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Debt Collectors to Enhance Consumer Disclosures Under CFPB Rule

Dec. 18, 2020, 7:36 PM

Debt collectors will have to provide consumers with detailed information about debts they owe and instructions on disputing errors under a new CFPB rule.

The Consumer Financial Protection Bureau on Friday issued debt disclosure standards to complement regulations released in late October that modernized how debt collectors can communicate with consumers. Both rules are intended to put meat on the bones of the Fair Debt Collection Practices Act, a 1977 law that didn’t have underlying regulations until now.

The final rule issued Friday will require debt collectors to reach a consumer either by phone, mail, or electronically to provide detailed ...