JP Morgan Chase’s annual 10-K report to the SEC reveals some critical details about the mega-bank’s debt collection practices. In 2013, JP Morgan Chase recovered $593 million of charged-off credit card debts, continuing a three-year trend of anemic debt recovery. In 2010, the country’s biggest bank recovered $1.37 billion from unpaid credit card bills it had […]
A new report from the Office of the Inspector General of the U.S. Postal Service proposes using the Postal Service for a variety of financial services for low-income Americans, including small loans and debt collection. The idea got a high-profile endorsement from Sen. Elizabeth Warren (D-Mass.) Saturday in an op-ed for Huffington Post. According to […]
Mississippi Attorney General Jim Hood sued JP Morgan Chase for allegedly violating consumer protection laws when going after credit card debt. The suit claims that Chase used “robo-signing” and other harmful practices for at least six years to pursue consumers for debts they did not owe, already paid or had excused in bankruptcy.
Average credit lines continue to decline across all risk categories, monthly purchase volumes rebounded and cardholders are paying less interest as a percent of outstanding credit card credit, according to the latest edition of the American Bankers Association’s Credit Card Market Monitor.
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.
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.
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.
YGC Solutions has updated its industry-recognized standard and will make it available in the public domain. Creditors, debt buyers, subrogation professionals, attorneys, and collections agencies will be better able to be responsive to the rapidly changing compliance landscape.
Consumer protection attorneys are testing the argument that debt buyers who acquire charged-off consumer debt, and then “retroactively” charge interest on it, are in violation of the Fair Debt Collection Practices Act. This has sparked class action lawsuits across the country, particularly in Illinois, Kentucky and Ohio. So what should debt collectors do about this […]