Hi erisgrrrl, welcome to Regulation Room. Thanks for your suggestion about how debt collectors could let a consumer know information like when their debt is sold. CFPB is concerned about balancing costs and benefits, especially because costs are likely to be passed on to the consumer. To reduce costs, what do you think of putting a phone number in the letter that the debt holder could call for more information? This might be a less costly solution than having the CFPB require both a letter and a phone call.
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Hi erisgrrrl, welcome to Regulation Room. Thanks for your suggestion about how debt collectors could let a consumer know information like when their debt is sold. CFPB is concerned about balancing costs and benefits, especially because costs are likely to be passed on to the consumer. To reduce costs, what do you think of putting a phone number in the letter that the debt holder could call for more information? This might be a less costly solution than having the CFPB require both a letter and a phone call.
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