The Fair Debt Collection Practices Act (FDCA) does not specifically define the term Credit. However as with many other terms used in the FDCA, the Act relies on the definitions contained in the Equal Credit Opportunity Act (ECOA). Under the ECOA “Credit” is defined as either: The right to defer payment of a debt; or, The [...]
ECOA
What does the term Adverse Action mean? The Fair Debt Collection Practices Act (FDCA) and the Equal Credit Opportunity Act (ECOA) use the same definition for Adverse Action. Adverse Action includes any of the following: The refusal to grant credit in substantially the amount or on substantially the terms requested; Termination of credit or an [...]
