The US Consumer Financial Protection Bureau has taken action against Commonwealth Financial Systems, a debt collection agency that focuses on medical debt, for engaging in illegal collection practices. The bureau found that the company failed to conduct proper investigations into disputed debts and neglected to inform consumer reporting companies about the disputes. Additionally, Commonwealth continued to pursue these disputed debts without providing substantiating documentation. These actions violated the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. As a result, the CFPB ordered the immediate shutdown of the company and prohibited it from participating in any debt collection activities. Commonwealth was also instructed to notify consumer reporting companies to delete all collection accounts related to consumers provided by the agency. Furthermore, the company was fined $95,000 to compensate victims. The CFPB is also working to remove medical bills from credit reports, with plans to propose a rule in the coming year. New York and Colorado have taken proactive measures by passing legislation to prohibit the collection of medical debt by credit reporting agencies and its inclusion in consumer credit reports.
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