Resolvly, a lawyer referral service, addresses the newest way debt collectors will be able to contact those who owe debts in collections: via social media. In fact, the federal agency Consumer Financial Protection Bureau (CFPB) has approved and released a new rule that grants debt collectors the ability to contact people over the phone, through texts, emails, and social media.
Those in the debt collector business claim that the new initiative will open more doors of communication. The new allowed communication avenue is the first significant change made in debt collection since the finalization of the Fair Debt Collection Practices Act of 1977. The comparison of both changes mirrors a development alongside how people communicate in today’s world. The changes made in 1977 aligned with how people communicated forty-four years ago.
The American economy finds success through a credit platform, and debt collections serve as the backbone of it all. With debt collections upholding such an economy, businesses and government organizations very much rely on the rest of the American population to recover bad debt.
Those who think that the new doors of communication are too much should be wary of what is to come. After a year from the day this new rule takes effect, collection agencies will have the ability to contact those who owe debts to collections via the same forms of communication more frequently. Debt collectors will be allowed to make up to seven phone calls per week about debt collection, and for certain situations, that number will be increased. Collectors at debt agencies will also be able to send an unlimited amount of private messages on social media, as well as through emails and text messages.
The CFPB is going to allow consumers to have the option to opt-out from being contacted by debt collectors through all electronic communication. Still, that process has not been entirely determined yet.
The change in the debt collector business will impact many as the National Consumer Law Center states that nearly one in four adults in America, or an estimated seventy million people, has a bill in collections. In addition, for the eighteen million people who have more than one bill in collections, the new rule’s impact is higher as debt collectors can contact more per the number of bills an individual has in collections.
Resolvly LLC is here to help those needing debt resolution as these new rules emerge. The organization is a Florida Bar-approved lawyer referral service and is the leader in helping thousands of Americans already find the right legal-based solution to reduce or dismiss their unsecured debt.
Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that specialize in debt resolution. Founded in 2015, the Boca Raton-based company has become an industry leader by helping thousands of Americans find the right, legal-based solution to reduce or eliminate their unsecured debt. Resolvly helps with credit card debt, personal loans, private student loans, business debt, medical bills, and vehicle repossessions.