Thursday, July 11, 2013

CFRB Rules on Debt Collection

The CFPB published two bulletins on debt collection today. 

The first  makes clear that any entity subject to the Bureau's 
jurisdiction under the Dodd-Frank Act, whether a third-party collector 
or a creditor collecting its own debts, can be held accountable for any 
unfair, deceptive, or abusive practices in collecting a consumer’s debts. 

Inline image 1
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The second warns companies to avoid deceptive statements concerning 
the impact of paying a debt on a consumer’s credit score, credit report, 
or creditworthiness.
Inline image 2

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