Australian Watchdog has Eyes on Debt Collectors

A rise in complaints about the tactics of debt collectors chasing telephone, utility and finance debts has prompted the consumer and corporate watchdogs to warn they will not tolerate harassment and coercion.

Australian Competition and Consumer Commission deputy chairwoman Louise Sylvan said the regulators were encouraging consumers to complain about problems with the collection process as the trend for companies to outsource or sell even small debts grew.

“There is a lot of outsourcing going on and as a result a great deal of pursuit of debt and the behaviour of outsourcers has come under scrutiny,” she said. “We want to hear and we will take action.”

The ACCC will act on complaints about non-financial debts such as telephone and utility bills. The Australian Securities and Investments Commission will investigate complaints related to credit card, home or personal loan debt, but the two regulators will co-ordinate activities.

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