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CFPB to hold debt collectors accountable

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Mortgage Professional America | 11 Jul 2013, 07:00 AM Agree 0
The CFPB has put companies carrying out debt collections on notice, vowing that firms will be held accountable for shady conduct
  • Bianca | | 11 Jul 2013, 09:17 AM Agree 0
    I think it is high time these folks had some accountability. Verbal abuse is not a constructive way to assist people in helping them clean up credit and feel good about their financial situation again.
  • Bianca | | 11 Jul 2013, 09:17 AM Agree 0
    I think it is high time these folks had some accountability. Verbal abuse is not a constructive way to assist people in helping them clean up credit and feel good about their financial situation again.
  • Ruppert | | 11 Jul 2013, 09:21 AM Agree 0
    Yeah Bianca well said however you forgot to include in the accountability clause those that choose not to pay their debts and make more expensive for those of us that do.
  • Todd | | 11 Jul 2013, 09:31 AM Agree 0
    Deceptive practices is so rampant among collectors I hope the CFPB comes with plenty of teeth with which to enforce with. Law suits and judgments against these companies has not even been effective in convincing them to change their behavior.
  • Maurice | | 11 Jul 2013, 09:35 AM Agree 0
    FINALLY!!! It's about time they go after these guys. At the end of the day it's really easy to mess up your credit and so hard to fix it. these creditors renew things on your credit report without your knowledge. Sad I must say!
  • Jim | | 11 Jul 2013, 09:41 AM Agree 0
    Does anyone ever feel bad for the companies and individuals who are owed money? They are the real victims in these situations, not the individuals that don't pay their debts.
  • Ez Choice | | 11 Jul 2013, 10:16 AM Agree 0
    Consumers are blatantly being told that debt consolidation or settling a debt with the creditor or collection agency will make their credit look better!! That is a Lie and very deceptive against the consumer. When you pay a collection or charged off account, it will reactivate the last time a payment was made to brand new again and re-drop their credit scores. I hope that the consumers start to wake up because there are laws that protect us as consumers such as the FCRA, FDCPA, FCBA, etc.... Don't be fooled by the predator oops I meant creditor.
  • Why pay? | | 11 Jul 2013, 10:29 AM Agree 0
    Yea, why should anyone have to pay their debts back?
  • Jim | | 11 Jul 2013, 10:29 AM Agree 0
    Companies and individuals are being blatantly lied to by people that tell them that if they provide a good or service that THEY WILL BE PAID FOR IT! It's wrong not to pay a bill...it's called stealing. I'd love to see how bad any of the posters on here would feel for someone who stole from you.
  • Ez Choice | | 11 Jul 2013, 11:03 AM Agree 0
    I see your point about the stealing, however, not everyone intends to do that, only people that think that way and I believe Karma will sort that out! there are many cases of consumers losing their jobs or being scammed by the companies in question. There are consumers that are ill and can't afford to pay back because of the ridiculous charges from hospitals and clinics.
  • Ez Choice | | 11 Jul 2013, 11:10 AM Agree 0
    As a consumer advocate I will help those consumers that have been taken advantage of. I will not help those looking to steal from anyone especially banks or businesses. So I definitely understand your point Jim, this conversation can go on for days in debate the truth of the matter is, having responsibility and a clear education on how to properly utilize your credit and pay down your debts is really the key. The consumers are not taught that in school. Most consumers education comes from home. They will do what their parents did.
  • Jim | | 11 Jul 2013, 11:37 AM Agree 0
    I own a collection agency...which I guess makes me an advocate for creditors. I can tell you from years of experience that the vast majority of debtors are not innocent victims of scams and over charging and the vast majority of creditors are not predators or scam artists. The vast majority of debt collectors are not out there breaking the law. It's an extremely regulated industry and companies are very fearful of law suits. We all know that there are scams and bad debt collectors. No one on these forums ever seems to want to state the fact that in a very high percentage of situations when a collector is calling a debtor it's because the debtor has a legitimate debt and hasn't paid it. Collectors are more than willing to work out payment plans and settlements with people who sincerely want to clear up their bills.
  • Deb | | 11 Jul 2013, 12:27 PM Agree 0
    As a debtor who has willingly worked with my creditors to repay my debt, as well as an employee in a financial institution, I can see both sides of this argument. The practice of debt collection is a much needed service; unfortunately, what is NOT needed is the deceptive practice of telling consumers that if they pay off that debt (especially if its' over 12 months old) their credit will improve. Once the debt has aged 12 months, paying it off could do more damage than good. I still believe that debtors should pay their debts, but lying to them about how it can help them is unethical. The deceptiveness is what is being addressed by this bulletin, NOT the debt collecting itself.
  • Jim | | 11 Jul 2013, 01:29 PM Agree 0
    I'm certainly not defending deceptive practices. I just find it strange that in nearly every discussion about debt collecting I've ever heard (online, tv, newspaper, magazine, etc)...it always focuses on the collector and not the debtor. As an owner I handle collecting and deal directly with the original creditors. I would love to see just once a focus on how grateful businesses are when collection agencies are able to collect money for them. They feel violated when people steal from them...as we all would...they get lied to repeatedly and get extremely frustrated by the time and money they have to put into trying to collect legitimate debts....in most cases they are the victims but we never seem to hear about it.
  • Living by the Golden Rule | | 11 Jul 2013, 02:00 PM Agree 0
    I have owned a debt collection company for 20 years. We treat all consumers with respect. We work with consumers to help them solve their past due bills. Unfortunately, due to the reputation created by the select companies that don't follow the MANY rules our industry has to live by, our job is made that much harder. My employees are berated and harrassed by consumers that have valid debts to pay. Certain Consumers swear, yell, hang up, or are just plain rude. There is no regulation there, we just have to let it roll of our backs. We treat people the way we wish to be treated. No lawsuits here for harrassment. Its too bad the actions of a few cause such havoc for the many.
  • Bayview Mortgage Inc. | | 18 Jul 2013, 11:58 AM Agree 0
    Nothing will be done. A debt collector can even collect on debts that were charged off in a bankruptcy. The bankruptcy court will just tell the person that filed to reopen the bk if they can't clear the debt. So no one will ever re open a BK. Until the cfpb puts any teeth in the problem. nothing will ever get done. The credit bureaus and collectors are too big to fail or be told what to do.
  • Debt collector | | 19 Jul 2013, 06:37 AM Agree 0
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