Communication and Documentation Flashcards

Under the FDCPA, what must a debt collector disclose in its initial communication with a consumer?

Answer: That it is attempting to collect a debt and any information obtained will be used for that purpose

FDCPA Section 807(11) requires the 'mini-Miranda' disclosure in the initial communication.

Under ECOA/Regulation B, how soon must a creditor notify an applicant of action taken on a completed credit application?

Answer: Within 30 days

Regulation B requires notice of action taken within 30 days after receiving a completed application.

Under the FDCPA, if the validation information was not in the initial communication, when must the collector send it?

Answer: Within 5 days after the initial communication

Section 809(a) requires the validation notice within five days after the initial communication.

Which account note best documents a customer phone call?

Answer: 10/08 2:15pm spoke w/ borrower; promised $250 via debit card on 10/15; confirmed address

Good notes are factual and specific, recording date, time, party, commitments, and verified details.

Under Regulation F, a collector is presumed to violate call-frequency limits when it places more than how many calls about a debt within seven consecutive days?

Answer: Seven

Regulation F presumes a violation when a collector places more than seven calls within seven consecutive days.

In a TILA disclosure, what does the 'finance charge' represent?

Answer: The dollar amount the credit will cost the borrower

Under Regulation Z, the finance charge is the cost of consumer credit stated as a dollar amount.

Under the FDCPA, unless the consumer agrees otherwise, which hours are presumed convenient for contacting a consumer?

Answer: 8 a.m. to 9 p.m. in the consumer's local time

Contact before 8 a.m. or after 9 p.m. at the consumer's location is presumed inconvenient.