Changing Government Regulations Affect Original Creditors
The Consumer Financial Protection Bureau will be cracking down on original creditors.
Arizona (I-Newswire) December 9, 2013 - New rules may include restrictions on how a debtor is contacted and require accurate and valid documentation of debts. This means a handshake is essentially a gift and a text message may be legally harassment. In general, original Creditors may be subject to the same rules as third party debt collection agencies. Why the changes? It seems, not surprisingly, that consumers complain more about debt collection than other financial transactions. Considering how many debtors seem to think they don't owe a bill even if they signed a contract, the results should be expected. The agency is particularly interested in providing debtors with clear and unambiguous descriptions of all the documentation behind their debt, making sure the debtor is informed of their legal rights. In addition, they are evaluating the impact of reporting medical debt to credit reporting agencies such as Experian, Trans Union and Equifax. In general, the new rules should be easy to follow. You should start reviewing your documentation to make sure it is clear and legally binding. This should include an unambiguous link to the person or company who signs your contract. Reference checks are strongly recommended. http://www.americanbanker.com/issues/178_214/cfpb-debt-collection-rules-may-move-in-unprecedented-direction-1063431-1.html
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Published On:December 9, 2013
Print Release:Print Release
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