Debt collection

U.S. consumers' average credit scores slipped one point in the past year, and credit card debt fell by 8% to $7,404 during the same period, according to data released by Credit Karma on Wednesday.

U.S. consumers filed an estimated 13,901 lawsuits against collection agencies and creditors last year, including 10,914 Fair Debt Collection Practices Act (FDCPA) cases.

DBA International has named Jan P. Stieger as its executive director, the debt-buying industry association's board of directors announced Monday. She was previously executive director at the California Association of Collectors (CAC).

A man accused of running an illegal collection business pleaded guilty Friday to felony charges of mail fraud and tax evasion at federal court.

Consumer borrowing rose in November for a second consecutive month, led by an increase in non-revolving credit - including student loans held by the government, according to a Federal Reserve G.19 report on consumer credit released Friday.

Bank fraud comes with a heavy price tag to financial institutions and their customers. As the nature of banking changes, the methods of combating fraud must also evolve.

Rozanne Andersen, formerly CEO at ACA International, has joined Minnesota-based law firm Morrison Fenske & Sund to lead the firm's national compliance and reputation management practice for the accounts receivable management industry.

Credit Karma announced Thursday it is offering consumers two additional credit scores for free through its Web site, CreditKarma.com.

U.S. consumers and businesses likely increased spending in November, a possible sign that the economy began gaining strength at the end of last year, according to recent forecasts from economists.

The number of U.S. consumers who filed for bankruptcy in 2010 topped 1.5 million last year, up 9% compared with 2009 as high long-term jobless rates and depressed home prices drove more households to seek court protection, according to both the American Bankruptcy Institute (ABI) and the National Bankruptcy Research Center.

Asset Acceptance Capital Corp., a buyer and collector of charged-off consumer debt, announced that it will close its Cleveland collections office. The closing is expected to reduce the company’s operating expenses by approximately $3 million per year, according to a company statement.

An estimated 510 different collection agencies and creditors were sued under consumer statutes between Dec. 1-15, a jump from 428 in the second half of November, according to data from U.S. District Courts.

The Federal Trade Commission is taking legal action against a massive Internet enterprise that allegedly has made millions of dollars by luring consumers into "trial" memberships for government-grant and money-making schemes, then charging various fees to their credit and debit card numbers.

Missouri Attorney General Chris Koster announced this week that his office has reached a consent judgment with Elite Financial Services Inc., a debt settlement company that allegedly misrepresented its services.

U.S. foreclosure filings in November totaled 262,339, a 21% decrease from the previous month and a 14% decrease from November 2009.

A consortium of non-profit consumer credit counseling agencies filed a joint complaint letter with the Federal Trade Commission on Wednesday, calling for the agency to take "immediate investigative and enforcement action against debt settlement companies that have brazenly evaded" the FTC's recently amended Telemarketing Sales Rules.

An estimated 428 different collection agencies and creditors were sued under consumer statutes between Nov. 16-30, a drop from 497 in the first half of the month, according to data from U.S. District Courts. The tally likely dropped in part because of the Thanksgiving holiday.

Beacon Financial Group Inc. has acquired Estate Recoveries Inc., a Baltimore-based accounts receivable management firm that specializes in deceased debt accounts, the companies announced Friday.

Even though economic recovery still has a long way to go, we have all heard enough of the bleak forecasts and are ready for some positive news.

A U.S. district court has approved a Federal Trade Commission settlement to shut down two groups of Florida-based telemarketers that allegedly flooded consumers with misleading pre-recorded robocalls falsely promising to reduce their credit card interest rates.