Today, the Consumer Financial Protection Bureau (CFPB) announced that it has plans to update the rules of the road for debt collectors. In an official notice released this morning, the agency is asking for public comments on how new rules could address the biggest problems in the industry and offer better protections to consumers. Be sure to click Register in the upper right hand corner to share your story
The CFPB aims to collect information on a wide array of debt collection issues, including the accuracy of information used by debt collectors, how to ensure consumers know their rights, and the communication tactics collectors employ to recover debts.
Consumers Union has long advocated for reform of the debt collection industry. Our 2011 joint report with the East Bay Community Law Center highlighted stories from consumers who were harassed for debts they’d already paid or didn’t owe in the first place, among other things.
The public has 90 days to submit comments to the CFPB – so if you have any personal experiences with debt collectors to share, or just want your voice to be heard, you can go to RegulationRoom.org click Register in the upper right hand corner.
Have you or anyone you know ever had an experience with a debt collector? If so, tell us in the comments.