djamal-soft
الأحد، 20 سبتمبر 2015
Federal financial experts are considering ways to limit how collectors and banks can use social networking in tracking down delinquent debtors or attracting customers.
Regulations lost
The Fair Debt Collections Practices Act does not check out the internet or social networking when looking at how collectors can contact consumers. The act was there to set up rules to protect customers from abusive collectors, but the Internet was never addressed.
The rules are fuzzy, but it is recommended that companies that are part of the Association of Credit and Collection Professionals do not use social media for collection, according to Mark Schiffman of the trade association.
Social media used by some
Not every collector listens to the advice.
The practices were discussed by lawyer Billy Howard in Bloomberg.
"You get a friend request from some chick in a bikini," Howard said. "You say yes, and then somebody says 'by the way, I'm a debt collector.'"
Many believe that this is way too close to harassment and may even be considered stalking.
Federal regulators looking at the problem
The Consumer Financial Protection Bureau and the Federal Trade Commission are looking into regulating how, or even if, collectors should be legally allowed to pursue debtors on Facebook, Twitter, Google Plus and LinkedIn.
These organizations have already spent a ton of time making rules to shield consumers from aggressive legal practices, so it is not easier for customers to register grievances. Brand new changes have to be made apparently.
Checking up on financial institutions
In the meantime, The United States Federal Financial institutions Examination Council is urging the public to weigh in on its proposed guidance, seeking to lay down limitations for how financial institutions can use social media in attracting business. To view that guidance, go to:
Their website
The CFPB points out that 30 million Americans are being pursued by collectors, and about $12 billion in revenue is made in the Accounts Receivable Management industry annually. That a ton of cash and a ton of abuse.
Say what you think
Customers who feel they are being harassed by debt collectors should report the activity on line or by telephone to the CFPB or the Federal Trade Commission.
Regulations lost
The Fair Debt Collections Practices Act does not check out the internet or social networking when looking at how collectors can contact consumers. The act was there to set up rules to protect customers from abusive collectors, but the Internet was never addressed.
The rules are fuzzy, but it is recommended that companies that are part of the Association of Credit and Collection Professionals do not use social media for collection, according to Mark Schiffman of the trade association.
Social media used by some
Not every collector listens to the advice.
The practices were discussed by lawyer Billy Howard in Bloomberg.
"You get a friend request from some chick in a bikini," Howard said. "You say yes, and then somebody says 'by the way, I'm a debt collector.'"
Many believe that this is way too close to harassment and may even be considered stalking.
Federal regulators looking at the problem
The Consumer Financial Protection Bureau and the Federal Trade Commission are looking into regulating how, or even if, collectors should be legally allowed to pursue debtors on Facebook, Twitter, Google Plus and LinkedIn.
These organizations have already spent a ton of time making rules to shield consumers from aggressive legal practices, so it is not easier for customers to register grievances. Brand new changes have to be made apparently.
Checking up on financial institutions
In the meantime, The United States Federal Financial institutions Examination Council is urging the public to weigh in on its proposed guidance, seeking to lay down limitations for how financial institutions can use social media in attracting business. To view that guidance, go to:
Their website
The CFPB points out that 30 million Americans are being pursued by collectors, and about $12 billion in revenue is made in the Accounts Receivable Management industry annually. That a ton of cash and a ton of abuse.
Say what you think
Customers who feel they are being harassed by debt collectors should report the activity on line or by telephone to the CFPB or the Federal Trade Commission.
About the Author:
How many times have you wanted addiitional information on how to getpayday loan consolidation, and turned to a web search on "reputable payday loan companies?" Your search is over, all the information you will need is at www.MatchFinancial.com.
Category ›
ليست هناك تعليقات:
إرسال تعليق