Posted in: Debt Collection
the CFPB issues its final rule on debt collection, updating how debt collectors may now contact consumers across digital channels.
The practice of parking debt is used to get consumers to respond to collectors attempting to collect on owned or placed debt. Find out how it can ruin your credit score.
The obligation to pay a debt exists in perpetuity, while the ability to sue to collect a debt is limited by a statute of limitations in each state.
Debt collectors can collect on owned debt or work as a third party service provider to debt owners. Know who you should pay when a collector calls and tries to get you to pay.
When a credit card account goes unpaid for 180 days, the card issuer must write-off or charge-off the full balance of the account as uncollectable.