New Rules Give Debt Collectors Rights to Text or DM You


One Third of Americans Have More Credit Debt Than Savings and... around a third of Americans with a credit file have some form of debt in their accounts, which normally means they will get phone calls about their unpaid balance. However, the latest guidelines issued on Friday specifically allow debt collectors to use a broad variety of contact methods to interact with customers, including text and social media messaging. On Friday, the Consumer Financial Protection Bureau (CFPB) released a final regulation that effectively updates the guidelines laid down in the Fair Debt Collection Practices Act, which forbids the use of bullying, [...]