Debt collection Attorney Marcadis Singer pa

“I always tell the truth. Even when I lie.” 

― 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 it’s 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 it’s time to call the debt collection attorneys in Florida, look to Marcadis Singer, PA.

 
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