― Al Pacino
You might be lied to, but when collecting a debt... you have to be sure to always be on the right side of the equation, and always honest.
In their bulletin "Representation Regarding Effect of Debt Payments on Credit Reports and Scores" The CFPB lays out guidelines for creditors debt buyer and third=party collectors about what you should and should not be saying to debtors while collecting on a debt.
These guidelines are largely focussed on the impact of the debt on the debtors credit score. Specifically these are the areas under discussion in the bulletin:
• Paying debts in collection and improvements in a consumer’s credit report• Paying debts in collection and improvements in a consumer’s credit score• Paying debts in collection and improvements in a consumer’s creditworthiness• Paying debts in collection and the increased likelihood of a consumer receiving credit or more favorable credit terms from a lender
Based on its supervision, enforcement, and other activities, the CFPB is aware these
types of representations are being made and is concerned some may be deceptive under the FDCPA, the Dodd-Frank Act, or both.
Navigating the collections waters can be far trickier than any business person might imagine. With more complicated scenarios, it may pay to involve a professional in the collection of a debt.
When its time to call the debt collection attorneys in Florida, look to Marcadis Singer, PA.
Marcadis Singer, PA
5104 South Westshore Blvd.
Tampa, Florida 33611
info @ marcadislaw.com
(888) 547-1881
(813) 288-1881
New Clients
Ext. 247 Gil Singer
Ext. 240 Ralph Marcadis
Existing Client Client Liason
Ext. 242
To Pay a Claim
Ext. 245
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