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Released: October 25, 2012
Debt collectors’ tough tactics under scrutiny
Source: Herb Weisbaum, MSNBC
The figure is staggering: Approximately 30 million Americans have a debt subject to collection. Many of these people insist they do not owe the debt attributed to them. Complaints about debt collectors are legion – from abusive tactics to outright fraud. The Consumer Financial Protection Bureau published a rule on Wednesday that will give the agency the power (starting Jan. 2) to supervise the larger consumer debt collectors. The agency says this is the first time there will be such supervision at the federal level. CFPB director Richard Cordray sat down with me for a one-on-one interview just before a public hearing in Seattle on Wednesday. Q: It seems like sending people to collection is now the ultimate threat to get someone to pay – whether they really owe the money or not. Companies threaten to send the consumer to collections and ruin their credit score. And all too often people pay because of that. Is there anything that can be done about this?Read Full Article: Debt collectors’ tough tactics under scrutiny
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