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What New Debt Collector Rules Mean for You
Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make sound financial decisions without hesitation. And while our site does not include every company or financial product available on the market however, we're confident of the advice we offer as well as the advice we provide and the tools we develop are objective, independent, straightforward -- and free. So how do we make money? Our partners compensate us. This may influence which products we write about (and the places they are featured on the website) however it doesn't affect our suggestions or recommendations that are based on hundreds of hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. .
What do the new rules for debt collection Mean for You
Written by Sean Pyles Senior Writer | Personal financial, credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. The show "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on shrewd and practical advice on money, Sean provides real-world guidance to help people improve the financial situation of their lives. Beyond answering listeners' money concerns on "Smart Money" Sean also interviews guests who are not part of NerdWallet and also creates special segments that explore subjects such as the racial wealth gap and how to begin investing, and the history of student loans.
Before Sean lead podcasting at NerdWallet He also covered issues concerning consumer debt. His work has appeared on USA Today, The New York Times and other publications. When he's not writing about personal finance, Sean can be found working in his garden, going for runs , and taking his dog on long walks. He lives at Ocean Shores, Washington.
Nov 30, 2021
Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, managing money and debt Kathy Hinson leads the core personal finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Previous experience included writing copy as well as news editing at many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communications and journalism in The University of Iowa.
A majority of the products featured here come from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product appears on the page. But this doesn't influence our evaluations. Our views are our own. Here's a list of and .
The process of dealing with third-party debt collection agencies can be confusing and scary. For the more than 68 million U.S. adults with debt in collections, understanding their rights under the law is essential.
The Fair Debt Collection Practices Act covers third-party debt collectors -the ones who purchase delinquent loans from an original creditor, like a credit card company. An update to the rules for how the act is applied which took effect in the late 2021 changed the terms of the contract.
Certain amendments modernize the law and clarify the way it's implemented. However, some consumer advocates believe that the modifications don't go as far or could have unintended effects.
>> MORE:
Know your rights
The FDCPA provides a variety of services , including:
Limits on the actions of debt collectors
Collectors must be truthful regarding the details of the debt. They should not use abusive language, call repeatedly in a harassing manner or use threats of violence.
Collectors can't ask for a post-dated check for purposes of threatening or instituting criminal prosecution. They can't also take more than what's owed, or threaten to take property when that's not allowed.
Information disclosures
Collectors of debts are required to send consumers a "debt validation letter" with important information, including the amount owed and the name of the collection agency and the way consumers can dispute the debt.
Consumer rights
The individual can control the manner in which the collector communicates with them by telling that they should not communicate with them at all. In all but limited circumstances, the collector must honor the request.
If consumers doubt the details of a debt, they can contact the collector with a debt verification letter seeking more information beyond the confirmation letter.
Changes in the FDCPA rules
Here are a few changesthat went into force in 2021 at the end of the year:
New options for communication
Debt collectors are able to contact consumers by email, text message and social media messages , without prior consent from the customer to use these channels. The messages should explain how the consumer can limit communication through these channels or request no communication.
The CFPB also limits the way debt collectors utilize these channels. A debt collector can't communicate with a consumer through social media if others can see the message, like the public comments on or on an Instagram post. Collectors also must disclose to the consumer that they are a debt collector before they send an invite to friend. The FDCPA's restrictions on communications with consumers at inconvenient times or places are also extended to digital channels such as social media.
Consumer advocates worry that collectors might send vital information like the debt validation letter to email or social media accounts that aren't being used.
"What customers need to be aware of is it's going to be really crucial for them to take the initiative to choose not to receive communications if they don't want to receive communications through text message or emails," says April Kuehnhoff, staff attorney at the National Consumer Law Center.
She also states, "If consumers start getting communications from a debt collector and you've not received the initial notice about the debt, they should request the information."
New limitations on collectors' actions and disclosures
In late 2021, the new regulations from the CFPB around how debt collectors can share information regarding a debt and when they can mark a debt on a consumer's credit report went into effect. Additionally, new limitations were imposed on the actions that can be taken in relation to "time-barred credit," which is for lawsuits over debts.
Particularly, when they first contact about a debt Collectors are required to provide clear disclosures about the debt, rights of the consumer in relation to collection, and the way they will respond to the debt collector. This information must be disclosed prior to the collector reporting the debt of a consumer to an agency that tracks credit.
If a debt is beyond the statute of limitations in the case of debt that is past the statute of limitations, there is a CFPB ruling. CFPB clarifies that debt collectors are not permitted to sue or threaten to sue consumers in order to collect payment on the debt. However that debt collectors are still able to solicit payment from consumers on the debt that is not yet paid this is a risky tactic which could result in a consumer inadvertently restarting a " " and thus making themselves vulnerable to a lawsuit.
The reasons why consumer advocates are worried What can you do? to do
Some people are worried that the changes aren't enough and say some of the changes could actually lessen consumer protections. Here are two main concerns:
Frequency of communications
The new update clarifies the definition of the word "harassing" frequency of calls from collectors -- but it also could allow such calls to be harassing, according to advocates.
The new policy limits collectors to not calling more than seven times a week per account. It bars calls within seven days after having conversations with consumers. But consumers may have multiple accounts with collections, resulting in an influx of calls.
The one contact per day does not include messages via email, text or social media platforms, which means users could be bombarded with messages. The new rules also allow "limited-content messages," which could result in an increase in voicemails that aren't considered "communications."
"We are concerned about what this is going to mean especially for consumers who might, for example, have several medical debts that are in collections" Kuehnhoff says.
What to take action: When you feel you're receiving too many calls and you want to stop it, you can ask the collector stop communication for all but the most rare occasions, like when legal actions are threatened. This extends to prohibiting communication in different channels.
No coverage for original creditors
The main issue with the FDCPA is it only regulates third-party debt collectors -- that is, a collector who doesn't represent the original creditor. A collector who works directly for the original creditor doesn't have to adhere to these standards.
You can take action: Work to quickly resolve an account regardless of who they represent. You might be able to work out the payment plan or settle the account for less than the amount originally due.
Are your rights violated? Submit a complaint
If your rights were infringed upon by debt collection agency .
Dan Dwyer, staff attorney at the Federal Trade Commission, says consumers should give as much information regarding the collector as possible.
"Then, just explain what the issue is in the clearest way it is possible to do," he says.
The piece is written by NerdWallet and was first released through The Associated Press.
Author bios: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared on The New York Times, USA Today and elsewhere.
Similar to...
Dive even deeper in Personal Finance
Take all the appropriate money moves
If you liked this posting and you would like to receive much more information with regards to no credit check guaranteed approval payday loans kindly take a look at our page.
Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make sound financial decisions without hesitation. And while our site does not include every company or financial product available on the market however, we're confident of the advice we offer as well as the advice we provide and the tools we develop are objective, independent, straightforward -- and free. So how do we make money? Our partners compensate us. This may influence which products we write about (and the places they are featured on the website) however it doesn't affect our suggestions or recommendations that are based on hundreds of hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. .
What do the new rules for debt collection Mean for You
Written by Sean Pyles Senior Writer | Personal financial, credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. The show "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on shrewd and practical advice on money, Sean provides real-world guidance to help people improve the financial situation of their lives. Beyond answering listeners' money concerns on "Smart Money" Sean also interviews guests who are not part of NerdWallet and also creates special segments that explore subjects such as the racial wealth gap and how to begin investing, and the history of student loans.
Before Sean lead podcasting at NerdWallet He also covered issues concerning consumer debt. His work has appeared on USA Today, The New York Times and other publications. When he's not writing about personal finance, Sean can be found working in his garden, going for runs , and taking his dog on long walks. He lives at Ocean Shores, Washington.
Nov 30, 2021
Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, managing money and debt Kathy Hinson leads the core personal finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Previous experience included writing copy as well as news editing at many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communications and journalism in The University of Iowa.
A majority of the products featured here come from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product appears on the page. But this doesn't influence our evaluations. Our views are our own. Here's a list of and .
The process of dealing with third-party debt collection agencies can be confusing and scary. For the more than 68 million U.S. adults with debt in collections, understanding their rights under the law is essential.
The Fair Debt Collection Practices Act covers third-party debt collectors -the ones who purchase delinquent loans from an original creditor, like a credit card company. An update to the rules for how the act is applied which took effect in the late 2021 changed the terms of the contract.
Certain amendments modernize the law and clarify the way it's implemented. However, some consumer advocates believe that the modifications don't go as far or could have unintended effects.
>> MORE:
Know your rights
The FDCPA provides a variety of services , including:
Limits on the actions of debt collectors
Collectors must be truthful regarding the details of the debt. They should not use abusive language, call repeatedly in a harassing manner or use threats of violence.
Collectors can't ask for a post-dated check for purposes of threatening or instituting criminal prosecution. They can't also take more than what's owed, or threaten to take property when that's not allowed.
Information disclosures
Collectors of debts are required to send consumers a "debt validation letter" with important information, including the amount owed and the name of the collection agency and the way consumers can dispute the debt.
Consumer rights
The individual can control the manner in which the collector communicates with them by telling that they should not communicate with them at all. In all but limited circumstances, the collector must honor the request.
If consumers doubt the details of a debt, they can contact the collector with a debt verification letter seeking more information beyond the confirmation letter.
Changes in the FDCPA rules
Here are a few changesthat went into force in 2021 at the end of the year:
New options for communication
Debt collectors are able to contact consumers by email, text message and social media messages , without prior consent from the customer to use these channels. The messages should explain how the consumer can limit communication through these channels or request no communication.
The CFPB also limits the way debt collectors utilize these channels. A debt collector can't communicate with a consumer through social media if others can see the message, like the public comments on or on an Instagram post. Collectors also must disclose to the consumer that they are a debt collector before they send an invite to friend. The FDCPA's restrictions on communications with consumers at inconvenient times or places are also extended to digital channels such as social media.
Consumer advocates worry that collectors might send vital information like the debt validation letter to email or social media accounts that aren't being used.
"What customers need to be aware of is it's going to be really crucial for them to take the initiative to choose not to receive communications if they don't want to receive communications through text message or emails," says April Kuehnhoff, staff attorney at the National Consumer Law Center.
She also states, "If consumers start getting communications from a debt collector and you've not received the initial notice about the debt, they should request the information."
New limitations on collectors' actions and disclosures
In late 2021, the new regulations from the CFPB around how debt collectors can share information regarding a debt and when they can mark a debt on a consumer's credit report went into effect. Additionally, new limitations were imposed on the actions that can be taken in relation to "time-barred credit," which is for lawsuits over debts.
Particularly, when they first contact about a debt Collectors are required to provide clear disclosures about the debt, rights of the consumer in relation to collection, and the way they will respond to the debt collector. This information must be disclosed prior to the collector reporting the debt of a consumer to an agency that tracks credit.
If a debt is beyond the statute of limitations in the case of debt that is past the statute of limitations, there is a CFPB ruling. CFPB clarifies that debt collectors are not permitted to sue or threaten to sue consumers in order to collect payment on the debt. However that debt collectors are still able to solicit payment from consumers on the debt that is not yet paid this is a risky tactic which could result in a consumer inadvertently restarting a " " and thus making themselves vulnerable to a lawsuit.
The reasons why consumer advocates are worried What can you do? to do
Some people are worried that the changes aren't enough and say some of the changes could actually lessen consumer protections. Here are two main concerns:
Frequency of communications
The new update clarifies the definition of the word "harassing" frequency of calls from collectors -- but it also could allow such calls to be harassing, according to advocates.
The new policy limits collectors to not calling more than seven times a week per account. It bars calls within seven days after having conversations with consumers. But consumers may have multiple accounts with collections, resulting in an influx of calls.
The one contact per day does not include messages via email, text or social media platforms, which means users could be bombarded with messages. The new rules also allow "limited-content messages," which could result in an increase in voicemails that aren't considered "communications."
"We are concerned about what this is going to mean especially for consumers who might, for example, have several medical debts that are in collections" Kuehnhoff says.
What to take action: When you feel you're receiving too many calls and you want to stop it, you can ask the collector stop communication for all but the most rare occasions, like when legal actions are threatened. This extends to prohibiting communication in different channels.
No coverage for original creditors
The main issue with the FDCPA is it only regulates third-party debt collectors -- that is, a collector who doesn't represent the original creditor. A collector who works directly for the original creditor doesn't have to adhere to these standards.
You can take action: Work to quickly resolve an account regardless of who they represent. You might be able to work out the payment plan or settle the account for less than the amount originally due.
Are your rights violated? Submit a complaint
If your rights were infringed upon by debt collection agency .
Dan Dwyer, staff attorney at the Federal Trade Commission, says consumers should give as much information regarding the collector as possible.
"Then, just explain what the issue is in the clearest way it is possible to do," he says.
The piece is written by NerdWallet and was first released through The Associated Press.
Author bios: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared on The New York Times, USA Today and elsewhere.
Similar to...
Dive even deeper in Personal Finance
Take all the appropriate money moves
If you liked this posting and you would like to receive much more information with regards to no credit check guaranteed approval payday loans kindly take a look at our page.
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