Recently, InsideARM.com conducted a survey of the ARM industry to better understand how creditors, collectors, debt buyers and legal recovery firms were levering the newly regulated debt settlement industry to improve collections. With 649 ARM professionals responding to this survey, one thing that was immediately apparent is that the debt settlement is on the radar of ARM professionals.
On Monday, Feb 20, WebRecon will relaunch as WebRecon B.O.L.D.: The Bureau of Litigant Data. The first-of-its-kind consumer reporting agency (CRA) will focus on verifying the identities of consumers who threaten or initiate certain types of legal actions against collection agencies, including FDCPA, FCRA and TCPA.
Consumers and their attorneys are constantly seeking to expand the pool of potential FDCPA defendants using principles of vicarious liability. Debt buyers are being sued based on the conduct of their agencies and law firms. Lawyers and agency owners are being sued based on the conduct of their clients and their collectors. Even original creditors, who are not subject to the FDCPA, are being drawn into FDCPA litigation under various theories of recovery.
What are the limits of vicarious liability under the FDCPA? How can debt collectors avoid liability for the conduct of others?
LiveVox Inc., the provider of cloud contact center applications, today announced it received a 2011 Cloud Computing Excellence Award from Cloud Computing Magazine, a new publication from Technology Marketing Corporation (TMC), a global, integrated media company focused on call center technology.
One of the nation’s largest consumer debt buyers has agreed to pay a $2.5 million civil penalty to settle Federal Trade Commission charges that it made a range of misrepresentations when trying to collect old debts. The company has also agreed to tell consumers whose debt may be too old to be legally enforceable that it will not sue to collect on that debt.
The FTC also issued a new publication for consumers, “Time-Barred Debts: Understanding Your Rights When It Comes to Old Debts.”
Richard Cordray, newly-appointed Director of the Consumer Financial Protection Bureau, sat down with Meet the Press host David Gregory for an interview conducted last week.
Third-party debt collection agencies returned $45 billion to creditor clients in 2010, and saved the average American household $396 by keeping credit costs low, according to the results of a comprehensive study conducted by Ernst and Young on behalf of ACA International. Collectors also gave more than $85 million to charity in the year and account for more than 300,000 jobs.
Javlin Capital LLC has entered into a credit agreement with Fortis Capital IV, LLC, a debt-buying affiliate of Presidio Financial, LLC, to provide Fortis with a senior facility to finance purchases of charged-off consumer receivables.
Encore Capital Group, Inc. (NASDAQ: ECPG), a leading consumer debt buying and recovery company, announced Friday that it will release its financial results for the fourth quarter and full year of 2011 on Thursday, February 9, 2012, after the market closes.
Rozanne Andersen, Vice President and Chief Compliance Officer, and Rick Clark, Corporate Security Manager, for Ontario Systems, LLC, will be taking part in a data security panel at the DBA Conference, February 7-9 in Las Vegas.