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.
Lindorff, one of the largest debt collection companies in the world, announced today that it has purchased the debt recovery unit of Spanish bank Sabadell for €162 million ($218 million). The agreement calls for Lindorff to exclusively handle Banco Sabadell’s past-due loans for a period of at least 10 years.
Now that the industry has had the chance to take a deeper dive into the details of the New York Department of Financial Services’ proposed regulations for debt collection by third-party debt collectors and debt buyers, experts and organizations are submitting their feedback on how to further improve the regulations. Specific questions remain about the correct language to use in consumer notices, and how the rules may impact creditors.
The Consumer Financial Protection Bureau (CFPB) Wednesday announced that it is proposing to expand its consumer complaints public database to include the consumer’s narrative description of what happened, along with a company response narrative. The announcement came on the three-year anniversary of the CFPB’s launch.
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?
In the first quarter of 2014, the percentage of consumers that filed complaints against debt collectors claiming that the debt in question was not theirs increased to more than 40 percent of all complaints.
The New York State Department of Financial Services (NYSDFS) today published a proposed rule in the New York State Register on debt collection by third-party debt collectors and debt buyers. The proposal is subject to a 30-day comment period which began July 16.
Large debt buyer Portfolio Recovery Associates, Inc. (Nasdaq:PRAA) announced today that it has completed its acquisition of Aktiv Kapital AS, a Norway-based debt buyer of accounts throughout Europe and Canada. Effective today, the combined companies will be known as PRA Group.
With half of the year already gone and the official start of Q3, now is a great time to review your marketing goals for the year. What did you want to accomplish? Have you started yet?
The CFPB announced Monday it has filed a lawsuit against a debt collection law firm and its three principal partners alleging that the firm was a “lawsuit mill” that churned out debt collection actions and violated the FDCPA en masse. The firm denies the claims and says it will defend the action in court.