Minnesota collection agencies are licensed, monitored, and reviewed by the Minnesota Department of Commerce. Consumers and collection firms are protected by the Fair Debt Collection Practices Act (FDCPA) and state statutes regulating the behaviors and rights of collection personnel and debtors. Minnesota specifies that debt collectors also include companies that provide creditors with collection form letters, or letter service firms.
Minnesota collection agencies are bound by the federal standards of the FDCPA. Additionally, Minnesota law requires that loans go into collections only after the debt is 120 days old. The statutes offer a reminder that an original creditor may not assist the debtor after collections have begun.
Minnesota collection agencies have a governing licensing board, which provides regulatory services over collection firms. Debtors may also report any concerns or problems with collection agencies or staff to the Attorney Generals office in your state or the Federal Trade Commission. In all cases, legal advice is always an option if you are confused about your rights as a consumer or if you feel you have been treated inappropriately or abusively by collections staff.
Minnesota Collection Agencies Are Well Regulated
The governing board of the Department of Commerce maintains a history of any censure of any company licensed by the board. This can give you reassurance about a companys reputation or can point out a companys shortcomings. Checking with the governing board in your state as you research collection agencies. Research is an excellent and vital part of the process, ensuring you get the quality services your company needs.
