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New Credit board - Heads up

J Kelly

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This is just a heads up. I happened on a new credit board "Free Money Training". I can't say that all of their info is bad because obviously I didn't read everything. The following, however, got my attention.

What does this do as far as the Fair Debt Collections Practices Act (FDCPA) is concerned? We know that consumers have rights once an account is in the hands of a third party collector under the FDCPA law. Well, if the collection agency has actually PURCHASED the account they are not third party. THEY ARE THE ORIGINAL CREDITOR. We know that Citibank for example can call a delinquent client at any time of the day or night and they can take whatever action they want to collect and the client can't stop the calls because Citibank is not a third party collection agency. They are the original creditor. The same holds true when collection agencies actually purchase the accounts.


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