The Consumer Financial Protection Bureau (CFPB) has issued a final rule to implement Fair Debt Collection Practices Act requirements regarding certain disclosures for consumers.
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. It also prohibits debt collectors from suing consumers on time-barred debt.
Read on for more from the CFPB.
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