Links in “Debt Collection”

The CFPB's recent report on its efforts notes $14.3 million in remediation for approximately 228,000 consumers related to aspects including student lending violations, debt collection issues and improper reporting of information to credit reporting companies. [3/9/16]

While reports often cite the prevalence of debt-collection complaints in the CFPB's database, the ACA points out that the debt-collection industry makes more than one billion consumer contacts annually, meaning the 74,000 debt-collection complaints in the CFPB's database represents 0.0074% of the total consumer contacts through 2015. [2/26/16]

The CFPB announced two separate actions against Citibank for illegal debt sales and debt collection practices. The combined fiscal impact from refunds and fines total $53 million and are related to selling credit card debt with inflated interest rates, failing to forward consumer payments promptly to debt buyers and falsification of court documents filed in debt collection cases in New Jersey state courts. [2/24/16]

When it comes to protecting against debt-collection abuses, the FTC wants you to know it has been busy. From filing amicus briefs, to consulting with the CFPB in connection with upcoming rulemaking, to its 18 debt collection cases (a new best), to launching 12 new enforcement actions under "Operation Collection Protection," there is much to be done in the world of shady debt-collection practices. [2/23/16]

A review of a recent opinion from a federal district court in Missouri looks at the impact of the opinion on debt collection requirements associated with the 30-day validation period. The article provides takeaways for debt collectors, including handling calls from consumers, training and providing notifications. [2/17/16]

Debt-collection practices earns its 28th consecutive month as the number one consumer complaint. A recap of some of the other "lowlights" from the CFPB's monthly complaint snapshot are available here. [2/2/16]

A group called Human Rights Watch has issued a report using anecdotal methodologies to criticize the debt-buying industry, the court system and the banking industry in general. The report is likely to find readers at the CFPB. [1/29/16]

An individual resold consumer leads to debt collectors without exercising reasonable due diligence to check whether the buyers offered a legitimate product or service. The debt collectors used the information to deceive and threaten consumers into paying debts they did not owe. The reseller as well as the debt collectors are now facing CFPB heat. [12/22/15]

Illegal visits to consumers at their homes and workplaces, empty threats of legal action, lies about consumers' rights, and unlawful withdrawals from bank accounts exposing consumers to bank fees. Sounds like a recipe for a $10 million penalty for EZCORP of Texas, which operates through 500 storefront locations in 15 states. [12/17/15]

CFPB's November 2015 complaint report proclaims debt collection as the top consumer complaint, the 26th consecutive month it has held that position. 28% of all complaints received have to do with debt collection. Here's what else is on the list. [11/25/15]