CFPB Finalizes Rule on Consumer Disclosures Related to Debt Collection
The CFPB recently issued a final rule to implement the Fair Debt Collection Practices Act (FDCPA). The rule requires debt collectors to provide, at the outset of collection communications, detailed disclosures about the consumer’s debt and rights in debt collection, along with information to help consumers respond. The rule requires debt collectors to take specific steps to disclose the existence of a debt to consumers, orally, in writing, or electronically, before reporting information about the debt to a consumer reporting agency.
Read the CFPB’s final rule to implement the FDCPA HERE.