Debt collection is a regulated industry, but as our thought piece on American Banker states, there’s room for more – positive – guidance.
In the last few years, collection suit numbers have soared and the CFPB has responded by closing or fining what they call “lawsuit mills.”
Still, most collection agencies follow the law and will still find a technological way to file large volumes of lawsuits without violating federal measures. Consumers will still end up losing by being subjected to aggressive yet absolutely legal tactics in the collection process.
Read more here.