Could a debt collector be allowed to send you texts or contact you through your work email? The U.S. Consumer Finance Protection Bureau will unveil new rules for debt collectors in a few weeks and some consumer groups fear the rules will be too friendly to the $11 billion debt collection industry.
Kathy Kraninger, director of the Consumer Financial Protection Bureau , speaks during an event at the Bipartisan Policy Center in Washington, D.C. The agency is expected to unveil new rules in several weeks that spell out what debt collectors are allowed to do when it comes to trying to collect payment.
The $11 billion industry has been anxiously awaiting the proposal, hopeful that the Trump administration would set out clear rules, including allowing debt collectors to email and text consumers. Consumer advocates, meanwhile, have asked the CFPB to stop debt collectors from harassing consumers and collecting on “zombie” debts.The proposal comes as the CFPB undergoes a radical makeover under the Trump administration.
The proposal on debt collection rules is expected to launch another major fight. The country has more than 7,000 debt collectors who made over $1 billion combined last year, according to data from industry researcher IBISWorld. In 2018, the CFPB said it received about 81,500 complaints about debt collectors, making the industry one of the most common sources of consumer complaints.
“Millennials like me don’t answer their phone,” she said. “Respectful communication in a way that is helpful to the consumer will benefit both parties."
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