Here, in the Boston Fed's quarterly newsletter. Excerpt: The problems inherent to the business model are most starkly exposed in the context of lawsuits filed by debt buyers. On the one hand, the debt buyer acknowledges in the forward-flow agreement that the data it received from the bank is limited and potentially inaccurate, with frequent […]
Category Archives: Debt Collection
Here. Excerpts from PIRG's news release: Debt collectors trying to collect debt from the wrong person were the top source of complaints to the Consumer Financial Protection Bureau (CFPB), according to a report released today by the U.S. PIRG Education Fund. The report also found that debt collection, the newest category in the database, is […]
Here. The top 10 complaint categories include: Category Number of Complaints Percentages Identity Theft 290,056 14% Debt Collection 204,644 10% Banks and Lenders 152,707 7% Imposter Scams 121,720 6% Telephone and Mobile Services 116,261 6% Prizes, Sweepstakes, and Lotteries 89,944 4% Auto Related Complaints 82,701 4% Shop-at-Home and Catalog Sales 66,024 3% Television and Electronic […]
Coverage by the New York Law Journal here and by Inside ARM.com here.
The American Banker recently published a story, Courthouse 'Rocket Dockets' Give Debt Collectors Edge Over Debtors, about how consumers feel pressured to settle debt cases after receiving summonses to courthouse settlement conferences with debt collectors. An excerpt: At first glance these sessions resemble legally mandated mediation: they take place in courtrooms and are administered by […]
Here. Lots of FDCPA violations.
Does federal law require debt collectors to give consumers the right to make oral disputes (as the Second and Ninth Circuits have held), or may debt collectors insist that any disputes be made in writing (as the Third Circuit has held)? Today, the Fourth Circuit issued a short published opinion agreeing with the Second and […]
We had previously posted a link to a site from which you could purchase SMU professor Mary Spector's article, Where the FCRA Meets the FDCPA: The Impact of Unfair Collection Practices on the Credit Report, 20 Georgetown Journal on Poverty Law Policy (2013). Now it's available for free on SSRN. Here is the abstract: This […]
Here, with links to purchase the articles. The issue includes remarks from a program at the 2013 AALS Annual Meeting jointly sponsored by The Sections on Poverty Law and Clinical Legal Education, entitled The Debt Crisis and the National Response: Big Changes or Tinkering at the Edges? The list includes. The articles include: "Owner Finance! No Banks Needed!" […]
Neil L. Sobol of Texas A&M has written Protecting Consumers from Zombie-Debt Collectors, forthcoming in the New Mexico Law Review. Here is the abstract: The debt-collection business is booming, led by a dramatic increase in the sale and collection of defaulted debts. Currently, debt buyers annually purchase more than $100 billion in the face value […]