Fair Debt Collection Improvement Act - Amends the Fair Debt Collection Practices Act to prohibit a debt collector from bringing, or threatening to bring, legal action against any consumer on a debt in which the statute of limitations has expired.
Requires a debt collector, in connection with the collection of debt in which the statute of limitations has expired, to disclose to the consumer that: (1) the debt has been transferred to the debt collector, (2) the creditor no longer holds the debt, (3) the debt collector may not bring legal action against the consumer to collect the debt because the statute of limitations has expired, and (4) any payment by the consumer towards the debt may cause the statute of limitations to reset.