![]() They can’t contact you if you’ve asked them in writing to stop.They can’t harass or threaten you, or tell your friends and family about your debt.They can’t contact you at work if you ask them not to do so.They can only contact you between 8 a.m.Right now, there are a few key rules a debt collector must follow if they’re contacting you to try to get you to pay a past-due debt: Major Updates to Fair Debt Collection Practices And economists are already sounding alarms about a debt wave that could rise as the pandemic wanes and Americans struggle to catch up on past-due balances.Īlthough these new debt collection changes don’t go into effect until later this year, it’s a good idea to familiarize yourself with the changes now so you’ll be prepared to defend your rights as a consumer. And updating the rules to consider modern communication methods could open you up to interactions you don’t want.Īlthough pandemic aid programs may delay payment of some of your debts right now, those allowances will eventually expire. “With the vast changes in communications since the FDCPA was passed more than four decades ago, it is important to provide clear rules of the road,” said former CFPB Director Kathleen Kraninger in an October 2020 statement.īut having more control means those consumers may end up doing more work to monitor their accounts in collections. The CFPB says the changes were made to give consumers more control over communications about their debt in collections, along with a long-overdue modernization of the rules. But knowing what’s permitted now and how this will change in the near future can help you spot scams or bad actors. It’s unlikely you’ll notice any changes to debt collectors’ contact methods prior to then. The new rule takes effect on November 30, 2021. After seven years of review and deliberation, the Consumer Financial Protection Bureau (CFPB) has finalized revisions to the Fair Debt Collection Practices Act (FDCPA), which spells out the rules debt collectors must follow. Not only do you have the guilt of unpaid bills hanging over your head you also have people trying to call you often to demand repayment.īut the ways debt collectors can contact you are about to change. ![]() ![]() If you’ve ever had an unpaid debt go to collections, you know how challenging it can be to deal with debt collectors.
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