Debt Collection Practices (Regulation F) | Consumer Financial Protection Bureau (2024)

FAQs

What is regulation F against debt collectors? ›

FAQ on Regulation F. What is Regulation F? Reg F is a new law that all debt collectors have to adhere to. The overall aim of Regulation F is to outline prohibitions on harassment or abuse, false or misleading representations, and unfair practices.

The FDCPA and its implementing Regulation F govern the conduct of “debt collectors” when they collect “debt.” The statute and regulation generally define a debt collector as “any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of ...

If you are struggling with debt and debt collectors, Farmer & Morris Law, PLLC can help. As soon as you use the 11-word phrase “please cease and desist all calls and contact with me immediately” to stop the harassment, call us for a free consultation about what you can do to resolve your debt problems for good.

“The FDCPA broadly prohibits a debt collector from using 'any false, deceptive, or misleading representation or means in connection with the collection of any debt. ' 15 U.S.C. § 1692e.” The statute enumerates several examples of such practices, 15 U.S.C.

One of the most rigorous rules in their favor is the 7-in-7 rule. This rule states that a creditor must not contact the person who owes them money more than seven times within a 7-day period. Also, they must not contact the individual within seven days after engaging in a phone conversation about a particular debt.

On November 30, 2021, the Debt Collection Rule became effective. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you.

1. Harassment and Abusive Language. Among the most common FDCPA violations, harassment sits as one of the worst. Debt collectors may employ aggressive tactics in the hopes that you will become afraid and agree to pay the debt, just to end the abuse.

If you choose to dispute the debt, you must do so in writing within 30 days of receiving the debt validation letter. Once the debt collector receives your written dispute, they must cease all collection activities until they provide verification of the debt.

The legal loophole is the debtor has no right in law to know or enquire who ownes the debt which then makes the contractural relationship no longer transparent.

How to outsmart a debt collector? ›

Debt collectors are limited on when they can call you — typically, between 8 a.m. and 9 p.m. They are not allowed to call you at work. They can't lie or harass you. Debt collectors can't make you pay more than you owe or threaten you with arrest, jail time, property liens or wage garnishment if you don't pay.

Regulation F implements the Fair Debt Collection Practices Act (FDCPA), prescribing Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA.

Debt collectors cannot harass or abuse you. They cannot swear, threaten to illegally harm you or your property, threaten you with illegal actions, or falsely threaten you with actions they do not intend to take. They also cannot make repeated calls over a short period to annoy or harass you.

Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. Code F—By agreement. Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration.

They cannot swear, threaten to illegally harm you or your property, threaten you with illegal actions, or falsely threaten you with actions they do not intend to take. They also cannot make repeated calls over a short period to annoy or harass you. Debt collectors cannot make false or misleading statements.

(7) The term "location information" means a consumer's place of abode and his telephone number at such place, or his place of employment.