WASHINGTON — The debt collection industry is gearing up for a major shake-up as the Consumer Financial Protection Bureau looks to revamp rules that will likely cover every player in the market, from first-party creditors down to the buyers of others' debts.

The CFPB said Wednesday that it would begin taking comments on how to write new regulations for the debt collection industry, that could impact how often a debt can be sold and to whom. The agency's actions echo changes the CFPB is seeking in other markets, including mortgages.

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