StacksVerified U.S. regulatory reference

5 CFR §1639.6

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
The Board will use the services of a private collection contractor where it determines that such use is in the best interest of the Board. When the Board determines that there is a need to contract for collection services, it will—
  1. (a)Retain sole authority to:
    1. (1)Resolve any dispute by 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 Department of Justice for litigation; and
    5. (5)Take any other action under this part which does not result in full collection of the debt;
  2. (b)Require the contractor to comply with the Privacy Act of 1974, as amended, to the extent specified in 5 U.S.C. 552a(m), with applicable Federal and State laws pertaining to debt collection practices (e.g., the Fair Debt Collection Practices Act (15 U.S.C. 1692 et seq.)), and with applicable regulations of the Board;
  3. (c)Require the contractor to account accurately and fully for all amounts collected; and
  4. (d)Require the contractor to provide to the Board, upon request, all data and reports contained in its files relating to its collection actions on a debt.