Emails, texts from debt collectors? More repayment reminders could be coming under a new rule
One-third of Americans with a credit report have debt in collections — and they could soon be on the receiving end of texts and emails from collectors eager to track down those overdue payments.
The Consumer Financial Protection Bureau, an agency created after the 2008 financial crisis to protect consumers, has issued a final rule that updates a 43-year-old law that oversees debt collections. ACA International, the trade association for the debt collection industry, says it’s long overdue given that consumers now prefer to communicate via text and email.
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