Patrick is the senior editor of insideARM.com. Patrick edits the ARM insider and all content appearing on insideARM. His work has appeared in numerous industry trade publications. Since 2002, he has covered or broken nearly every major news story impacting the accounts receivable management industry for insideARM.com. Previously, he was at finance research and consulting firm Corporate Executive Board after initially working in publishing out of college. Patrick holds a Bachelor of Business Administration degree from the University of Georgia, the flagship school of his home state. He currently lives in Silver Spring, Maryland with his wife and two daughters.
U.S. Representative Maxine Waters (D-Calif.) will propose a bill Wednesday that changes many key provisions of the Fair Credit Reporting Act (FCRA) including a reduction in the time negative information can stay on credit reports and the removal of accounts in collection once paid off.
The CFPB Tuesday featured on its blog the story of one consumer’s issues with a credit card company that continued to contact the man for a debt he said he did not owe.
Last fall, Bank of America entered into a $32 million settlement to resolve a TCPA lawsuit over debt collection calls the bank made within its credit card and mortgage units. It has been called the largest TCPA settlement ever. Late last month, the judge in the case drastically lowered the amount of money the plaintiffs’ attorneys will see for their work in the final settlement approval.
The number of debt collection complaints in the CFPB’s consumer complaints database claiming that debt collectors are chasing incorrect debt increased in July compared to the previous month and quarter. Interestingly, there has been a sharp rise in consumers claiming that the debt in question has already been paid.
A debt collector in Singapore was severely injured in February when a man from whom he was attempting to collect a debt attacked him with an axe. The debtor pled guilty Friday to his crimes and awaits sentencing.
The Fourth Circuit Court of Appeals recently upheld a lower court ruling that found a debt collection agency in violation of the FDCPA for continuing to call a debtor after the bill had been paid to the original creditor. The agency argued that it never received a dispute in writing after the debt was paid.
Auto loans have long been an interesting market for the accounts receivable management industry. While total outstanding balances have always been quite high, historically in line with credit cards for example, the secured nature of the loans limit the work collection agencies could do for lenders. Is that paradigm about to change?
The Consumer Financial Protection Bureau (CFPB) Wednesday warned credit card companies against deceptively marketing interest-rate promotions. The Bureau is concerned that some companies are luring in consumers with offers of zero or lower interest for a specific purchase or balances transferred from another credit card, and then hitting them with surprise interest charges.
The National Consumer Law Center (NCLC) late Tuesday published a report that calls for the Department of Education to stop using private collection agencies to help recover delinquent student loans. But the report is misleading and inflammatory, going far beyond more reasoned studies from government agencies urging reform within the ED collection contract.
The Uniform Law Commission announced in late July that it has formed a committee to study the feasibility of having uniform state laws on the transfer and recording of consumer debt. The influential group will also look at the viability of a universal registration system to record and track such transactions.