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Are Debt Collectors under the CFPB Microscope?

The Consumer Financial Protection Bureau (the “CFPB”) is getting ready to update rules on how debt collectors can communicate with borrowers. Complaints about debt collectors have topped complaints about all other financial products the bureau covers.  Many of these complaints include collectors attempting to collect debts that were already repaid and debts that never existed.

An estimated 30 million people have a debt in collection. Collectors now make thousands of calls to consumer cell phones, which poses a problem because current debt collection law predates cell phones. Consumers now receive debt collection calls outside the privacy of their homes, which the law did not contemplate when it was formed.

If you have a debt in collection, contact a qualified debt settlement attorney. A qualified debt settlement attorney will help you enforce your rights and protect you from illegal collection practices.



Are Debt Collectors under the CFPB Microscope? was last modified: November 1st, 2014 by Kevin Fallon McCarthy
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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.
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