Welcome to RegulationRoom, OneFrustratedCommenter, and thank you for your comment. Please see the topic, The validation notice sent to consumers, to talk more about the information consumers should receive when a debt is sold or assigned. Currently, it only has to contain the amount of the debt and the name of the current owner of the debt and the amount. CFPB is wondering about other types of information, including the name and contact information of the original creditor.
This is entirely too much information to require. It's not the job of creditors or collectors to send notices about "best practices" or personnel information. This thread is about notice that a debt is assigned to collection. NOT sold, but simply outsourced to someone who specializes in collecting past due debts. Notices is given when the validation notice is sent. The company who sends it is the collector; the letter itself will state the name of the creditor to whom the debt is owed. That's enough.
Moderator
1
Welcome to RegulationRoom, OneFrustratedCommenter, and thank you for your comment. Please see the topic, The validation notice sent to consumers, to talk more about the information consumers should receive when a debt is sold or assigned. Currently, it only has to contain the amount of the debt and the name of the current owner of the debt and the amount. CFPB is wondering about other types of information, including the name and contact information of the original creditor.
View this comment in the discussion thread
RHN91362
2
This is entirely too much information to require. It's not the job of creditors or collectors to send notices about "best practices" or personnel information. This thread is about notice that a debt is assigned to collection. NOT sold, but simply outsourced to someone who specializes in collecting past due debts. Notices is given when the validation notice is sent. The company who sends it is the collector; the letter itself will state the name of the creditor to whom the debt is owed. That's enough.
View this comment in the discussion thread