At a joint FTC-CFPB Roundtable, many participants supported uniform national standards for the kinds of information about a debt that must be transferred to a debt buyer or collector. (See 2013 FTC-CFPB Roundtable.) Not having accurate and complete information can harm consumers, debt owners, and collectors if it leads to collection efforts against the wrong person or for the wrong amount. (See 2009 FTC Modernization Report, p. 21-24.) But people had different ideas about what specific information should be included.
As a first step in thinking about uniform standards CFPB is looking for information about what's happening now:
When debts are sold: What kinds of information are typically transferred now to debt buyers? Does it depend on the type of debt (for example: credit card, student loan, auto loan)? Does the sale price of a debt vary depending on how much information the seller provides? How about when buyers resell debts?
To and from collectors: What types of information do creditors typically make available to the collector when they put a debt into collection? What kinds of things do collectors learn while trying to collect the debt? Do they pass this information back to the debt owner?
Monitoring: Do debt sellers monitor what buyers do after the debt has been sold? Do owners monitor what happens to their debts in collection?