Xcelerated Revenue LLC

Credit Industry

The United States is a credit economy with consistently increasing consumer and commercial indebtedness.

  • Over 70 Million people in the US were contacted by collection agencies last year.
  • 33% of all US citizens have or had a debt in collection.
  • Consumer debt in particular has increased dramatically over the years.
  • Today, this industry exceeds $15 Trillion.
  • $652 Billion of outstanding household debt is in some stage of delinquency.
  • 67% of those balances are at least 90 days late.

The breakdown of delinquencies is approximately as follows:

  • Healthcare
  • Student Loans
  • Financial Services
  • Government
  • Retail
  • Telecom
  • Utility
  • Mortgage
  • Other

Federal Regulation

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.

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