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Debt Collection Agencies Face More Restrictions on Disclosure

Many borrowers find themselves dealing with debt collection calls in terms of debt maturity that comes and bears off a few years ago. It is common that the debtor has forgotten about the debt and has moved to the past life and the pressure to pay debts.

When they get a call or letter from a debt collection company they never may have heard about, it can be confusing and shocking events. You can get your free consultation today for any inquiries about the debt collection service.

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 Many borrowers do not understand what the statue represents the limitations and rights that they have in terms of not having to pay the debt. Americans are now increasing new rules that require debt collection agencies to explain to the debtor in writing clearly on the letter that they can not be taken to court for the debt.

Debt collection agencies can charge usually for as long as they want. If the debtor asks whether they have to pay the debt or not, the collection agency must tell them that they do not have to pay the debt but may still appear on the credit report if they continue to refuse to pay the debt.

Even if the debtor can not be brought to court, the debt can still be reported on a credit report that could haunt the debtor for years to come as they try to pay for goods on credit.