2013년 11월 30일 토요일

About 'fair debt collection practices act notice'|Draw the Law – (Lack of) Payment Issues, Part V: Fair Debt Collection Practices Act







About 'fair debt collection practices act notice'|Draw the Law – (Lack of) Payment Issues, Part V: Fair Debt Collection Practices Act








Have               you               ever               filled               out               a               credit               application               when               you               applied               for               a               loan,               automobile,               credit               card,               or               a               refrigerator               or               stove?

When               you               get               near               the               bottom               of               the               application               there               is               always               a               section               for               you               to               provide               two               or               three               references.

Now               you               are               probably               wondering               why               personal               references               are               needed               for               your               credit               application?

Some               people               think               they               probably               know               why               the               references               are               required.

If               you               think               that               creditor               is               going               to               call               your               personal               references               and               ask               them               if               you               are               an               outstanding               citizen               in               the               community               or               if               you               do               volunteer               work,               well               you               are               way               off               track.

In               fact               when               you               fill               out               a               credit               application               and               you               provide               references               no               one               will               ever               call               your               references.

Well               there               is               one               particular               instance               when               they               will               call               your               references               and               that's               if               you               fall               past               due               with               a               creditor.

If               you               are               past               due               on               your               account               a               creditor               probably               won't               immediately               call               your               references.

Here               is               the               situation               that               will               trigger               a               phone               call               to               your               reference:               The               creditor               calls               your               residence               and               the               phone               is               disconnected               and               now               they               call               your               place               of               employment               and               they               are               told               that               you               no               longer               work               there.

If               these               two               situations               happen               they               may               begin               calling               your               references.

Now               if               they               mail               you               a               past               due               notice               and               it               get               returned               because               you               have               moved               and               now               have               a               new               address               but               you               failed               to               disclose               the               new               address               to               the               creditor               then               for               sure               they               will               call               your               references.
               Creditors               will               call               your               references               to               see               if               they               can               get               information               about               you               from               them.

They               are               not               allowed               to               disclose               the               nature               of               the               call               and               especially               they               cannot               tell               them               you               are               past               due               on               a               loan               or               a               credit               card               account.

(there               are               some               that               do),               To               disclose               this               information               to               a               third               party               would               be               a               violation               of               the               Fair               Debt               Collection               Practices               Act,               which               is               a               law               that               governs               what               third               party               debt               collectors               can               and               cannot               do               during               the               course               of               their               collection               activities.
               The               creditor               is               hoping               the               references               will               be               able               to               help               pin               point               your               new               address.

Sometimes               debtors               have               moved               in               with               relatives.

I               remember               years               ago               when               I               was               collecting               on               a               past               due               account               and               I               called               a               reference               and               the               person               I               was               looking               for               answered               the               phone.

Once               a               creditor               gets               you               on               the               phone               they               will               update               all               of               your               new               information               such               as               phone               numbers,               new               employment,               (if               applicable),               and               new               address.

They               will               also               try               to               set               up               some               payment               arrangements.

This               is               why               references               are               so               valuable               to               a               debt               collector               or               a               creditor               because               it               helps               to               them               to               track               you               down               if               you               skip               out               and               decide               not               to               pay.

This               process               is               different               from               an               employment               application.

If               that               employer               is               thinking               about               hiring               you               there               is               a               99.9%               chance               that               your               references               will               be               called.






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