The CFPB was heavy in the news last week, and our weekly recap reflects that. Let’s dive in.
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Hospitals, insurance companies, and debt collectors need to step up their communication efforts to prevent the illegal collection of medical debts that have been previously paid or covered by providers’ charity care programs, according to the CFPB in its report to Congress on the status of the FDCPA, issued on September 5, 2024. Communication to consumers from debt collectors should provide more specific information about debts to enable consumers to identify the accounts on which collectors seek payment, as well. The resulting harm to consumers—the medical debt appearing on the consumer’s credit report—puts the consumer in an untenable situation that could have been avoided if more information were shared, and if the hospitals did not set such a high bar for eligibility for their financial assistance programs.
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In this episode of FCRA Focus, host Kim Phan is joined by fellow Troutman Pepper partner Stefanie Jackman and Michelle Macartney, managing partner and chief compliance officer at Bridgeforce. Together, they delve into the complexities of reporting collections activity to consumer reporting agencies. Michelle shares her extensive experience in consumer reporting compliance, offering valuable insights into the challenges and best practices for maintaining data accuracy and handling disputes. The discussion also covers the latest CFPB draft rulemaking on medical debt and its implications for consumer reporting agencies, end users, and furnishers. Tune in to learn how to navigate the intersection of FCRA and debt collection as well as discover effective compliance strategies to mitigate risks in today’s regulatory environment. Don’t miss this informative episode packed with practical tips and industry updates!
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