WASHINGTON - New rules will now change the way debt collectors can contact consumers. The rules, which were approved last year by the Consumer Financial Protection Bureau and took effect on Tuesday, address the use of newer communication technologies in debt collection and establish record retention requirements.
This means collection agencies can now utilize email, text and social media methods to seek repayment of unpaid debts.EARLIER: Debt collectors will be allowed to contact you via text, social media messaging, email by 2021According to Kathleen L.
Kraninger, the former CFPB director who oversaw the rule changes, the debt collection system was archaic and needed to be developed into a method that worked "for consumers and industry in.