US creditors can now DM debtors on social media
The new rule lets debt collectors text and direct message millions of Americans who default on loans.
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The new rule lets debt collectors text and direct message millions of Americans who default on loans.
The Consumer Financial Protection Bureau's new ruling took effect on Tuesday, allowing debt collectors from collection agencies to text borrowers and send a direct message on their social media to seek repayment for unpaid debts.
The new rule lets debt collectors text and direct message millions of Americans who default on loans.
Officials say the new rules are a necessary update to an outdated law, but consumer advocates worry that borrowers risk missing key information or falling prey to scammers.
Officials say the new rules are a necessary update to an outdated law, but consumer advocates worry that borrowers risk missing key information or falling prey to scammers.