Beginning January 2013, the federal agency known as the Consumer Financial Protection Bureau (CFPB) will begin to supervise large consumer debt collection agencies throughout the United States. Agencies with more than $10 million in annual receipts will be supervised by the CFPB in order to prevent unfair debt collection practices, according to Dallas News. In total, approximately 175 debt collection agencies will be supervised. These 175 collectors account for more than 60 percent of the total annual payments received in the debt collection market. Among the things regulated by the CFPB, the agency will be on the lookout for:
- Providing required disclosures to inform consumers of the exact details of their debt;
- Providing accurate information to prevent paying for debts consumers do not actually owe or have already paid;
- Proper resolution of consumer complaints and disputes concerning unfair debts and violations of law; and
- Proper communication between collector and debtor that does not violate regulations.
Not all unfair debt collection practices will be stopped by the government. Often, consumer have to fight to protect themselves from illegal practices. With the help of Ontario fair debt collection attorney Howard D. Silver, your losses at the hands of unscrupulous debt collectors will come to an end. To learn more about how we can help, call us at (855) 341-2611.