Type:Rule
Citation:86 FR 5766
Reading Time:about 9 hours
The Bureau of Consumer Financial Protection issued a final rule revising Regulation F, which enforces the Fair Debt Collection Practices Act (FDCPA). This rule requires debt collectors to provide clear information to consumers at the start of collection efforts and prohibits legal action on outdated debts. It also establishes guidelines for reporting debts to consumer agencies only after contacting the consumer. The rule aims to protect consumer rights and prevent abusive debt collection practices.
Simple Explanation
The new rules make sure people who collect debts have to explain things clearly and can't sue someone for old debts. They also have to let people know before telling others about their debts.