IT’S THE LAW
Debt Collection and Social Media The New Rule You Need to Know As we are all painfully aware, since the establishment of the Consumer Financial Protection Bureau (CFPB), the practice of debt collecting has become a not-so-fine art of jumping through various consumer-friendly hoops that, if you ask most debt collectors, are specifically designed to make life miserable for those attempting to collect debt. However, one new rule recently established by the CFPB might just give debt collectors everywhere cause to celebrate – even if it is just a tiny victory.
This “is a significant step forward in updating outdated collection practices that [especially] hurt small businesses,” the Association of Credit and Collection Professionals, the largest group representing collection agencies in the United States, said in a statement. “Collection professionals are uniquely trained to provide flexible payment schedules and emergency hardship assistance, and consumers will now reap these benefits more efficiently.”
Your Debt Collector is Facebook Friendly Now
What to Keep in Mind
What was off limits before is off limits no more! Effective November 30, 2021, debt collectors now have the ability to contact consumers via social media. Platforms such as Facebook, Twitter, Instagram and the like are now fair game, so consumers should expect to start seeing debt collectors slide into their DMs. What’s more, unlike with phone calls, in which debt collectors have a set limit on the number of times they can call a consumer, the CFPB has not placed a limit on the number of times an individual can be contacted via these platforms.
While this new rule is certainly good news for debt collectors, keep in mind that previously established CFPB rules still apply. This means that no matter the method of contact, consumers still have the right to dispute a debt, request debt validation, or opt out of receiving social media messages. Furthermore, contact via social media is relegated to private messages only. Posting a message on a consumer’s Facebook page is a big no-no and could leave a collection agency open to lawsuits. For more information, visit the CFPB’s website: https:// www.consumerfinance.gov
JENNIFER MCCOY, ESQ.
Law Office of Jennifer McCoy
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