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Texas residents could possibly see an end to creditor harassment

Some Texas residents who hold credit card debt may have experienced creditor harassment over the phone. The idea of debt is overwhelming enough without having creditors calling daily and often being very inappropriate. However, good news could be coming for those with credit card debt who have experienced creditor harassment. The Consumer Financial Protection Bureau is proposing new harsher laws in place for creditors.

According to the Consumer Financial Protection Bureau, debt collection agencies are often not regulated as they are supposed to be. Although the Bureau will not reveal exactly what will be changed, they do want general feedback regarding personal experiences with creditor harassment. Their goal has been to ask Americans if creditors are giving them the right information regarding the amounts owed. They are also asking those called by creditors if they are experiencing harassment and court orders for debt they may not even owe.

The Bureau began asking for feedback in July of this year, and since then there have been well over 5,000 people to claim that creditor harassment has happened to them. Some of those who have given feedback claimed they did not know about the supposed amount owed until they looked at their credit reports. Many claimed that the correct amounts of money owed were not being verified, and almost all of them received harassing phone calls from creditors.

Since the Fair Debt Collection Practices Act was signed in 1977, it has yet to be updated to regulate internet collectors, auto-dialers and social media, according to the Consumer Financial Protection Bureau. The businesses that purchase collection agencies' past-due debt are not included in the act at all. This leaves much room to freely commit creditor harassment with little to no penalties.

Although many Texas residents are struggling with debt, this does not make them fair game for unfair treatment. Debt collectors can still get their money from those who owe, while at the same time treating them with respect. Times have hit Americans hard financially, and the last thing anyone should go through is creditor harassment in addition to other daily stressors.

Source: The Washington Post, Debt collectors face new rules under proposal from Consumer Financial Protection Bureau, Danielle Douglas, Nov. 6, 2013

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