Debt Collection Act of 1981

Debt Collection Act of 1981 - Amends the Privacy Act of 1974 to permit a Federal agency to disclose individual records to a consumer reporting agency.

Authorizes a Federal agency attempting to collect a claim under the Federal Claims Collection Act of 1966 to notify a consumer reporting agency that a person is responsible for a claim if: (1) the agency has sent a written notice informing the person that a consumer reporting agency will be contacted, describing the information to be disclosed, and explaining the person's right to dispute the agency's claim; (2) the person has not agreed to repay the claim or filed for review of the claim; (3) the agency has reviewed the claim, if requested; and (4) the agency has obtained assurances that the consumer reporting agency complies with Federal laws governing the provision of consumer credit information.

Requires the Director of the Office of Management and Budget to establish regulations requiring each agency with outstanding debts to submit annual reports on the amount and number of such debts, the interest charged on such debts, the cost to the agency of collecting debts, and other information on the agency's debt collection activities.

Requires the Director to report annually to Congress on the management of agency debt collection activities.