Welcome!

News Feed Item

ACA International Responds To CFPB's Report On Debt Collection Complaints

MINNEAPOLIS, March 20, 2014 /PRNewswire-USNewswire/ -- ACA International, the largest trade group for the third-party debt collection industry, today responded to the Consumer Financial Protection Bureau's (CFPB) annual report on debt collection complaints.  ACA also conducts its own analysis of the publicly available data to gain insights that will help improve customer service and the future collection of consumer debts.

ACA INTERNATIONAL

"As an industry that takes complaints and their resolution with consumers very seriously, the CFPB's report offers helpful perspective but isn't valuable for setting public policy.  As important as these raw data are, it seeks to justify the CFPB's existence but falls short in looking at the underlying causes that better explain this information," ACA International CEO Pat Morris said. "We will continue to conduct our own quarterly analysis of the data and encourage consumers to communicate with debt collectors because avoiding contact does not make a debt disappear."

Among the key points ACA has identified as missing from the CFPB's analysis, includes:

  • The CFPB's definition of a complaint is very subjective.  While a consumer may not like something (such as being contacted about a debt or receiving multiple calls) it does not mean that the collector actually did anything wrong. Neither the CFPB nor the FTC investigates these complaints as to whether a complaint actually violates the law. Painting the collection of consumer debts with a broad brush and then alluding it ties to bad behavior paints an inaccurate picture of an extremely necessary, yet sometimes uncomfortable, activity. ACA advocates that the CFPB adopt a more meaningful definition of what constitutes a complaint that is limited to consumer allegations of wrongful conduct and does not include the amorphous concept of general consumer dissatisfaction outside of wrongful conduct.
  • Some factors that contribute to being contacted about a debt they may not owe are the mobile nature of society and the unwillingness of most consumers to communicate with debt collectors.  Further, federal law prohibits disclosure of specific information about a debt until a consumer's identity has been verified. Hearing from a collection agency that they don't know and never had interaction with can often be confusing.  
  • A closer look at concerns over call frequency leaves out discussion of a very significant "catch-22," which is a significant underlying factor prompting debt collectors to call more often instead of leaving voice mail messages. Under the Fair Debt Collections Practices Act (FDCPA) a debt collector can not divulge the existence of a consumer debt to anyone but the consumer or their attorney, and it also says that a debt collector must identify themselves.  There is currently no safe harbor language for leaving a voice mail that assures a debt collector can comply with the FDCPA.  ACA is calling on the CFPB for the creation of safe harbor language to allow collectors to leave voice mail messages that comply with FDCPA.  

Based on ACA's review of the publicly available data from the CFPB, 96% of complaints are responded to in a timely manner.  In addition 94% of complaints are "closed" in some manner. "We believe that when given the chance, debt collectors do want to work with consumers to resolve their concerns," Morris said.  

ACA International is the comprehensive, knowledge-based resource for the credit and collection industry. Founded in 1939, ACA brings together nearly 5,000 members in the United States and abroad, and their more than 300,000 employees, including third-party collection agencies, asset buyers, attorneys, creditors and vendor affiliates.  Click here to access ACA's white paper on debt collection complaints.

Contact: Mark Schiffman, PR Director
Tel. (952) 259-2124 or [email protected]

Logo - http://photos.prnewswire.com/prnh/20101018/ACALOGO

SOURCE ACA International

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of pati...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...