In previous blog posts, we have established the need for legislative change in our industry. Laws have become outdated as a result of the revolution in communications that we have witnessed over the past decade. As a result, the leadership in our industry has produced a Blueprint for Change.
The plan includes updates to the Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA) and Truth in Lending Act (TILA). A few of the points of the Blueprint include:
These changes will help collectors provide documentation to consumers, allowing a more responsive process regarding their disputes. The information includes the amount of the debt, to whom the debt is owed, or the party responsible for paying the debt. The flow of data created by updating these laws is genuinely beneficial to all parties involved.