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 anyunfair, deceptive, or abusive practices in collecting a consumer’s debts.
The second warns companies to avoid deceptive statements concerning
the impact of paying a debt on a consumer’s credit score, credit report,