Stories Related to Restraints Sought On Third-party Debt Collectors

NEW YORK — Consumers could no longer receive multiple calls per day from debt collectors and would have more ability to dispute their bills under proposals released Thursday to overhaul the multibillion-dollar debt-collection industry. The new rules from the Consumer Financial Protection Bureau would also require collectors to have more documentation to prove a debt is owed, and initiate a 30-day waiting period for loans tied to someone who has recently died – halting all collection attempts from a spouse or child during that time. Regulators estimate roughly 70 million Americans are contacted by debt collectors each year, and more Americans submit complaints to state and federal agencies about unfair or deceptive practices than any other part of the consumer financial system.