New rules for debt collectors, known as Reg F, go into effect November 30, 2021, and I've got a funny feeling that most of the debt collection industry will continue business as usual without making effort to comply with the new rules. Reg F is designed to minimize confusion for consumers by forcing debt collectors to provide more information when collecting debts. Sounds like a straight forward, common sense approach. However, I expect creditors and debt collectors to continue to cry foul and to violate the rule during collection attempts.

Debt collectors must receive more information from creditors, such as:

1. The date of the last periodic statement, written account statement, or invoice provided to the consumer by the creditor.
2. The date the debt was charged off (written off the books as a loss or “uncollectable” debt). 
3. The date the last payment was applied to the debt.
4. The date the loan originated or the date the good or service giving rise to the debt was provided or made available to the consumer.
5. The date of the final court judgment.

There are no substitutions and no exceptions to Regulation F, one of these five dates must be disclosed. Unfortunately, from the information we have available it doesn't seem as if creditors are doing much to get ready for the new rules. We expect that it will be business as usual come December 1, 2021.