What laws should collection agencies fallow?

[Vitte]

Hello,

I just received a call from a collection agency tonight (first time ever), and it was uncomfortable, somewhat pushy. They guy wanted my bank account # and routing, but I have yet to receive anything in the mail today. Anyway, I will be verifying with the delinquent lender tomorrow, hopefully they still have my account and are not pushing it off to a collection agency; I'm pretty shaky hear, and want things to get back on track especially after C.One just bumped my credit limit $1,500... surprised me.

The lender is Lending Club

I'm 16 days late... with the money sitting in the bank to pay the past-due amount. I don't want to get into too much detail about why I'm late, other than its my own guffy fault.

2 years of on time payments

Hopefully they will still have ownership/control of my loan? 

I'm not 30 days late, and will schedule payment this week, so I should not have any late payment marks on my credit report; with a collection agency involved, could this leave any negative marks?

[gdale6]

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@Vitte wrote:

Hello,

I just received a call from a collection agency tonight (first time ever), and it was uncomfortable, somewhat pushy. They guy wanted my bank account # and routing, but I have yet to receive anything in the mail today. Anyway, I will be verifying with the delinquent lender tomorrow, hopefully they still have my account and are not pushing it off to a collection agency; I'm pretty shaky hear, and want things to get back on track especially after C.One just bumped my credit limit $1,500... surprised me.

The lender is Lending Club

I'm 16 days late... with the money sitting in the bank to pay the past-due amount. I don't want to get into too much detail about why I'm late, other than its my own guffy fault.

2 years of on time payments

Hopefully they will still have ownership/control of my loan? 

I'm not 30 days late, and will schedule payment this week, so I should not have any late payment marks on my credit report; with a collection agency involved, could this leave any negative marks?

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Probably their internal collection department, get it paid and caught up and there should be no negative reporting as long as it doesnt hit 30 days late.. It is highly doubtful they would sell off the debt at 16 days past due, they would only get cents on the dollar for it from a JDB. Good luck

[pizzadude]

+1.    Also the law in question is the FDCPA ~ Fair Debt Collection Practices Act.

[takeshi74]

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@Vitte wrote:

What laws should collection agencies fallow?

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There are generally both federal and state laws that apply.

[RobertEG]

+1

The federal FDCPA sets the minimum standard throughout the land.

Almost all states have their own version of a debt collection practices statute.

States can, and often do, set more restrictive sttandards on debt collectors.

Bottom line is that no state statute can set practices that are less beneficial to a consumer, such as a requirement to request debt validation in less than 30 days from receipt of a dunning type notice. 

If provisions of the fed FDCPA give certain rights, no state statute can provide lesser consumer rights.

Thus, it is not always necessary to know details of state debt collection practices statutes if they have violated the fed FDCPA, but violation of state statute would give ability to bring action in state court.