Time To Reign In Debt Collectors Is Now

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Wednesday, September 29th, 2010

Consumers Union will be supporting Sen. Al Franken’s bill to end abuse by the Debt Collection industry when he introduces it later this week.

From The Consumerist

The End Debt Collector Abuse Act proposes the following:

• Prohibit debt collectors from seeking arrest warrants to collect on debts.
• Give consumers the information they need to protect themselves from unscrupulous debt collectors.
• Require debt collectors to conduct thorough investigations when consumers dispute the debt.
• Increase penalties on debt collectors who break the law to discourage them from employing bad practices.
• Allow judges to provide injunctive relief to consumers when debt collectors continue to violate their rights as specified under the Fair Debt Collection Practices Act.

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