Debt Collection – WABI-TV

Russ Van Arsdale and Joy discussed new regulations on debt collectors. Video

The Consumer Financial Protection Bureau sent out two bulletins last week one talking about false threats, lawsuits, arrest, or prosecution. This bulletin was all about how a debt collection company can not make false statements about the debt or misrepresent that a debt will be waived or forgiven if the debtor accepts a settlement offer, and not failing to post payments to a consumer’s account and then trying to charge late fees.

The second bulletin warned that collectors should not make promises about a debtor’s credit score, credit report, or credit worthiness.

For more information about debt or to get help with debt related issues you can visit the website credit.maine.gov or call 1-800-332-8529.

Action letters to debt collectors

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