If you’re active on sites like Twitter and Facebook and you have a lot of debt, maybe it’s time you turn off your social media life.
Debt collectors have been venturing into the world of social media to chase after people who owe them money, though the practice may soon be regulated, reports Bloomberg.
The Federal Trade Commission and Consumer Financial Protection Bureau (CFPB) are looking to weigh in on how debt collectors can use social media outlets to get in touch with debtors.
“We will be using both our supervision authority and our enforcement authority to oversee the market and go after bad actors who flout the law,” says Richard Cordray, the CFPB director.
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