Credit Card Receivables Feed Link

Credit Card Receivables

A credit card receivable is money owed to a bank or issuer on the outstanding balance in a credit card account. Because the borrower is contractually obligated to pay the balance, the creditor expects this amount to be repaid. If a borrower does not repay the balance, it is often charged off as a loss. Since credit card usage is so widespread, and account balances can soar quite high, credit card receivables form the backbone of many financial services functions, such as asset-backed securities, debt collection, and debt buying.

For more information on credit cards and the role they play in the ARM industry, please see our special content section, The Credit Card Issue.

Panel Discussion

CFPB Panel 1: Info Available to Debt Collectors at Time of Assignment, Sale

Moderator: Thomas Kane, FTC Panelists: Manoj Hastak, American University Loraine Lyons, FMA Alliance David Pauken, Convoke Systems Ira Rheingold, National Association of Consumer Advocates Larry Tewell, Wells Fargo   Contigency collectors? Thomas Kane: What do contingency collectors typically receive? Loraine Lyons: Depends on the type of debt and the sophistication of the creditor. Name of consumer [...]

chase

Federal Regulators Widening Probe on Bank Debt Collection Practices

The U.S. Office of the Comptroller of the Currency (OCC) is expanding an investigation into the documentation used by credit card issuers to verify account accuracy before filing debt collection lawsuits or selling the accounts to debt buyers.

The Washington Post, citing four unnamed sources familiar with the probe, reported on the expansion Wednesday. The Post’s sources say the full scope of the investigation is still unclear, but that it is definitely widening.

RoboSigner

California Sues JPMorgan Chase Over Debt Collection Lawsuits

California Attorney General Kamala Harris Thursday announced that her office has filed an enforcement action against JPMorgan Chase & Co. alleging that the bank engaged in fraudulent and unlawful debt-collection practices against tens of thousands of Californians.

The suit alleges that Chase engaged in widespread robo-signing of court documents in debt collection cases, among other practices, to commit abuses against approximately 100,000 California credit card borrowers over at least a three-year period.

bbb-A+-rating

National Enterprise Systems Earns Top Rating from Better Business Bureau

National Enterprise Systems (NES) today announced that it has earned an A+ rating with the Better Business Bureau (BBB), the highest rating awarded by the Bureau. Upon learning of the company’s top BBB rating, Ernie Pollak, president of NES, said, “I am very excited to achieve an A+ rating. It has taken a lot of hard work and a tremendous amount of oversight in compliance and training. Investments in people and systems to support compliance with state and federal regulations are both costly and time consuming, but they are also the right business choices because they allow NES to best serve our clients and consumers.”

Third-Party-Debt-Collection-Q42012-FRBNY

Number of Americans with Third Party Debt Collection Account Hits All-Time High

The percentage of Americans with at least one account in third party collections rose to an all-time high in the fourth quarter of 2012, according to the Federal Reserve Bank of New York. The average account balance of those in collection decreased.

In its Quarterly Report on Household Debt and Credit for the fourth quarter of 2012, the FRBNY noted that 14.6 percent of American consumers had an account in the third party debt collection system, up from 14 percent in the third quarter.