Tuesday, October 03, 2006

Congress Giving Collectors More Power

Patrick Lunsford of collectionindustry.com is reporting, "Changes in the FDCPA have been approved by the U.S. Congress and sent to the President to sign into law. The amendments were part of the Financial Services Regulatory Relief bill which was passed this weekend.
Some of the key changes include clarification around “mini-Miranda” disclosures and legal codification that allows agencies to collect during the 30-day validation period. " The industry already practices collection during this period, but this change in the law makes it legal. Yet another reason to stop borrowing money, and avoid medical catastrophes at all costs. Soon those who rack up so many medical bills that they must file for bankruptcy, will have no relief and will be hounded by collectors for a lifetime unless they are fortunate enough to find someone else to bail them out. Creditcards no longer carry risk for the lender with the collection power congress is granting.

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