CFPB Protection – How the agency is protecting you.
Have you received a threatening call or letter from a debt collector for a debt that you’ve paid or that wasn’t yours in the first place? If so, you aren’t alone. Debt collections are covered by a patchwork of laws that have typically been poorly enforced. Illegal debt collection practices led to over 199,000 complaints to the FTC in 2012 and over $56 million in penalties since 2010. But, even this is a drop in the bucket compared to the levels of abuse that exist. For this reason, the Consumer Financial Protection Bureau was formed.