Collection Agencies in Michigan and Laws

Michigan Debt Collection Laws Summary

• Michigan version of FDCPA is called Michigan Fair Debt Collection Practices Act. All entities attempting to collect a consumer debt not to indulge in fraudulent, abusive, misleading tactics, make repeated or continuous calls.

• Michigan has a six-year statute of limitations on debts.

• Debt collectors may report the debt to credit reporting companies or sue a debtor in the court.

Texas Debt Statistics

• The average person in Michigan carries over $36K in debt.
• Average Student Loan in Michigan is about $31,000.
• The average mortgage debt in Michigan is $132K in 2018.
• The average credit card debt in Michigan as of 2019 is around $7,380
• An average Michigan person has an auto loan balance of $14,700.
• Michigan adults had an average credit score of 677 in 2018

Michigan Geographical Stats

• Population in Michigan : 9.8 million (year 2018)
• Number of millionaires: 214K  ( year 2018)

Michigan debt collection agency can collect all across the state including these cities Detroit, Grand Rapids, Warren, Sterling Heights, Lansing, Ann Arbor, Flint, Dearborn and Livonia