Tuesday, July 23, 2013

Abusive Debt Collectors

The Fair Debt Collection Practices Act restricts debt collectors from harassing consumers who are behind on their bills. However, the Act may not apply to banks and lenders that are trying to recoup money that they lent directly to consumers. At a recent hearing, the Consumer Financial Protection Bureau stated that it has the authority to regulate debt collection practices of banks under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act bars firms like Capital One and Macy’s from employing “unfair, deceptive or abusive acts.” Consumers still have rights, even if they owe money to the creditor.

The New York Times recently printed an article regarding abusive debt collectors. Click here to read the article.

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