Advertisement
Debt collection refers to the work done to recover balances from credit accounts that are past due. Most commonly, debt collection specifically references third party debt collectors whose clients include banks, credit card issuers and other credit grantors, debt buyers, governments, and any organization that extends credit or owns an account where a balance is due. Collection methods traditionally include phone calls from call center agents, e-mails, and letters, and increasingly, SMS text. If an account remains in arrears after these efforts, the collection agency may contract with a collection attorney to file suit to recover the debt, if the collection agency is not positioned to do so.
Two bills in major Western U.S. states aimed at reining in debt collection practices have recently advanced in their respective legislative chambers. One targets debt buyers specifically while the other is designed to more tightly control debt collectors working for government clients.
A United States District Court recently concluded that certain states’ judicial structures provide that the Circuit Courts are considered “judicial districts” for purposes of the required venue provisions in the Fair Debt Collection Practices Act, 15 U.S.C. § 1692i, but township small claims courts are not.
Lowell Group, a leading purchaser of non-performing consumer debt portfolios in the United Kingdom, today announced the acquisition of Interlaken Group, including its widely known Fredrickson International brand. The deal, for an undisclosed sum, will see ownership of the Surrey-based debt collection agencies group transfer to Lowell Group, along with the 300 plus employees.
For the second straight quarter, the percentage of Americans with at least one account in the third party debt collection system hit an all-time high in the first three months of 2013. Close to 15 percent of consumers have an account being worked by debt collectors.
AnaCap Financial Partners LLP, a specialist European financial services private equity firm, announced Wednesday the sale of Cabot Credit Management (CCM) to funds managed and advised by J.C. Flowers & Co. LLC. The transaction agreements have been signed, and the transaction is expected to complete imminently.
A debt collection agency in the United Kingdom is going into voluntary liquidation as a part of its integration with NCO Europe, a Preston, Lancashire-based unit of NCO Group.
Complete Credit Management (CCM) will dissolve and be absorbed by NCO Europe.
LMM Management, LLC. a leading provider of call center services for consumers with delinquent accounts, is pleased to announce the appointment of Danny Czyrny as the Chief Operations Officer and Executive Vice President and the firm
CU Recovery, Inc. and the Loan Service Center, Inc., the leading full-service collection agency and collection staffing solution for credit unions, has added a separate Marketing Department in the continuation of the company’s strategic reorganization and addition of expanded services.
Higher contact rates – it’s the stat every collections operation strives for. More contacts means more promises. And more promises means more revenue. So it’s no surprise agencies, healthcare offices, asset purchasers, law firms, and every other collections operation under the sun are investing in technology that they hope will dial more lines and waste [...]
The Consumer Financial Protection Bureau has been very busy lately, of course. Most of its attention seems to be focused on various sectors of the consumer finance industry. But the agency did recently reveal its intention to return some focus to the debt collection industry.