Debt Collection

On the Money: How New Rules for Debt Collectors Affect You

NEW YORK-The next text message you receive may not be a funny picture from your mom, or an update on how late your friend will be to brunch. It could be a debt collector. The Consumer Financial Protection Bureau has proposed new rules to govern how third-party debt collectors contact borrowers.

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Jim Flynn: New Rules on Way for Debt Collectors

Debt collection is big business. The Consumer Financial Protection Bureau estimates debt collection is now an 11.5 billion industry employing 118,500 people at 7,700 agencies. The New York Times recently reported more than 70 million Americans now have a debt in collection.

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Like It or Not, Debt Collectors May Be Texting and Emailing You Under New Rules

The Consumer Financial Protection Bureau, under President Donald Trump, already has moved to make life easier for payday lenders. It’s expected any day now to do the same for debt collectors.

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