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Wednesday, July 10, 2013

CFPB Focuses on Debt Collection Practices

The CFPB notified all companies under its jurisdiction that they will be held accountable for unlawful conduct in collecting a consumer’s debts.

In the first of two bulletins, the CFPB stated that any entity  under its jurisdiction, whether a third-party collector or a creditor collecting its own debts, can be held accountable for any unfair, deceptive, or abusive practices in collecting a consumer’s debts. The second warns companies to avoid deceptive statements concerning the impact of paying a debt on a consumer’s credit score, credit report, or creditworthiness.

In addition, the CFPB announced it will begin accepting debt collection complaints and has publishing action letters for consumers to consider using in corresponding with debt collectors.

Read more.

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