Current Industry News
First Changes to Reporting of Medical Collection Debt Roll Out July 1, 2022
Effective July 1, 2022, all medical collection debt that has been paid by the consumer in full will no longer be included on U.S. consumer credit reports. In addition, the time period before unpaid medical collection debt will appear on a consumer’s credit report is being increased from six months to one year, giving consumers more time to address their debt before it is reported on their credit file.
CFPB Issues Advisory Opinion Clarifying Its Views on When Debt Collectors Can Charge Consumers “Convenience Fees”
The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional methods of expedited payment not prescribed in the underlying loan documents, such as payment by phone or on the web.
Debt Collectors May Now Contact Consumers by E-mail, Text, and Social Media
Boise, Idaho… The Department of finance is advising Idaho consumers that debt collectors may now use non-traditional avenues to communicate with consumers when attempting to collect a debt. These avenues may include friend requests and private messages on social media channels including Facebook, text messages, and e-mail. This change is part of a new rule under the Fair Debt Collection Practices Act (FDCPA) approved by the Consumer Financial Protection Bureau that went into effect on November 30, 2021.
