Report Shows Steep Rise in Consumer Complaints to CFPB: Consumer Reporting Leads the List While Debt Collection Declines

The U.S. PIRG Education Fund (PIRG) released a report analyzing consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) in 2021 and 2022. The report noted that consumer complaint totals set a new record in 2021 (496,000), only to have that record broken by a considerable margin in 2022 (800,394). According to PIRG, complaints against national consumer reporting agencies (CRAs) were the largest category, nearly doubling from 2021 to 2022. However, complaints against the debt collection industry fell by 15% during that same time period.

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Remitter Partners With Reforestation Non-Profit One Tree Planted

PHOENIX, Ariz. -- — Remitter, a digital communication and collections platform announces it’s partnership with One Tree Planted, a globally recognized non-profit organization focused on reforestation and environmental conservation efforts. For every client we onboard Remitter pledges to plant 10 trees in regions where they are needed most.

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Sending Docs After the Validation Period Expires? One Court Says, No

Debt collectors have become accustomed to erring on the side of providing consumers with information regarding their debts, regardless of whether a dispute or verification request is timely. But should they? No, says a judge in the Western District of Missouri, who recently held that doing so may violate the Fair Debt Collection Practices Act (FDCPA).

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An Email is Less Intrusive Than a Phone Call, Finds N.D. Illinois While Granting TrueAccord’s Motion to Dismiss

A court victory by TrueAccord Corp. (TrueAccord) in the Northern District of Illinois continues to showcase the benefits of digital collection as the court found receiving an email about a debt is less intrusive to consumers than receiving a phone call. Messer Strickler Burnette represented TrueAccord and filed the briefing in the case.

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DFPI Adopts CRC's Proposed Language; Removes Personal Liability From Proposal

The California Department of Financial Protection and Innovation (DFPI) is listening to industry input as it finalizes its proposed complaints and inquiries regulation. Its most recent update (Third Proposal) included the adoption of language recommended by the Consumer Relations Consortium (CRC) to avoid creating personal liability for employees of covered entities.

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Utah’s H.B. 20 Signed into Law, Reducing Red Tape for Debt Collection Agencies

In a significant boost to the financial services industry, Utah has taken major steps to streamline its debt collection bureaucracy — including the removal of criminal penalties for failure to comply with technical requirements.

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Best Practices for a Strong Debt Sale Strategy

18 May 2023 at 02:00 p.m.

Selling part of your past-due portfolio can be an easy way to increase revenue, especially when originations are down. But it’s not always cut and dry. How do you know your debt sale partner has a spotless reputation? When is the best time to sell? What can you do to increase your portfolio’s value?

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