohibitions on the sale, transfer, or placement for collections
- Legal actions by debt collectors
- Furnishing certain deceptive forms
- Validation of debt notice
- Consumer disputes and requests for original credit information
- Required disclosures
- Operational compliance
- Record retention
- Exhibits
Benefits
The guide features the following benefits:
- Supports strong operational practices and preparedness
- Explains roles and responsibilities
- Explains what to expect and how to work with auditors
- Provides practical guidance for managing the audit process from within
- Features an audit tracking spreadsheet as an optional tool
Optional Services
Maintenance: Receive regular and ongoing industry updates to keep your guide within regulatory requirements.
Publishing: Publish your guide, including your company procedures, in AllRegs Online.
Contact your account manager for information regarding these optional services!