Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
The FDCPA or the Fair Debt Collection Practices Act is the federal regulation which restricts the actions taken by debt collectors who are third parties, and are trying to collect the debts on the behalf of another entity or individual. The law limits the ways in which debtors may be contacted by collectors, along with the time of the day and the count of times for which this type of contact may be made as well. In case of any violations of the FDCPA, debtors may sue the debt collection agency/company, along with individual debt collectors for resultant attorney costs and damages in this regard. The FDCPA covers the mechanisms of contacting debtors in case of third-party collectors of debt.
The FDCPA applies to third party collectors of debts including those working for debt collection agencies. These include those collecting mortgage debts, credit card debts, and other types of debts.
