I came across a new (new to me anyways) government site that has a ton of financial information on it. It’s called the Consumer Financial Protection Bureau. It’s set up in a question and answer type fashion which makes for easy reading and extra easy skimming.
It has a lot of different categories to help you find whatever you are looking for as well a search feature to help you find exactly what you are looking for. You can even ask a question. Pretty neat. I don’t know what happens if you ask a question, but nice to have the option. I would think at least it will get more information on the board in the future.
I personally need more information about debt collection laws. I’ve been fortunate enough never to have to deal much with debt collectors so I don’t have personal experience in this area. So I decided to check it out on CFPB.
The questions that come up are things like;
Can debt collectors call me anytime they want?
No. Debt collectors may not repeatedly use the phone to annoy or harass someone. You should not receive phone calls from debt collectors at inconvenient times, such as before 8:00 am or after 9:00 pm unless you agree to it.
Good to know! Here’s another…
What information do debt collectors have to give me about my debt?
Within five days of the initial contact with you, every debt collector generally must send you a written notice indicating the amount the creditor asserts you owe, the name of the creditor you owe, and how to seek verification if you dispute the identity of the creditor or the amount you owe. If you dispute the identity of the creditor or the amount you owe, you should request formal verification from the debt collector.
Or how about this one…
Can debt collectors call my employer and tell them they are calling about my debts?
No. Debt collectors are allowed to contact others, including your employer, only to obtain location information about you. The employer may verify your employment with the employer. Otherwise, generally, a debt collector is not permitted to discuss your debt with anyone but you, your spouse, or your attorney.
And of course the ever important…
What can I do if I believe that a debt collector has violated the law?
Report any problems you have with a debt collector to the Federal Trade Commission’s website or call 1-877-FTC-HELP (1-877-382-4357), or contact your state Attorney General’s office. You also have the right to sue a collector in a state or federal court within one year from the date the law was violated (some state laws allow more time). Many states have their own debt collection laws that are different from the federal Fair Debt Collection Practices Act.
As you can see there is tons of information on this site about everything you can imagine. These are just a few questions from one category that I personally found interesting. There are tons of different categories each with their own sets of questions all in easy to understand language. Go check it out and get your financial questions answered!