Debt Collectors: You’ve probably heard the horror stories- whether it’s calling people at work, threatening to come to their homes, or even threatening to send the police. CNNMoney has a list of some of the worst offenders- (Debt collection horror stories) including one firm who pretended to be a law firm and threatened a borrower that they would come to their office and their co-workers would have to pick them out of a line-up.
In California, a debt collector kept bothering a state senator about a debt he had never taken out and never owed. You can read about the legislation that was subsequently passed, in part due to his experience here: Two Laws Signed by Governor Brown Will Help Consumers in California Facing Illegal Debt Collection Practices.
Is there a way to stop the madness? To give power back to consumers? To require collectors to follow the rules, and if they don’t, shut them down?
You betcha. But you have to act NOW. The deadline is February 28, 2014.
The Consumer Financial Protection Bureau has announced that it will be updating the Fair Debt Collection Practices Act. As part of this process, it is seeking input from everyone that will be affected.
Debt collection is a profitable business, and so the people that own these companies (and that benefit from the status quo of harassing borrowers) will give their input and would probably prefer the rules don’t change.
That’s where consumers can help.
If you’ve had an experience with a debt collector, NOW is the time to speak up. It’s a very simple process- you simply visit this website and share your experience by clicking on “COMMENT NOW”
As they say in weddings: “Speak now or forever hold your peace!”
Interested in learning more about laws to protect consumers? You might be interested in our earlier post on this topic: New Report Finds that State of California Could do More to Help Families with Debt Collectors.