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Credit Reporting Issues Highlighted in the FTC's and CFPB's Workshop

On Tuesday, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) held a workshop titled Accuracy in Consumer Reporting. The workshop consisted of four different panel discussions as well as individual remarks from several speakers. Below is a summary of the discussions relevant to the ARM industry.

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The State of Third Party Collections: Challenges, Trends, and Innovations

The third-party debt collection industry is at a crossroads: Either modernize and adopt a consumer-centric approach or continue to face headwinds. While third-party collectors may find obstacles along the road ahead, there are also opportunities — if you know where to look.

TransUnion’s Javier Alvarado takes a deep dive into their first-ever annual report focusing exclusively on third-party debt collection: The State of Third-Party Collections 2019: Challenges, Trends and Innovations.

Key takeaways include:

  • How compliance and regulation has made it tough to innovate.
  • Brace yourself: The biggest expense for firms is expected to grow.
  • The new, more effective consumer communication channels collectors are exploring as they await guidelines from the CFPB.
  • Skip tracing? Batching? Speech analytics? The technologies forward-thinking agencies are deploying.

Playback here.


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You Oughta Know, 12 December 2019


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iA Strategy & Tech

10 June 2020 at 06:00 p.m.

Join the sharpest minds in credit and collections strategy. Experience the newest in industry tech live on-stage.

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