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November 6, 2020 10:50 pm

Debt Collectors Will Soon Be Allowed To Reach You By Text Or On Facebook

The federal government has cleared the way for collection agencies to send unlimited texts, emails and even instant messages to debtors on social media platforms. CBS News reports: The Consumer Financial Protection Bureau issued a final rule late last week outlining how collectors can use new communication methods. The federal agency, which is charged with protecting Americans from financial abuse, did not limit the number of messages collectors could send, but it did require that each message come with instructions on how to opt out. The bureau also limited the number of times collectors may call someone to seven calls per week for each debt. Consumer advocates criticized the rule for not requiring alleged debtors to consent before being contacted by email or text, and for setting a limit on phone contact that could result in a flood of calls for people who owe money to several creditors. Jay Gonsalves, president of Action Collection Agencies in Boston, called the rule a "win-win." "We're hearing more and more from consumers that they don't want to talk to us on the phone. Nobody does anymore. Everyone communicates with text," said Gonsalves, formerly president of the Association of Credit and Collection Professionals, the collection industry's trade group. While consumers may not appreciate hearing about what they owe, Gonsalves added that keeping a debtor in the dark could hurt them in the long term. The rule will formally take effect one year after it's published in the Federal Register, or near the end of 2021.

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