Debt collection is big business—easily a multibillion-dollar industry. In 2012, approximately 30 million individuals, or 14 percent of American adults, had debt (averaging about $1,500) that was or had been subject to the collections process, according to a March 20, 2013, report issued by the Consumer Financial Protection Bureau. Several segments of the consumer population—including older Americans, students, service members, and veterans—were significantly impacted by the recession and continue to grapple with lingering debt collection issues. In seeking to recover such vast sums, debt collection and debt buyer companies, law firms, and other creditors that hold themselves out to be debt collectors regularly use evolving technology and advanced analytics to assist in their collection attempts.
The Fair Debt Collection Practices Act—Hope on the Horizon for Debt Collectors?
By EBG RSS on April 8th, 2013
Posted in Legal Updates | North America