In its first full year of taking and publishing consumer complaints about debt collection, the Consumer Financial Protection Bureau (CFPB) made public just over 39,000 grievances logged against collection agencies, debt buyers, and creditors for actions taken in the debt recovery process.
A bill introduced in the Minnesota Senate would explicitly add to the definition of “collection agency” and “collector” language that includes debt buyers. This would force debt buyers to get licensed as collectors in the state.
Delta Outsource Group, Inc., a leader in the account receivables management industry has appointed current Chief Operating Officer Nick Jarman as President. Mr. Jarman will continue in his role as the companies COO as well. Mr. Jarman, one of the company’s founders has served in the role of COO since Delta Outsource Group, Inc. started […]
In 2014, there were 9,720 lawsuits filed in federal courts claiming violations of the Fair Debt Collection Practices Act (FDCPA), a decline of 5.7 percent from 2013. It was the third straight year of significant declines in consumer FDCPA case filings.
The Federal Trade Commission said Wednesday that on its behalf, the Justice Department filed a lawsuit in federal court against a Texas-based debt collection operation and its current and former principals for illegally threatening consumers with false claims that unless they pay a debt, they will face legal action or wage garnishment.
Account Control Technology, Inc. (ACT), a national leader in delivering debt management and recovery solutions, is pleased to announce its partnership with Student Account Management Services, LLC (SAMS 360), a premier student loan default aversion company serving colleges, universities and private lenders – as well as their borrowers. The partnership will enable ACT to offer its many education clients a comprehensive default prevention and cohort default rate management program.
The Federal Trade Commission Tuesday announced the publication of a short graphic novel intended to help Spanish-speaking consumers know their rights when dealing with debt collectors. The publication describes the rules debt collectors must follow, and what consumers should do if they don’t.
In today’s ARM environment, compliance is the ultimate Trump card. Compliance will win over all other elements of the ARM industry. It is the differentiator. Companies with robust compliance programs will not only survive, they will succeed.
ARMing Heroes, the collection industry’s charity for military veterans, today announced that it raised more than $80,000 in 2014, with most funds received during its 2014 No Debts for Vets Charity Fundraising Drive.
The Department of Education will likely be delayed for several more months in announcing the winners of its debt collection contracts for larger companies. The procurement process in the Unrestricted category has been slowed by protests and amendments to the contract.