FOR IMMEDIATE RELEASE
Credit Advisors Foundation
3 WAYS TODAY’S SUPREME COURT’S RULING WORKS AGAINST CONSUMERS
Omaha, NE – June 12, 2017 – The Supreme Court ruled today that third party debt buyers will no longer have to follow the regulations under the Fair Debt Collection Practices Act
Michaela Harper, Director of Community Education, breaks down this 13 page ruling and what it means for the consumer. If the debt is owned by the collector:
- Consumers may no longer be protected against abusive collection tactics, such as:
- Collectors not identifying themselves as collectors when they contact a consumer
- Abusive language
- Unsubstantiated threats of suit or arrest
- Creditors can now call consumers 24/7 with no restriction against repetitive calls or calls to workplace
- Rules regarding consumers’ debts personal information may no longer be protected. Meaning they can disclose debts to any friends, family, or coworkers.
- Consumers may lose the right to dispute a debt through debt validation, and the ability to request creditors only contact them in writing.
“This could open the floodgates on abusive practices by collectors.” states Ms. Harper. “Now more than ever, consumers need to know how to deal with collectors and what will be important questions to ask in the event of collection calls.” To protect themselves, consumers should be able to identify all of their debts, understand their status and know who owns them.
About Credit Advisors Foundation
Credit Advisors Foundation is a 501(c) 3 financial counseling and HUD approved multi-state housing counseling agency headquartered in Omaha, Nebraska with offices in Council Bluffs, Iowa and Scottsdale, Arizona. It is dedicated to improving lives through financial literacy to create economic inclusion and upward mobility. Visit us on-line at www.creditadvisors.org or call 1-800