Creditors and Debt Collectors: Your Standard Procedures Might Need an Update

Are your debt collection policies up to date? With tightening consumer protections on the horizon, it’s crucial for creditors and debt collectors to review their practices. Recent changes in Illinois law, including reduced post-judgment interest rates and shorter revival periods for consumer debt judgments, highlight the need for vigilance. Additionally, the Seventh Circuit’s recent rulings emphasize the importance of transparency in identifying creditors. These developments could lead to increased procedural costs and less favorable outcomes for creditors. Stay informed and ensure your collection practices comply with the latest regulations—read on to learn more!