The United States is a credit economy with consistently increasing consumer and commercial indebtedness.
The breakdown of delinquencies is approximately as follows:
- Student Loans
- Financial Services
It’s growing every day. It’s also relatively economy neutral – when the economy’s good, lenders and business extend more credit and gross delinquencies rise.
When the economy’s bad, lenders and businesses face cash needs so debt becomes and delinquency rates rise. So the need for debt resolution services are constantly growing.
The Fair Debt Collection Practices Act (FDCPA) became law in 1978. This Act of Congress supplies our industry with specific guidelines.
Telephone Consumer Protection Act (TCPA) was enacted in 1991. The TCPA restricts the making of telemarketing calls and the use of automatic telephone dialing systems and artificial or prerecorded voice messages.
Consumer Financial Protection Bureau (CFPB) protects consumers from unfair, deceptive, or abusive practices in the consumer financial markets.
The Fair Credit Reporting Act, 15 U.S.C. § 1681 (“FCRA”) is U.S. Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies.