Consumer Financial Protection Bureau Prepares to Crack Down on Debt Collectors

New rules may be on the horizon

The CFPB recently announced that it is reviewing the possibility of establishing new consumer protection rules in order to ensure fair debt collection practices. Currently, the CFPB is gathering information on issues such as the accuracy of information debt collectors use, debt recovery methods used by collectors, and ensuring consumers are aware of their rights.

The CFPB started accepting debt collection complaints from the public in July. According to the bureau, complaints against debt collectors have become one of the highest grievance categories. In fact, the CFPB says their complaint database has more than 155,000 complaints on several consumer issues including mortgages, student loans, and credit cards.

The public can comment on the proposed regulations by visiting www.regulationroom.org.

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