Welcome to RegulationRoom, StevenOren, and thanks for your comment. Under current federal law, collectors have to send a "validation notice" within five days of contacting a consumer about a debt. CFPB wants to know if this is enough notice, or should consumers also be told when their debts are sold to new owners or turned over to a collector? The agency is also asking what information should be in validation notices to help consumers recognize the debt. You can read more about the agency's questions on the topic page about the"validation notice" sent to consumers.
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Welcome to RegulationRoom, StevenOren, and thanks for your comment. Under current federal law, collectors have to send a "validation notice" within five days of contacting a consumer about a debt. CFPB wants to know if this is enough notice, or should consumers also be told when their debts are sold to new owners or turned over to a collector? The agency is also asking what information should be in validation notices to help consumers recognize the debt. You can read more about the agency's questions on the topic page aboutthe"validation notice" sent to consumers.
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Thanks for the comment, Steven. What, if anything, do you think should be done specifically to protect those with student loans above $75,000?
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