To help individuals in the accounts receivable management industry better understand the debt collection rule that was released by the Consumer Financial Protection Bureau, TCN has released an eBook that summarizes the rule and offers key insights that were contained in the 653-page document.
A copy of the free eBook can be accessed by clicking here.
[EDITOR’S NOTE: TCN has been sponsoring a webinar series on AccountsRecovery.net about the debt collection rule. The next webinar will be held Monday, December 21 at 1pm ET on the topic of “Where You Should Go From Here.” You can register for this free webinar by clicking here.]
The eBook offers information about collectors can contact consumers, how compliance records need to be retained, what information can be communicated, communication exceptions, details about using email and text messaging to help collect and communicate with consumers, what the limited content message is and how it can be used, what to do when a consumer asks a collector to stop communicating with him or her, and what information needs to be sent to a consumer before collection activity can begin.
Understanding these provisions of the debt collection rule are important and timely, because the CFPB is expected to release Part II of the rule any day now. Part II of the rule will cover disclosures when collecting time-barred debt and how to send validation notices to individuals.
The CFPB released its debt collection rule in late October. It is the first time that the FDCPA has been overhauled since it was enacted in 1977. The CFPB has been working on the debt collection rule for seven years.
