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The impact of a debt collector’s call on the debtor can be multifaceted and can affect various aspects of the debtor’s life. Here are some of the potential impacts: Stress and Anxiety : One of the most immediate impacts of a debt collector’s call is the increase in stress and anxiety.
FDCPA ( FairDebtCollection Practices Act). The FairDebtCollection Practices Act (FDCPA) is a federal law that restricts the behavior of collection agencies when they are attempting to collect money from individuals. The law does not apply to collecting from businesses.
Understanding the raison d’être of debt collectors can demystify their actions and help you approach situations with them in a more empowered way. At this juncture, the creditor may turn the account over to an internal collections department or an external debtcollection agency.
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