- a requirement that third-party debt collectors verify a debt is valid before they can collect
- collectors must disclose any disputes or restrictions when transferring a debt to another collector
- strict limits on the number of times a collector can call a consumer per day and per week
- restrict contact to any third parties once the consumer’s contact information has been verified
Although most debt collectors are ethical and fair in their dealings with consumers, some choose to use aggressive, intimidating and misleading tactics to collect. Worse, it can be difficult and expensive to hold dishonest collectors accountable for their actions, and many bad actors continue to harass consumers over and over again. That’s why we’re hoping that the proposed changes also create a simple, fair mechanism for consumers to report violations, and the power to enforce the rules. The CFPB is expected to make a final decision on the new rules sometime in the next year. For more information on the proposals being considered by the CFPB, check out their website.