Bay Equity Home Loans Newsletter
Bay Equity Home Loans Newsletter

In Debt and Afraid

Bay Equity Home Loans Newsletter

Seventy million American have had at least one debt that went into collections.

By their nature, collection agencies are aggressive, providing the sort of dogged pursuit their client businesses may be too polite to take.

However, the collections industry is strictly regulated by Federal Law to protect consumers from undue harassment or intimidation.


A new Consumer Financial Protection Bureau survey finds evidence many collection agencies may be overstepping these legal bounds.

Some 25 percent of respondents said they were literally “scared,” by phone calls at odd hours, intimidating phrases – even threats of legal action.

CFPB Director Richard Cordray called the survey findings “troubling.” Along with assurances the bureau is working to stop abuses, Cordray suggests Americans get familiar with the Fair Debt Collection Practices Act:


  • The Act applies to collecting personal debt – such as a credit card, auto loan or mortgage.

  • Debt collectors can contact you by phone, letter, email or text message – but must disclose they are debt collectors.

  • They cannot lie to collect a debt – whether by posing as someone else, or lying about the amount you owe.

  • They may not contact you at inconvenient times or places and they may not contact you at work if told not to.

  • Debt collectors may not harass, oppress or abuse you. A debt collector generally is not permitted to discuss your debt with anyone other than you, your spouse or your attorney.

Take action: Report abuse and harassment problems to your state Attorney General, the Federal Trade Commission and the CFPB.


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Equal Housing Lender. This is not a commitment to lend or extend credit. Restrictions may apply. Rates may not be available at time of application. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Bay Equity LLC, 770 Tamalpais Drive Suite 207, Corte Madera, CA 94925; NMLS ID#76988. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act- #4150077. click here: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/76988