It does not seem like an unreasonable request that companies within the debt collection industry would want to stand on their own merits rather than having a select number of rotten agencies represent the entire industry. Does one restaurant being found in violation of a health code mean that the entire food service industry is disgusting?
The Affiliated Group Blog
The latest debt collection scam to hit the news wires presents an opportunity to address two key points.
Number one: there are predatory people out there who actively try to take advantage of the fear of those who are in debt through fraudulent and aggressive scams.
Number two: these people are not debt collectors. They are criminals. The semantics are important when we discuss these actions and how they potentially shape public perception of our industry.
Wells Fargo recently conducted a study about the generation known as the "Millennials." Specifically, the study focused on the effects of the 'Great Recession' of 2008 and the pressure that it has placed on the generation in terms of debt.
Interesting points from the study include:
CFPB director Richard Cordray presented the Bureau's semi-annual report to the Senate Committee on Banking, Housing, and Urban Affairs earlier this week. That report did not exactly paint a pretty picture in terms of the amount of consumer complaints about the debt collection industry.
As passed along by ACA International (h/t InsideARM), Cordray said the following about consumer complaints:
That is the question posed by Bill Bartmann, self-appointed spokesman for and harshest critic of the debt collection industry.
With enough data to start to project how things will pan out for the rest of the year, it looks like Federal Debt Collection Practices Act (FDCPA) lawsuits against collection agencies will be down once again in 2014.
This continues a trend from the last three years. Patrick Lunsford provides additional detail on the FDCPA suits so far in 2014 over at InsideArm:
In an effort to get the word out and continue to educate consumers about the way that the collection industry actually works, ACA International was featured on a "Daily Buzz Segment" this week.
The Affiliated Group was privileged to host a number of our clients for a two day event last week here in Rochester, MN. On Wednesday we held a golf event and a get-together for food and drinks. It was great to spend time relaxing and socializing with our clients.
On Thursday it was down to business. Held at the Rochester International Events Center, TAG hosted a day full of informational and engaging sessions. Topics for these sessions included:
Once again the debt collection industry found itself the topic of opinion columns this past weekend. Once again these stories took aim at the worst of the industry and used it to make blanket assumptions about the industry as a whole.
ACA International held its first annual Legislative Conference on Capitol Hill in Washington D.C. this week. More than 60 members of ACA, including TAG's own Mark Neeb, participated in the Conference as ACA advocates for the credit and collections industry. Those members participated in over 100 meetings over the course of the week.