Debt collection

The Federal Trade Commission said Monday it has issued its 33rd annual report to Congress describing the agency’s law enforcement and other efforts to protect consumers from unfair, deceptive and abusive debt collection practices.

Encore Capital Group Inc., a consumer debt buyer, unveiled Monday a "Consumer Bill of Rights" - a document to "codify the company's commitment to conduct business ethically, engage in respectful and constructive dialogue with consumers, and play a positive role in consumers' financial recovery."

West Asset Management Inc., the debt collection unit of West Corp., has agreed to pay $2.8 million to settle charges it used aggressive collection methods that violated federal law, according to the Federal Trade Commission. The civil penalty is the largest obtained by the FTC in a collection case.

A proposed rule by the Federal Communications Commission to restrict debt collectors’ ability to autodial cell phones could lead to the unintended impact of making credit costlier and harder to get for younger and more mobile customers.

Checking accounts have long been the core product for bank customers. Times may be changing. The newest banking regulations are pushing banks toward charging fees for services that used to be free and cutting rewards programs in order to recoup their losses.

Credit card debt among consumers with at least one account dropped 15% nationally in February to $7,168, with every state lowering its credit card debt, according to CreditKarma.com, a San Francisco-based company that tracks credit scores and household debt.

If you are a business owner you know that you sometimes have customers that owe you money and you may struggle with trying to collect that money.

For the 11th consecutive year, identity theft topped the Federal Trade Commission's annual list of consumer complaints. Debt collection ranked second in 2010.

An estimated 444 collection agencies and creditors were sued between Feb. 1-15, a slight uptick from 440 in the second half of January, according to data from U.S. District Courts.

The Federal Trade Commission is mailing 1,455 refund checks to consumers defrauded by a mortgage loan modification and foreclosure rescue scam.

New York state regulators have taken action against several Buffalo, N.Y.-area collection agency owners who were charged recently with preying on consumers - including military personnel.

The majority of U.S. financial institutions expect their consumer lending businesses to grow or remain steady in 2011.

Portfolio Recovery Associates Inc. posted record fourth-quarter revenue while profits soared nearly 70% from a year earlier, the debt buyer and collection agency announced Tuesday.

Quarterly and yearly profits at Encore Capital Group Inc. beat market expectations, helped by a huge jump in gross collections, the debt buyer and collection agency reported Monday.

Financial institutions are still faced with the age-old problem of trying to help their customer service representatives (CSRs) be successful at selling more banking products.

U.S. consumers average credit scores dropped two points to 667 since January 2010, as credit card debt fell by 9% to $7,200 in the same period, according to data Credit Karma released Thursday.

Debt buyer Asta Funding Inc. on Wednesday reported a decline in revenue due to a sharp drop in cash collections for its fiscal year first quarter ended Dec. 31.

For the fourth consecutive quarter, TransUnion's Credit Risk Index (CRI) declined - indicating consumers were less of a credit risk in 2010 compared with the previous year, the Chicago-based credit bureau reports.

U.S. consumers are spending more on their credit cards after two years of cutting back, according to the Federal Reserve's G.19 report released Monday. The first increase in credit card debt since the financial crisis began is a sign Americans are gaining confidence in the economy.

A new survey of risk managers across Europe shows many expect an improvement in credit card and auto loan performance in the next six months, with much less optimism for mortgage loans and small business loans.