Under the new regulations, debt collectors would be able to use emails and text messages to reach consumers, who would have the option to unsubscribe from receiving the messages.
The 538-page proposal from the federal financial watchdog would limit debt collectors from placing more than seven calls per week to try and reach a consumer. Once they reach the consumer, collectors would be required to wait at least a week before calling again.Under the new regulations, introduced Tuesday, debt collectors would be able to use emails and text messages to reach consumers, who would have the option to unsubscribe from receiving the messages.
Consumers Union, the organization best known for its Consumer Reports, criticized the CFPB for not going far enough in its plan."The CFPB's proposal does nothing to ensure debt collectors document that they are attempting to collect from the right person, for the right amount, and on a debt that they can lawfully recover," Suzanne Martindale, senior policy counsel for Consumer Reports, said in a press release.
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