The third-party debt collection industry returned some $45 billion to creditors and other clients in 2013, according to a study released today by ACA International. The report, based on a survey and other statistical analysis by Ernst & Young, is the latest in a series of comprehensive industry studies.
In what is being touted as the largest TCPA settlement ever, Capital One and three collection agencies have agreed to pay $75.5 million into a settlement fund to end litigation in a combined class action. The agreement admits no wrongdoing on the part of the companies for allegedly using autodialers and/or pre-recorded messages in calls to cell phones without the consumers’ express consent.
A joint study from the think tank Urban Institute and debt buyer Encore Capital Group released today reported that more than 35 percent of U.S. adults with a credit report have accounts that qualify to be in some stage of the debt collection system. The average balance of those accounts is $5,178.
A consumer gives you a contact number that turns out to be his cell phone. What do you do? In a poll-meets-pop-quiz of insideARM.com readers, 36.5 percent of participants said that when they get a contact number from a consumer that turns out to be a cell phone, they continue to call a consumer as […]
How can ARM companies know where their market opportunities exist in the five to ten year time range? We all know that credit card debt is slowly recovering from recent lows and student loans are growing at a silly rate. But what about everything else?
The CFPB today took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for using illegal debt collection tactics – including harassment and false threats of lawsuits or criminal prosecution. ACE will provide $5 million in refunds and pay a $5 million penalty for these violations.
Bank card delinquencies declined significantly in the first quarter, falling 16 basis points to 2.44 percent of all accounts as consumers continue to improve their financial situations, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) Tuesday released an updated version of their debt collection guidelines for both third party collectors and creditors.
At the request of the FTC, a U.S. district court has halted a Georgia-based operation from attempting to collect $3.5 million in phantom payday loan “debts” that consumers do not owe. In an emerging pattern for FTC enforcement, the company got consumer information from online payday lending lead generation portals.
Credit and collection professionals fixated on the CFPB and other regulations may be overlooking a significant developing trend that could pave the way to sustainable increases in placement volumes and improvement in liquidation results from a critical market segment.