The Fair Debt Collection Practices Act Requires a Debt Collector

question 36

Multiple Choice

The Fair Debt Collection Practices Act requires a debt collector to provide the consumer with a written notice.What information must be contained in this notice?

• A) The amount of the debt,with interest and penalties clearly delineated
• B) The name of the current creditor and former creditor
• C) A statement informing the consumer that he can request verification of the alleged debt
• D) A copy of the original credit contract with the original creditor

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Definitions:

Total Revenues

The total amount of money generated by a firm or entity from its business activities, before any expenses are subtracted.

Average Total Cost

The total cost of production divided by the quantity of output produced; it includes both fixed and variable costs.

Long-Run Equilibrium

Long-run equilibrium occurs when an economy's resources are fully employed and the output and input markets are in balance, with no external forces causing disruption.

Market Price

The current price at which a good or service can be bought or sold in a marketplace.