Australia Slaps GE Money?s Debt Collection Practices

Australian regulators have come down on the practices of the debt collections division of GE Money in response to consumer complaints about harassment from the company’s collectors.

The Australian Securities and Investments Commission announced today it has implemented an Enforceable Undertaking (EU) with GE Money, to battle against complaints of “excessive or inappropriate contact with customers, contact at unreasonable hours and an inflexible approach to repayment arrangements.”

Under the EU, GE Money must hire an independent expert to review its debt collection practices to ensure they comply with Australian guidelines. GE Money must undertake an action plan to implement any recommendations of the expert who will review the firm’s practices for two years.