Debt collectors may soon get the green light to bombard you with unlimited text messages and emails.
That’s if a new set of rules proposed by the Consumer Financial Protection Bureau get approved. The proposal would limit the number of calls a debt collector can make, but the new rules would allow them to reach out to you via email and text messages.
Under the proposed regulations, debt collectors would be restricted to only seven calls per week. Once they reach that limit, they’re required to wait at least a week before calling again.
Based on the proposed changes, debt collectors would be able to text and email you as many times as they want.
There’s no cap on the number, though you could unsubscribe from receiving the messages. However, they are banned from contacting consumers on work emails or via social media.
The Federal Financial Watchdog says the new rules prohibit collectors from suing or threatening to sue a consumer. However, consumer advocacy groups are criticising the plan, saying it doesn’t go far enough to protect consumers.