Resolvly, an organization that helps clients across the country connect with consumer protection lawyers who specialize in debt resolution, discusses the latest on how debt collection agencies will soon be using social media as another way to reach out to people who have debts in debt collection cases.
Resolvly, a lawyer referral service, focuses on the latest way that debt collection agencies will be able to connect with those who are in debt in debt collection: through social media. In fact, the federal Consumer Financial Protection Bureau (CFPB) has approved and released a new rule that allows debt collection agencies to contact people by phone, text message, emails, and social media.
Those in the debt collection business argue that the new initiative will open more doors to communication. The new permitted path of communication is the first significant change to debt collection since the passing of the Fair Debt Collection Practices Act of 1977. The comparison of the two changes reflects a development alongside how people communicate in today’s world. The changes made in 1977 corresponded to the way people communicated forty-four years ago.
The US economy is succeeding through a credit platform, and debt collection is the backbone of it all. With debt collections sustaining such an economy, businesses and government organizations rely heavily on the rest of the U.S. population to collect bad debts.
Those who think that the new doors of communication are too many should be wary of what is to come. After a year from the day this new rule comes into effect, debt collection agencies will be able to contact those who have debt collection debts more often through the same forms of communication. Collection agencies may call about debt collection up to seven times a week and that number will be increased in certain situations. Debt agency collectors can also send an unlimited number of private messages on social media, as well as via emails and text messages.
The CFPB will offer consumers the option of not being approached by debt collection agencies via all electronic communications. Yet that process is not yet fully established.
The change in the debt collection business will affect many, as the National Consumer Law Center states that nearly one in four adults in America, or an estimated 70 million people, has a debt collection account. In addition, the impact of the new rule is greater for the 18 million people who have more than one invoice in collection, as collection agencies can contact more per the number of invoices a person has in collection cases.
Resolvly LLC is here to help those in need of debt resolution as these new rules emerge. The organization is a Florida Bar-approved attorney referral service and is the leader in helping thousands of Americans already find the right legal solution to reduce or discharge their unsecured debt.
Determined is a Florida Bar-approved attorney referral service that helps clients across the country connect with consumer protection attorneys who specialize in debt resolution. Founded in 2015, the Boca Raton-based company has grown into an industry leader by helping thousands of Americans find the right, legal solution to reduce or eliminate their unsecured debt. Resolvly helps with credit card debt, personal loans, private student loans, business debt, medical bills and vehicle repossession.