New Debt Collection Rules On The Way

New Debt Collection Rules on the Way

Debt, most people have it. Some are able to manage it, and others may find themselves in so deep that they are dealing with debt collectors seeking payment. Currently, there are debt collection rules in place that protect Illinois residents from collector harassment. Those rules are about to change and not for the better.

According to a recently published article, the Consumer Financial Protection Bureau is set to release new collection guidelines in a matter of weeks. The coming changes will be the first revisions to the Fair Debt Collection Practices Act to occur in over four decades. Debt collectors are all for the changes, while others fear the updated rules will allow collectors to engage in consumer harassment.

So, what is changing? As it currently stands, debt collectors are allowed to contact consumers in order to secure funds owed them. They are only allowed to contact consumers in a certain way, at certain times of the day and only so often. The new rules will allow debt collectors to contact consumers via texting and email. They may even allow contact through social media and voicemail.

In a way, the rule changes make sense. Fewer people are answering their phones, so debt collectors need a new way to contact consumers. Unfortunately, the new rules seem lenient and are likely to cause consumers a great deal of trouble. Illinois residents who find themselves being attacked by debt collection agencies may be able to help their situations by seeking legal counsel on the matter. There are and still will be ways to end the harassment and seek to improve one’s financial position.

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