Where’s The Beef? The FTC 2013 Report On Debt Buyers

Tomio Narita

The FTC recently released its 162-page report entitled “The Structure and Practices of the Debt Buying Industry.” The Report describes a comprehensive study conducted by the FTC over a three-year period using data obtained from the nation’s largest debt buyers. Many will view the Report as another chance to engage in debt-buyer bashing, which has become a favorite pastime for mainstream media and consumer advocates.

A close read of the Report, however, reveals that it contains absolutely zero evidence that any debt buyer has engaged in any of the headline-grabbing collection abuses that we always read about. There was no evidence presented that any of the debt buyers used inaccurate information when collecting debts, no evidence that they have sued or threatened to sue anyone on time-barred debts, and no evidence regarding the validity of any dispute raised by any consumer. When you finish reading the Report, you may be tempted to ask yourself: “Where’s The Beef?”