Free registration is required to access these resources. Login or Register.

Premium compliance products are also available in the insideARM Store

Bullet points from Heather Allen’s overview of the FTC’s Debt Buying Study.

  • It’s smaller debt buyers (and re-sellers — i.e., debt buyer to debt buyer), not the larger ones, that are primarily responsible for some of the compliance issues.
  • What factors influenced the price: age, type: substantially more for mortgage; less for medical and utility debt.
  • Sellers draft sales agreement.
  • Debts generally sold “as-is.”
  • Missing or inaccurate data did not provide for a refund from seller.
  • Buyers typically had all the info the FDCPA currently requires. (Emphasis on currently.)
  • Buyers typically receive additional info: name of original creditor, amount of original debt, etc.
  • Did not get dispute or verification history, though.
  • Buyers obtain very few docs about debt at sale.
  • Info that debt buyers conveyed when reselling very similar to what they received. Not removing data; however, they’re not adding to that data.
  • How often do debt buyers verify consumer disputes? They verified about half of all disputed debts.
  • More likely to verify debts from original creditor rather than from other debt buyers. (All self-reported.)
  • Age of debt increases more when it’s debt-buyer-to-debt-buyer.
  • Why do debt buyers not insist on more documents? (Heather asked rhetorically)

Related Products

Telephone Communication Compliance: The CFPB's Consent Orders Thumbnail

Telephone Communication Compliance: The CFPB's Consent Orders

Our Telephone Communication Compliance: The CFPB’s Consent Orders guide is designed to help debt collectors comply with consent orders that hint at telephone communication violations. The report includes easy-to-understand explanations of each consent order and a comprehensive chart of all relevant consent orders, keeping the information you need right at your fingertips! This paper has been excerpted from insideARM's larger "The CFPB's Consent Orders Regulating the ARM Industry" report, available for sale now.

The CFPB's Consent Orders Regulating the ARM Industry Thumbnail

The CFPB's Consent Orders Regulating the ARM Industry

Our guide on The CFPB’s Consent Orders Regulating the ARM Industry is the first report of its kind designed to help debt collectors comply with consent orders. The report includes easy-to-understand explanations of each consent order and a comprehensive chart of all relevant consent orders, keeping the information you need right at your fingertips! This report will be updated quarterly.

UPDATED! CFPB’s Advice to the Consumer (through March 2016) Thumbnail

UPDATED! CFPB’s Advice to the Consumer (through March 2016)

The Consumer Financial Protection Bureau hosts more than 80 of the most common consumer questions about debt collection on its Ask CFPB website. And since the Bureau was created for the sole purpose of representing and protecting consumers, debt collectors need to know how the CFPB communicates with them. That’s why insideARM compiled the answers to all 88 questions in one user-friendly report. Using the CFPB’s guidance as a model for your own compliance priorities, policies and procedures means your company will be able to keep up with the Bureau before it feels the need to examine your agency. ALL ANSWERS UPDATED THROUGH MARCH 2016.

To the Point: Vendor Management Thumbnail

To the Point: Vendor Management

Developed using the insight and expertise of industry experts, this To the Point report delves deep into the importance of and best practices in Vendor Management. This report doesn't just walk through what agencies should and should not be doing, going forward -- it contains the full Q&A from the webinar, too. To the Point: Vendor Management gives your agency insight and a road map of best practices. (This product is approved for DBA International Certification Credit.)

Advertisement