Credit and Collection Industry Complaint Resolution Exceeds National Average

MINNEAPOLIS – A little known fact about the credit and collection industry; we care very deeply when bad actors cross the line by breaking the law or treating consumers disrespectfully.  As an industry, we are working diligently and expeditiously to resolve consumer complaints.

According to the Council of Better Business Bureau’s (BBB) 2009 annual report on complaints released in early March 2010, the collection industry resolved 85 percent of the complaints it had received, compared to the average of 73.8 percent among all industries tracked by the BBB. “Effective complaint resolution helps consumers find answers to their questions and reduces the likelihood and expense of adjudication through the legal process,” said ACA International CEO Rozanne Andersen.

Since 2002, the credit and collections industry has resolved an average of 82.5 percent of the complaints filed with the BBB-exceeding by 11.5 percent the average of complaint resolution by all industries.  From 2002-2009, all other industries resolved on average 71.45 percent of the complaints received.

“We are proud of our rate for complaint resolution, but we are pushing ourselves to do better," said Andersen. "That’s why we are meeting state attorneys general, regulators and others to better assess consumer complaints and ensure that, as an industry, we better understand and diligently address them."

Consumers have important rights when dealing with a collector as they work to resolve their debts and ACA International wants to help.  For information on consumers’ rights under the law and how to communicate effectively with collectors to resolve debts, visit askdoctordebt.com. Created by ACA International Education Foundation, askdoctordebt.com is a valuable, comprehensive and straightforward tool that helps consumers finds answers to their important questions.

ACA International, the Association of Credit and Collection Professionals, is the comprehensive, knowledge–based resource for success in the credit and collection industry. Founded in 1939, ACA brings together more than 5,000 members worldwide, including third–party collection agencies, asset buyers, attorneys, creditors and vendor affiliates. ACA International establishes ethical standards, produces a wide variety of products, services and publications, and articulates the value of the credit and collection industry to businesses, policymakers and consumers. For more information about ACA International, visit acainternational.org.

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