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CFPB’s Advice to the Consumer

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CFPB’s Advice to the Consumer

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ALL ANSWERS UPDATED THROUGH AUGUST 2014.

The Consumer Financial Protection Bureau hosts 88 of the most common consumer questions about debt collection on its Ask CFPB website. And since the Bureau was created for the sole purpose of representing and protecting consumers, debt collectors need to know how the CFPB communicates with them. 

That’s why insideARM compiled the answers to all 88 questions in one user-friendly report. Using the CFPB’s guidance as a model for your own compliance priorities, policies and procedures means your company will be able to keep up with the Bureau before it feels the need to examine your agency.

What’s New:

  • Can I tell a debt collector to stop contacting me about the debts of my deceased relative? (pg. 53)
  • What’s the difference between a credit counselor and a debt settlement company? (pg. 61)
  • How can I safely consolidate my credit card debt? (pg. 66)
  • I’ve seen a lot of ads for companies that consolidate credit card debt. Are these legitimate? (pg. 68)

What should you do with this information?

  • Incorporate this resource into your collector training program. 
  • Review these responses with your compliance program in mind. Do your training, operational, and audit procedures address all of the relevant matters addressed in the Q&A?
  • Post some of the most relevant Q&A’s on your website. Offering a resource on your website that mirrors/references the CFPB itself can be a great way to show the public that you are on board with consumer protection.

This report contains information on:

  • The Basics
  • What Can/Can’t Debt Collectors Do?
  • My Rights, and Communicating with Debt Collectors
  • Debt Collection and Student Loans
  • Debt Collection and the Military
  • Debt Collection and the Deceased
  • Credit Counseling
  • Debt Settlement/Relief/Consolidation Services

Author: insideARM.com

Length: 70 pages