And on this Monday Morning--we start with a chance to make a REAL difference--The CFPB is taking public comments on 120 or so questions/interest areas as they take up how best to enact regulations based on the 1977 Fair Credit Collection Act--which is ROUTINELY ignored and abused by collectors in their work. OLE believes that the industry needs a thorough scrubbing---and so is encouraging liberals everywhere to push for 3 key reforms: 1) An end to the abusive use of small claims courts to enforce and criminalize debts. In many venues over the past decade the SCCs have been flooded with debt collectors who either dont serve or improperly serve notice, then use the default judgments to push for court ordered enforcement--often leading to incarceration for failure to appear warrants. SCC was NOT Designed to serve as this sort of court of enforcement/fact finding for the Collection industry--and OLE believes that SCC actions should NOT be allowed in the case contract legal counsel or 3rd party collectors--only by the ORIGINAL creditor--that would greatly reduce this abuse. 2) A Federal Statute of limitations on debt collection-- Currently the industry plays a game of transfer the account to allow collection activities for up to 15 years simply by moving the acct to a collector in a long limit state--and then aggressively acting until they force the debtor to send ANY payment or Correspondence--even if only a dollar--to restart the clock in that venue 3) Make illegal The wholesale factoring of undocumented credit claims to 3rd party collection factories--who cannot answer debtors legitimate questions about the validity of the debt, documentation of the debt or the history of payments. Please help by following the link and REGISTERING your comments this week-- It is pretty rare that consumers get advance input on new regulations--and this is an important action opportunity to correct abusive practices and establish a more just system.
Posted on: Mon, 27 Jan 2014 12:28:38 +0000
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