Does a finance company that lends the money and when it becomes past due they collect as well, are they bound by the Miranda? Received a Collection letter with no mention. Not sure if they are required? I think they would if they collect on their debts also... Clarification would be appreicated.. Strike 2 for this company...
Third party debt collectors are responsible for compliance with FDCPA. The original creditor is not a debt collector, and therefore is not covered, unless they collect under another name that gives the appearance they are a debt collector. The definitions are defined in FDCPA, and are basically that a debt collector is one who collects on a debt originally owed another. JDBs, who buy debts that are already delinquent, are also debt collectors. Sale of a debt that is not delinquent from one company to another would probably not make the buyer a debt collector under FDCPA. If Bank A buys Bank B, and all its CC accounts receivable, or just buys its CC business, Bank B would not be a debt collector, except possibly for those accounts that were already delinquent.
