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Changes to debt collection practices on the horizon

Many individuals in Ohio and elsewhere may feel that one of the most stressful parts of being in debt pertains to dealing with constant calls and letters from collection agencies. Fortunately, there are rules in place that provide consumers with protection against creditor harassment. However, recent reports indicate that the rules and regulations that govern the process of debt collection could soon undergo significant changes.

The Consumer Financial Protection Bureau is set to release these new debt collection regulations in the coming weeks. According to reports, this proposal would bring about the first changes to the Federal Debt Collection Practices Act in more than four decades. Representatives from the CFPB have advised that these changes will mark an attempt to modernize the process of debt collection, and some fear that the new rules may give collectors the ability to send out emails and text messages.

Debt collection practices continue to be a source of controversy for many. Recent reports indicated that the CFPB received more than 81,000 complaints about collection agencies over the last year alone. Consumer advocates are also concerned that these changes could pose a threat to consumer privacy.

The average individual may already find it difficult to fully understand his or her rights when dealing with a debt collection agency, and changes to this practice may only complicate matters further. Fortunately, there are attorneys that can help consumers better understand their options and assist in protecting their legal rights. An attorney can also assist a client in Ohio in making informed decisions about his or her financial future and help develop a plan to pursue relief from debts through the proper channels.