CFPB GOP Leaders Want to Resurrect Zombie Debt

Zombie Debt

A proposal from the Consumer Financial Protection Bureau could spark a fight about what should happen to consumers’ time-barred old debt. Debt collectors lose the right in many states to sue consumers after their debt reaches its statute of limitations, typically three or more years. But there’s a loophole: If the consumer makes a payment or acknowledges the debt in writing, that can be used to try to revive the life of the debt, creating what some consumer advocates call “zombie debt.”

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@CFPB #CFPB #debt #loans #collections #debtcollections #olddebts #zombiedebts #collectionrules #medicaldebt #credit #creditscore

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