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Collection Agency Licensees - Please Note the Consumer Financial Protection Bureau's Bulletins Regarding the Collection of Consumer Debts
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Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Consumer Financial Protection Bureau ("CFPB"), was created with debt collection activities being one of the areas under its jurisdiction. On July 10, 2013, CFPB has released two bulletins regarding debt collections activities which should be of interest to licensees. The bulletins contain (1) information on prohibited unfair, deceptive, or abusive acts or practices, and (2) information related to the effects of debt payments on credit reporting and credit scores.
The State Collection Agency Licensing Board encourages all collection agency licensees to review the bulletins to assure that the information is consistent with current best practices policies.
You can access the bulletins through the following links:
CFPB Bulletin 2013-07
Date: July 10, 2013
CLICK HERE TO READ BULLETIN:
CFPB Bulletin 2013-08 (Fair Debt Collection Practices Act and the Dodd-Frank Act)
Date: July 10, 2013
CLICK HERE TO READ BULLETIN:
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