Northwood Asset Management Group is committed to compliance and providing consumers a positive experience. We approach the recovery of accounts with compliance, compassion, and integrity.
There are many laws and regulations that govern the collections industry and affect the way in which we interact with our consumers and approach account recovery. For our consumer’s benefit, we have compiled a list of regulations that impact consumers.
Regulations Impacting Consumers and Collections
Fair Debt Collection Practices Act (FDCPA)- The Fair Debt Collection Practices Act prohibits the use of abusive, unfair or deceptive practices to collect debts. The FDCPA covers mortgages, credit cards, medical debts, and other debts mainly for personal, family, or household purposes.
Telephone Consumer Protection Act (TCPA)- The Telephone Consumer Protection Act safeguards consumer privacy by restricting telemarketing communications via voice calls, SMS texts, and fax. It also puts the focus for businesses on consumer consent.
Fair Credit Reporting Act (FCRA)- The federal Fair Credit Reporting Act promotes fair and accurate credit reporting and the privacy of consumer information. This federal legislation recognizes consumer reporting agencies and the important role they play in the collection of consumer credit and other information.
Servicemembers Civil Relief Act (SCRA)- The Servicemembers Civil Relief Act is a federal law that gives U.S. military members legal protections that are not available to the general public. It covers a wide range of protections including credit card interest rates, cell phone service contracts, termination of specified contracts, eviction prevention, mortgages, installment contracts, postponed civil judicial proceedings, income tax payments, and more.
Credit CARD Act- The Credit Card Accountability, Responsibility, and Disclosure Act (known as CARD) was designed to protect consumers from unfair and abusive practices by credit card issuers. It makes credit card rates and fees transparent and more easily understood for consumers.
Consumers are encouraged to contact Northwood Asset Management Group with any questions regarding their accounts. Northwood Asset Management Group can be reached online or over the phone at 855-200-5999. Consumers can also follow us on Facebook, LinkedIn, and Twitter.
About Northwood Asset Management Group
Northwood Asset Management Group (NAMG) is committed to delivering our services with professionalism, respect, and complete compliance. NAMG strives to deliver debt recovery solutions that assist consumers and creditors with achieving a favorable resolution. Northwood Asset Management Group is located in Buffalo, NY.
This article courtesy of Northwood Asset Management Group.