Debt Collection for Massachusetts Consumers The Division of Banks licenses debt collectors and other individuals or companies attempting to collect a debt. A creditor can be either a person or company to whom money is owed. Banks and credit unions who have lent money to consumers or companies that have provided services may be classified as creditors.
Debt Collector , is a third party agent collecting money on behalf of a creditor. Often times debt collectors are companies performing collections for a number of different creditors. Debt collectors do not "own" the debt being collected. Debt collectors require a license through the Division. Attorneys licensed to practice law in Massachusetts are exempt from the debt collector licensing requirement. This page, Apply for a debt collector license or loan servicer registration, is offered by Division of Banks show more.
Apply for a debt collector license or loan servicer registration Anyone engaging in third-party collection of consumer debt, or who purchases and directly collects consumer debt must be licensed through the Division of Banks DOB. Anyone who services a loan owed to another needs to be registered through the DOB. Online Contact us Contact detail by unit or inquiry. What you need. How to apply. More info. All fees collected through the NMLS are nonrefundable. Fax Feedback Did you find what you were looking for on this webpage?
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This page, Debt collections, is offered by Division of Banks show more. Debt collections Are you being contacted by a debt collector? Learn more about your consumer rights. Check the licensing status with the DOB of a debt collector or the Bar status of an attorney. Once you have confirmed the debt and verified the debt collector you should: Create a paper trail.
Keep a record of the date, time and name of the individual contacting you. Put your requests and responses in writing. If you do in fact owe the debt, plan to repay any undisputed obligation s. Set up a payment plan you can maintain and provide that to the creditor or debt collector in writing.
A debt collector MUST: Tell you the amount of the debt and the name of the creditor collecting the debt. This must be done at the first communication or within five days of the contact. During the first communication disclose they are attempting to collect a debt and any information will be used for that purpose.
Disclose the name of the creditor or debt collection company and the name of the person making contact. Within 30 days of your request tell you the name and address of the original creditor. Notify you in writing within 30 days of the initial contact of your right to not have collection telephone calls made to your place of work. A creditor or debt collector CAN: Assume a debt is valid if it is not disputed within 30 days of contact.
Contact any person, including family and friends, to get your address or contact information.
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