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.