US debt collectors can now DM you on social media

The Consumer Financial Protection Bureau (CFPB) just made a few very important new rules.

Debt collectors can send you direct messages, and friend/follow requests. However, they must identify themselves, and give you the option to opt out of online communication.

Additionally, they cannot post on your profile, where others can see, or speak about your debt on your posts.

Editor’s note: Can you imagine posting a thirsty comment, under a cutie’s selfie, and a debt collect replies for you to pay your bills?? Although such a comment would technically be illegal, we know debt collectors don’t always follow the rules. Thus, it is only a matter of time before we could see that happen. The idea of that scenario alone has me SCREAMING with laughter internally, and the memes will be glorious.

70 million Americans are contacted about debt

The CFBP states “Debt collection is estimated to be a $12.7 billion-dollar industry employing nearly 123,000 people across approximately 7,800 collection agencies in the United States.”

Thus, the CFPB felt it was necessary to make updates to rules made over four decades ago. However, a lawyer with the National Consumer Law Center center said, “The rules are really disappointing and concerning in a number of ways.”

This is partially in regards to debt collectors legally being able to e-mail and text you. There are similar restrictions for how this can be done, but critics believe this is opening a flood gate for more scammers.

The former CFPB director who was in charge of the rule changes, Kathleen Kraninger, admits she is already receiving fake emails about debt collection. Adding, “So certainly we should anticipate more bad actors who are trying to scam people into paying them money on alleged debts.”