§ 2506.10 Will the Corporation use its cross-servicing agreement with Treasury to collect its debts?
§ 2506.11 Will the Corporation refer debts to the Department of Justice?
§ 2506.12 Will the Corporation provide information to credit reporting agencies?
§ 2506.13 How will the Corporation contract for private collection services?
§ 2506.14 What should I expect to receive from the Corporation if I owe a debt to the Corporation?
§ 2506.15 What will the notice tell me regarding collection actions that might be taken if the debt is not paid within 60 days of the notice, or arrangements to pay the debt are not made within 60 days of the notice?
§ 2506.16 What will the notice tell me about my opportunity for review of my debt?
§ 2506.17 What must I do to obtain a review of my debt, and how will the review process work?
§ 2506.18 What interest, penalty charges, and administrative costs will I have to pay on a debt owed to the Corporation?
§ 2506.19 How can I resolve my debt through voluntary repayment?
§ 2506.20 What is the extent of the Chief Executive Officer’s authority to compromise debts owed to the Corporation, or to suspend or terminate collection action on such debts?
§ 2506.21 May the Corporation’s failure to comply with these regulations be used as a defense to a debt?

Terms Used In CFR > Title 45 > Subtitle B > Chapter XXV > Part 2506 > Subpart B - General Provisions

  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Statute: A law passed by a legislature.