Collection Agencies in Colorado and Laws

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List of collection agencies in Colorado.

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• • Professional Bureau of Collections of Maryland, Inc (PBCM) : Greenwood Village
  • Credit Service Company Inc : Colorado Springs
  • Alpha Recovery Corp : Centennial
  • BC Services : Longmont
  • Agency of Credit Control (ACC) : Denver
  • Elite Recovery Services (ERS) : Longmont
  • ARSCOLLECT  : Durango
  • Collection agencies in Aurora

Colorado Collection Laws

Here are some relevant federal and state laws that were in effect as of 2021:

1. Fair Debt Collection Practices Act (FDCPA): This federal law protects consumers from abusive, deceptive, or unfair debt collection practices. It sets limitations on when and how debt collectors can contact consumers and gives consumers the right to dispute debts and obtain information about the debts.
2. Fair Credit Reporting Act (FCRA): This federal law regulates the collection and use of consumer credit information. It allows consumers to access their credit reports and dispute any inaccuracies.
3. Colorado Fair Debt Collection Practices Act (CFDCPA): In addition to the federal FDCPA, Colorado has its own Fair Debt Collection Practices Act. This state law provides additional protections for consumers and applies to a broader range of debt collectors. It requires collection agencies to be licensed in the state, and prohibits them from engaging in deceptive, harassing, or unfair debt collection practices.
4. Statute of Limitations in Colorado: In Colorado, the statute of limitations for debt collection varies by the type of debt. As of 2021, for written contracts, it was six years, and for credit card debt, it was also six years.
5. Colorado Garnishment Laws: If a creditor obtains a court judgment against a debtor in Colorado, they can garnish the debtor’s wages or bank account. Colorado law limits the amount that can be garnished to the lesser of 25% of disposable earnings or the amount by which a person’s weekly income exceeds 30 times the federal minimum wage.
6. Exemption Laws in Colorado: Colorado has laws that protect certain types of property from being taken by creditors to satisfy a debt judgment. These include homestead exemptions, personal property exemptions, and exemptions for certain types of income and benefits.
7. Collection Agency Board: The Colorado Collection Agency Board oversees the licensing and regulation of collection agencies operating in Colorado. Consumers can file complaints against collection agencies with the Board.
8. Requirement to Provide Notice: Colorado law requires that debt collectors provide consumers with a notice of their right to dispute the debt, and their right to request the name and address of the original creditor.

Since laws and regulations change over time, please make sure to verify the most current legal information or consult an attorney with expertise in debt collection laws in Colorado for the most up-to-date details.

An intensive approach deteriorates the performance of collection agencies because it upset the debtors, making them more adamant about not paying off the debt.

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