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.
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.
As strategic planning is a big focus in the fall for most executives, here are some of our mid-year predictions for the ARM industry.
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.
Kaulkin Ginsberg Company, the leading provider of M&A and strategic advisory services for the Accounts Receivable Management (ARM) industry, has released its 2014 Accounts Receivable Management Mid-Year Review.
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 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.
In comments submitted to the CFPB on the Advance Notice of Proposed Rulemaking under the FDCPA, the attorneys general of 31 states condemned the use of third-party prepared, integrated business records in civil lawsuits to collect debt as an example of “unfair, deceptive, and abusive acts or practices.” But many of those AGs use similar records in their own criminal cases.