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Basics of Credit Card
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Fair Debt Collection Practices Act (FDCPA) In 1978 the United States Congress, in an effort to halt abusive tactics of debt collection and to promote fair standards for the same, passed the Fair Debt Collection Practices Act. In addition to providing a system by which to regulate debt collection, the law provides a method of appeal on the part of consumers to assure that the debt information collected is accurate. This legislation, when partnered with the Fair Credit Reporting Act, is considered to provide the fundamental framework for the system of consumer credit rights in the nation. The Fair Debt Collection Practices Act stipulates that creditors may not contact consumers at their place of employment after having been asked verbally or in writing not to do so nor may creditors call consumers in their residence outside the hours of 8 a.m. to 9 p.m. local time. The names of debtors are protected against publication as are their addresses and creditors may not threaten arrest or legal action when such action is neither possible nor even contemplated. More Credit-Card Terms Explained |
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