FTC and CFPB host roundtable on data integrity in debt collection

When the topic turns to debt collection, some people assume the only thing that changes hands is money.  But there’s another important consideration:  the life cycle of consumer information as it flows through the debt collection process.  That's the subject of Life of a Debt: Data Integrity in Debt Collection, a June 6, 2013, roundtable co-hosted by the FTC and the Consumer Financial Protection Bureau (CFPB).

What’s on the agenda?  Attendees will hear from consumer advocates, industry members, credit issuers, academics, and law enforcers about hot topics like:

  • the amount of documentation and other information currently available to different types of debt collectors and at different points in the process;
     
  • what’s needed to verify and substantiate debts;  and
     
  • the costs and benefits of additional disclosures for consumers about their debts and debt-related rights.

Also on the table: verifying disputed debts under the Fair Debt Collection Practices Act, investigating disputed debts under the Fair Credit Reporting Act, time-barred debts, and litigation issues.

The roundtable is scheduled for Thursday, June 6th, at the FTC’s Conference Center at 601 New Jersey Avenue, N.W., in Washington, D.C.  Registration opens at 8:00, but if you can’t make it, we’ll be webcasting it, too.  RSVP by sending your name and affiliation to LifeofaDebt@ftc.gov.

Looking for more resources on helping your clients comply with the law?  Bookmark the FTC's debt collection page in the Business Center.

 

 

4 Comments

>> Leave a Comment | Comment Policy

Having a simple process for consumers to get information they need to recognize an account or get an answer to a dispute is a great idea. Requiring specific pieces of information to be provided before a dispute or request is made just adds cost and complexity.

The integrity of data supporting debt collection is questionable and in some cases fraudulent.
Let us take an example of an ID Theft victim who is asked to pay for debts accumulated by the ID Thief. What can the victim do to protect himself and his family from being pursued by virtual debtors? It is obvious that victim is not fairly treated under Fair Debt Collection Act. What are the legal rights of a consumer flooded with virtual debts?
What action can the victim take against the the ID Thief?
These and many other questions should be addressed.

Will this cover recovery of debt accumulated as a direct result of I D Theft?

Your reference number is:45400916

So why then are so many (implied) legetimate tax payer institutions embracing the commercial lending sharks. Case in point above.

Thanks,

Hhans

Leave A Comment

Don't use this blog to report fraud or deceptive practices. To file a complaint with the Federal Trade Commission, please use the FTC Complaint Assistant.

PRIVACY ACT STATEMENT: It is your choice whether to submit a comment. If you do, you must create a user name, or we will not post your comment. The Federal Trade Commission Act and the Federal Information Security Management Act authorize this information collection for purposes of managing online comments. Comments and user names are part of our public records system, and user names are also part of our computer user records system. We may routinely use these records as described in our Privacy Act system notices. For more information on how we handle information that we collect, please read our privacy policy.