The Consumer Financial Protection Bureau (CFPB) has issued a Supplemental Notice of Proposed Rulemaking regarding the collection of time-barred debt.
The bureau proposes to prohibit collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the debt is time-barred.
Read on for more from the CFPB.
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