Are You a Collection Agency in Chicago? Is Your Compliance Up to Date?
The Federal Trade Commission (FTC) has strict rules and regulations that collection agencies must follow. If you are a collection agency in Chicago it is important to make sure that you are compliant with all of the FTC’s requirements.
Here are some of the key areas where collection agencies need to be compliant:
- Debt validation – You must be able to validate the debt that you are collecting this means that you must be able to provide proof that the consumer actually owes the debt.
- Communication practices – You cannot harass or intimidate your consumers and you must also be honest and truthful in your communications.
- Fair credit reporting practices – As a collection agency you cannot report inaccurate information to credit bureaus and you must also follow the Fair Credit Reporting Act’s procedures for disputing inaccurate information.
If you are a Collection Agency in Chicago and you are not sure whether you are compliant with all of the FTC’s requirements then you should consult with an expert today or DOWNLOAD YOUR FREE FTC REPORTS HERE.
Why is compliance important for collection agencies?
Compliance is important for collection agencies because it helps to protect consumers from unfair, deceptive and fraudulent practices. When collection agencies comply with the law it creates a fair and level playing field for both consumers and creditors.
How can we help you with your compliance needs?
If you are a collection agency in Chicago, we can help you to ensure that you are compliant with all of the FTC’s requirements. We can provide you with training on the FTC’s rules and regulations and we can also help you to develop and implement compliance policies and procedures.
Contact us today to learn more about how we can help you with your compliance needs or DOWNLOAD YOUR FREE FTC REPORTS HERE.