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Caveat Emptor: Buyers Of Consumer Debts, Beware

Law360 (December 18, 2007, 12:00 AM EST) -- Companies that service, collect, or acquire debts in their business must be very careful regarding their obligations under the federal Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. §§ 1692 et seq. and other federal statutes.

A recent court ruling has helped to define the previously broad terms of “creditor” and “debt collector” - making companies that purchase consumer debts already in default “debt collectors” subject to the FDCPA.

The Fair Debt Collection Practices Act

The FDCPA protects consumers from unfair, harassing, and deceptive debt collection...
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