Many people who face large medical bills may find themselves fielding phone calls and letters from a debt collector. However, this is where the Consumer Financial Protection Bureau (CFPB) comes in to curb creditor harassment. The bureau is in charge of regulating debt collection activities in Texas and all other states in the nation. Now, the bureau is preparing to update the rules which regulate how debt collectors are allowed to communicate with consumers that owe overwhelming debt.
The bureau is now gathering information from debt collection agencies as well as consumer rights advocates in order to prepare to make changes to the current rules. CFPB aims to increase consumer protection as well as increase accountability for collection agencies. However, the bureau says it also aims to ensure creditors and debt collectors are allowed to collect on debts legally owed. This recent action by the bureau was spurred by complaints the bureau has received from consumers regarding debt collection practices.