FTC’s Reilly Dolan Lists Those Banned From Debt Collection, and Discusses Industry Self-Regulation

Earlier this week, Reilly Dolan, Associate Director, Division of Financial Practices at the Federal Trade Commission posted a blog about the debt buying industry and its efforts to self-regulate. Below is the full text of the piece, which offers insight into the regulator’s expectations. Also of interest is the link to the 75 bad apples recently banned from the debt collection business.

Last year the FTC received 280,998 complaints about questionable debt collection practices. We think consumers and responsible members of the industry can agree that number is higher than it should be. The FTC is fighting that battle on three fronts. We’ve brought dozens of cases – both on our own and with state partners – to enforce the Fair Debt Collection Practices Act and Section 5. We’ve fought to have 75 bad apples removed from the debt collection barrel. And we continue to educate consumers and businesses about their rights and responsibilities in the collections process. But there’s another important effort underway.

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