Debt Buying Feed Link

Debt Buying

A debt buyer is a firm that purchases debt from another company, usually a creditor or bank, at a deeply discounted rate. The debt purchaser then attempts to collect the debt through its own operations or through the use of a third-party debt collection agency. Some debt buyers may sell all or part of the debt to another party at a profit. Most debt buyers are small and privately held, though there is a handful of publicly traded debt buying companies.

Recent changes in law and legal rulings have seen the debt buying industry regulated like collection agencies, or servicers of debt, rather than creditors, or owners of the debt. Debt buyers must adhere to the FDCPA.

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Best Places to Work in Collections 2014 Winners Announced

insideARM.com today announced the winners of the seventh annual Best Places to Work in Collections. This award program is designed to identify, recognize, and honor the best places of employment in the accounts receivable management (ARM) industry, and was created and facilitated by insideARM.com and Best Companies Group. Best Places to Work in Collections 2014 is sponsored by Executive Alliance.

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ACA Submits Comments Opposing CFPB Proposal to Include Consumer Complaint Narratives in Public Database

On Sept. 22, 2014, ACA International submitted comments urging the Consumer Financial Protection Bureau to abandon its proposal to provide consumers with the option to include unstructured narratives when submitting complaints about consumer financial products and services, including debt collection, on the CFPB’s public-facing Consumer Complaint Database.