As the ARM industry prepares for 2014, it might help in strategic planning to know which types of debt are attracting the most consumer complaints about debt collection.
The office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced Monday that a former executive at U.S. Bank has pleaded guilty to bribery charges for accepting payment in exchange for steering business to a specific debt collection agency.
The final six of 10 defendants named in an alleged “Rachel from Cardholder Services” scam have agreed to settle Federal Trade Commission charges that they misled consumers with bogus claims that they would lower their credit card interest rates.
According to the latest Equifax (NYSE:EFX) National Consumer Credit Trends Report, the total number of open retail-issued credit cards is greater than 183 million, the most since September of 2009.
The Consumer Financial Protection Bureau (CFPB) is issuing a rule today requiring easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer.
Both the credit card delinquency rate (the ratio of borrowers 90 days or more delinquent on their general purpose credit cards) and the average credit card debt per borrower dropped on a yearly basis during Q3 2013.
The percentage of American consumers with at least one account in the third party debt collection system fell sharply in the third quarter of 2013, according to data released Thursday by the Federal Reserve Bank of New York. But the average balance of accounts in collection increased sharply.
The Consumer Financial Protection Bureau (CFPB) today published debt collection complaints it has been collecting since July 10. The data was made publicly available in the Bureau’s Consumer Complaint Database.
The Consumer Financial Protection Bureau (CFPB), announced Wednesday that it has started to exercise its rulemaking authority by formally issuing an Advance Notice of Proposed Rulemaking for debt collection. The Bureau is seeking feedback from the public on any rules it may make to govern debt collectors.
A common theme insideARM has been tracking for the past few years is the shrinking pipeline of consumer debt for the accounts receivable management industry. It’s been easy to point to the massive decline in credit card debt, once the reliable lifeblood of debt collectors, and warn of fewer accounts coming down the pipe from that sector.