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Debt collectors are notoriously persistent and annoying, a fact which should not be as much of a surprise given that calling people and asking for money is, well, exactly what their job description calls for. But imagine how much worse things would be if debt collectors were allowed to enter via text, email, or even social media.
Does it sound like a nightmare? Of course, but that's exactly what the future of debt collecting might look like in a world where people communicate more with computers and smartphones than the phone.
This past Tuesday, the Consumer Financial Protection Bureau (CFPB) issued a new proposal that, while giving consumers added protection, would also make them more accessible to debt collectors.
As far as the protections go, it would only be possible to call a specific individual to a specific debt seven times per week. What's more, if the debtor actually picks up the phone and engages with the debt collector, the collector would then need to wait at least for a week before calling again.
Another proposed rule states that a debt collector can not threaten to sue a debtor if the debt collector knows full well that the statue of limitations has expired.
As to the worrisome part of the proposal, The Washington Post notes that it would enable debt collectors to send an "unlimited amounts of texts and emails" to this end.
While emails are far less intrusive than phone calls, the idea of debt collectors is via worrying message.
But this digital-first approach has been made to be of concern by the CFPB. While many Americans understand how to deal with their landline, their texts, emails and social media are new and more personal territory.
"People are able to ignore phone calls," said David Phillips, an Illinois attorney who has filed dozens of lawsuits against debt collectors. "It's a debt collector is able to show up on your house and pound on the door. That's the effect of a text message. "
Notably, though, consumers would have the ability to limit communication to certain mediums or certain hours of the day. Hypothetically, for instance, consumers would be able to opt out of receiving text messages during the day if they so choose.
"CFPB Director Kathleen L. Kraninger said in a press release," The Office is taking the next step in the rulemaking process to ensure that they have more certainty.
"As the CFPB moves to modernize the legal regime for debt collection," Kraninger added, "we are keenly interested in hearing all the evidence we can develop."
It is worth noting that all of the above are simply proposals and that the CFPB welcomes opinions of consumers before a final regulation is drawn up and issued.
The CFPB proposal can be read in its entirety over here.
Image Source: GaudiLab
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