2014 The Year Ahead in Debt Collection Part 4

Debt Collection

Of course, as debt collection attorneys in Florida, this is the area of the agencies attention that we are most focussed on.

The agency reviewed over 31,000 complaints, and in November the agency indicated that they were readying a direction for any new rules as a result.

Many debt collectors, and even debt collection attorneys continue to embarrass our industry, and impinge on the legitimacy of our profession.  While at the same time our profession is so heavily regulated that it is incredibly difficult to go through the debt collection process without some legal misstep.  The debt collection industry, especially once it leaves the front line debt collectors, and moves into the legal ground, needs help, on both sides of the equation.

We need to be able to weed out those that hurt our industry, and strengthen the ability of those professionals whose job it is to make sure that American Businesses get paid for their goods and services.

Sale of debt from the original debt holder to an agency that buys bad debt appears to be under scrutiny in the coming year.  There are large concerns over the movement of the supporting data behind the debt, as it is purchased, and moves on to a new debt holder.

These movements are nearly inevitable, and will significantly shape our industry for some time to come.