Aggressive debt collectors knocking on your door? The Consumer Financial Protection Bureau is on your side.
The CFPB has stepped in to protect people who feel they are being harassed for money from credit cards, mortgages, student and auto loans, and medical bills, and are now taking complaints.
In addition, the CFPD has also created five action letters that consumers can use when dealing with debt collectors. These letters are designed to help consumers get more information about the collector's claim. The letters can also help consumers dispute the debt or have the collector limit or cut off contact with them.
In a statement, CFPB director Richard Cordray said, "Consumers need options to help them secure fair and respectful treatment from those debt collectors that fail to abide by the law."
Collectors buying old debts will all be held accountable for using deceptive, abusive, or unfair practices. This includes original collectors, debt collectors hired by creditors, and third-party collectors.
All victims of debt collector harassment can go online and fill out a form and complaints will be sent to the debt collector. The CFPB hopes to have more complaints closed within 60 days, excluding the most complicated cases.