News in the ARM industry moves fast, but insideARM’s weekly recap of top stories will give you the news we found most interesting last week and more importantly- why we think it’s relevant. Last week we brought you news of the sweeping changes at the CFPB, a case that suggests creditors need to inform debt buyers and collection agencies about previous disputes, and insights into customer-centric debt collection strategies.
On Monday and Tuesday, we reported news about Rohit Chopra’s removal from the CFPB and Scott Bessent’s appointment as Acting Director. Within an hour of leading the charge at the Bureau, Acting Director Bessent stopped the bulk of the CFPB’s activity. Though it’s not entirely clear what all this means yet, one thing is for sure- those in the ARM industry should pay close attention.
On Wednesday, we published Troutman Pepper Locke’s analysis of a case that may suggest debt buyers and agencies need to obtain prior dispute information before they can safely furnish information to the credit bureaus. The case revolves around what a debt buyer knew or should have known regarding a previous credit dispute from the consumer. If your organization is credit reporting, this decision should absolutely be on your radar.
On Thursday, we brought you insights from Bridgeforce regarding the pillars of a customer-centric debt collection strategy. In today’s environment, successful organizations meet consumers where they are at. This approach requires organizations to evaluate their processes and pivot as necessary. Bridgeforce’s take on key areas of focus can be a helpful place to start or a good checkpoint for those who have already shifted to a consumer-centric strategy.
Have a question about how your company should react to the news above? We have a group for that! The weekly peer call hosted by insideARM’s Research Assistant is the perfect place to ask a question and get advice from industry colleagues who are facing the same challenges you are. Not sure if it is for you? Try it on for size with our 1-month free trial. Click here to learn more!
