The Consumer Financial Protection Bureau proposed a massive overhaul of the multibillion dollar debt collection industry on Thursday, which would restrict collectors from calling numerous times a day, require them to have more documentation on what’s owed, and give people more ability to dispute their bills.
It would be the biggest overhaul of the debt collection industry since Congress passed the Fair Debt Collections Practices Act nearly 40 years ago. Regulators estimate roughly 70 million Americans are contacted by debt collectors each year, and more Americans submit complaints to state and federal agencies about unfair or deceptive practices than any other part of the consumer financial system.
