Know Your Rights

CFPB to Take Public Opinion Poll Prior to Amending the Existing FDCPA Rules

As the new year approaches the Consumer Financial Protection Bureau ("CFPB"), the agency in charge of consumer financial affairs, begins its discussion of necessary amendments to the Fair Debt Collection Practices Act ("FDCPA").  The director of the agency stated it wants to hear what the agency needs to do to better protect consumer from the harsh treatment of debt collectors without simultaneously hindering the legitimate efforts of the industry.  The agency's goal is to better protect consumers nationwide without halting the industry's genuine goal of collecting unpaid debt.  

In a recent poll of American consumer, the most common complaints of debt collectors included harassing telephone calls, collectors' refusal to validate debts and collectors reporting debts on consumer credit reports without first contacting consumers for payment.  Not far behind on the pole was a valid concern that collectors are using social media and the internet to collect debt as we continue to move into a more technology based society. 
The CFPB will review all of its complaints from the past year to determine how it can improve and update the FDCPA to better protect consumers.  History has shown that the efforts of the CFPB are working as FDPCA suits are on a steady decline over the past two years.  The CFPB argues that the need for continued improvement of the FDCPA is evidence by the number of consumers who are still mistreated by collectors and the number of consumers that make payment on a debt that they did not owe just to stop the harassment.   

In its effort to amend the FDCPA the CFPB will reportedly publish a lengthy questionnaire relating to debt collection, asking consumers to respond to over 150 questions regarding their experience and treatment by collection agencies.  To be a part of this survey or to file a complaint with the CFPB log on to their website .

If you are having problems with debt collection and would like the assistance or advice of counsel contact SmithMarco P.C. for a  free case review.

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