Transcription of Fair Debt Collection Practices Act
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1 BUREAU OF CONSUMER FINANCIAL PROTECTIONBUREAU OF CONSUMER FINANCIAL PROTECTION | MARCH 2021 fair debt Collection Practices Act CFPB Annual Report 2021 2 BUREAU OF CONSUMER FINANCIAL PROTECTIONM essage from Dave Uejio Acting Director of the CFPB The Bureau of Consumer Financial Protection (Bureau or CFPB) and the Federal Trade Commission (Commission or FTC) are pleased to present the 2021 fair debt Collection Practices Act (FDCPA) Annual Report. In 1977, Congress passed the FDCPA to eliminate abusive debt Collection Practices by debt collectors while ensuring that those debt collectors who refrain from using abusive debt Collection Practices are not competitively disadvantaged. 1 The Bureau engages in a wide range of supervision, enforcement, rulemaking, guidance, consumer education, and other activities to implement the FDCPA.
consumer debt and collection recovery rates (the percentage of the debt that a collection agency can recover) are generally influenced by macroeconomic conditions, such as household disposable income. After several years of growth, consumer debt surpassed its 2008 peak in 2017, rising to a new .
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