In late July, the Consumer Financial Protection Bureau (CFPB) released an outline of its proposal to tighten up the highly regulated debt collection industry. These recommendations are mostly targeted at the debt buying industry where debt can be bought and sold many times over, thus moving it further and further away from the original debt…
DetailsIn the dark ages of debt collections, some agencies had to be pulled kicking and screaming from the depths of questionable business practices. Things have changed. The face of the modern agency now reflects a commitment to debt collection compliance with all state and federal regulations. It has taken enormous resources to reach the current level of respectability, but the efforts have paid off in higher recovery rates for clients and greater profits for agencies.
Details
A few popular clichés resonate in the business world as well as the personal space: “there are plenty of fish in the sea,” “leave no stone unturned” or “sometimes you have to kiss a lot of frogs before you find your prince.” Those words of wisdom are great if one has a lifetime to spare,…
DetailsIn an act of debt collections role reversal, two homeowners exercised their rights as property owners by ordering a levy on their banks to recover legal fees. Yes, that’s correct. For the residents, it wasn’t Bank of America or Wells Fargo who would be collecting on them — despite repeated attempts by those institutions — but the residents who initiated a sale on the two financial goliaths for attempting to make invalid collections.
Details
Considering the broad spectrum of applicable government agencies, associations and regulations, doing business in the collections industry can be overwhelming. In this complicated landscape, knowledge is power while a familiarity with the various terms and organizations provides a competitive advantage for collections managers. Below are some of the most common agencies, associations and acts that…
DetailsSome people would do almost anything to get out of debt. Among those caught in the trap are student loan borrowers willing to engage in outrageous behavior. A June 2016 survey of 500 graduate students by Student Loan Report reveals some disturbing (albeit dubious) results given the propensity of sharp-minded youth to be flippant.
Details