StacksVerified U.S. regulatory reference

45 CFR §2506.13

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
The Corporation uses the services of a private collection contractor when it determines that such use is in the Corporation's best interest. When the Corporation determines that there is a need to contract for private collection services, the Corporation:
  1. (a)Retains sole authority to:
    1. (1)Resolve any dispute with the debtor regarding the validity of the debt;
    2. (2)Compromise the debt;
    3. (3)Suspend or terminate collection action;
    4. (4)Refer the debt to the DOJ for litigation; and
    5. (5)Take any other action under this part;
  2. (b)Requires the contractor to comply with the:
    1. (1)Privacy Act of 1974, as amended, to the extent specified in 5 U.S.C. 552a(m);
    2. (2)Fair Debt Collection Practices Act (15 U.S.C. 1692-1692o); and
    3. (3)Other applicable Federal and State laws pertaining to debt collection practices and applicable regulations of the Corporation in this part;
  3. (c)Requires the contractor to account accurately and fully for all amounts collected; and
  4. (d)Requires the contractor to provide to the Corporation, upon request, all data and reports contained in its files related to its collection actions on a debt.