Finance, National

Consumer Financial Protection Bureau Considers Proposal to Overhaul Debt Collection Market

New Protections Would Limit Collector Contact and Help Ensure the Correct Debt is Collected

Washington, D.C. –(ENEWSPF)--July 28, 2016.   Today the Consumer Financial Protection Bureau (CFPB) outlined proposals under consideration that would overhaul the debt collection market by capping collector contact attempts and by helping to ensure that companies collect the correct debt. Under the proposals being considered, debt collectors would be required to have more and better information about the debt before they collect. As they are collecting, companies would be required to limit communications, clearly disclose debt details, and make it easier to . . .

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