Credit Reporting Agencies
There are three reporting agencies that considered to be the “big three” in the industry. They are Equifax, Experian, and TransUnion. Each of the big three reporting agencies provides consumers with access to their credit report and also provide a wide range of other services to consumers and businesses. Visit their website for more information.
Laws & Regulations
The main law that pertains to these areas is the Fair Debt Collection Practices Act. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.
Under the FDCPA, a debt collector is someone who regularly collects debts owed to others. This includes collection agencies, lawyers who collect debts on a regular basis, and companies that buy delinquent debts and then try to collect them.
Private Investigators as Debt Collectors
Private investigators sometimes offer collection agency services due to their skip tracing skills and ability to track down people. If you’re thinking about providing debt collection Co, be sure to educate yourself on the requirements and state laws.