Morning Agenda: Consumer Agency Proposes New Rules for Debt Collectors
ByCONSUMER AGENCY PROPOSES NEW RULES FOR DEBT COLLECTORS There will be some respite for people being hounded for debt as federal regulators are preparing to significantly strengthen the rules that govern debt collection for the first time in nearly 40 years.
Under proposed regulations, debt collection companies will have to provide fuller documentation of the debt they are trying to collect. They must also make it clear how a consumer can dispute the debt and observe state statutes of limitations that bar them from legally pursuing older debts.
Collectors would also be barred from trying to contact people more than six times a week and they would have to wait 30 days after a debtor dies, before contacting family members about paying up…
Morning Agenda: Consumer Agency Proposes New Rules for Debt Collectors
