Corash & Hollender, P.C.

New regulations concerning debt collection will protect consumers

New regulations proposed by the Consumer Financial Protection Bureau are expected to bring forth the most significant federal changes governing debt collection in more than 40 years. Many consumers deal with harassing calls and letters from creditors. Fortunately, debt collection companies will soon be required to provide more complete documentation on consumer debts before the hounding begins. They will also be limited to how frequently they may contact people regarding claims.

Welcomed relief for consumers

In the wake of cases so extreme that some people have even had their wages garnished for debts later proven to be illegitimate, new regulations regarding debt collection that favor consumers are a welcomed relief to many who have been experiencing creditor harassment.

With debts being bought and sold from one company to another on a daily basis, it should come as no surprise that supporting documentation is often insufficient for many companies to pursue legal action, yet consumers are left in the dark regarding appropriate recourse. Laws requiring documentation that is more complete will offer a great deal of protection to consumers who have been wrongly targeted by debt collection agencies and those who do legitimately owe money alike.

Less frequent calls and greater awareness of consumer rights

Debt collection agencies will soon be required to inform consumers of their legal right to dispute charges and will be forced to remain in compliance with the statute of limitations that restricts the length of time they are able to place a claim on an old debt. Moreover, agencies will be allowed to make no more than six attempts per week at contacting consumers in regards to debt repayment and will have to wait at least 30 days after a person has died before contacting their next of kin in pursuit of payment.

Many debt collection companies claim to be in favor of the proposed new rules, trusting they will bring consistency to an area in desperate need of legal clarification.

No Comments

Leave a comment
Comment Information
Arrange a Free Consultation Now ยป

Free Initial Consultation - Credit Cards Accepted

The secret to our success is that we care about our clients. Contact us online or call our law firm at 718-442-4424.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Visit Our Office / Connect With Us / Review Our Firm

1200 South Avenue, Suite 201
The Corporate Park Of Staten Island
Staten Island, NY 10314

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

7317 13th Avenue
Brooklyn, New York 11228

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

Leave a review

Review Us
Back to Top