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Perhaps, the main reason why we shifted our focus from collectors to consumers is that consumers may be misunderstanding some aspects of the collection process, which, in turn, may complicate collections for collectors.
According to Bloomberg, even small but incremental debt collection improvements present an opportunity worth billions of dollars.
After the turbulent 2020, collectors worldwide began looking for ways to recover. The pandemic caused an unprecedented economic crisis, followed by serious changes in the direction the industry goes.
CFPB issues the final rule that revises the Fair Debt Collection Practices Act. The new rule is expected to define the debt collectors’ activities and actions consumers should take in response to their requests.
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