The Consumer Financial Protection Bureau, who is charged with enforcement of the Fair Debt Collection Practices Act, has published its second report since being assigned to the task. The report explained a new rule adapted by the Bureau which will allow it to supervise and examine the business activity of many large debt collection agencies, which collectively amount to more than sixty percent of total annual collections. What does this mean for consumers? It means that there is a good chance the collection agency they are dealing with is covered by the rule, and the agency must comply with the FDCPA.
In order to be sure that the collection agencies that consumers are dealing with do, in fact, comply with the FDCPA it is important to seek the advice of an experienced debt settlement attorney. An attorney can communicate with the collectors on the consumer’s behalf and protect the consumer’s rights, without divulging excessive information. Working with a debt settlement attorney can help ensure the most favorable outcome possible, and will also ensure that collection agencies are playing by the rules.