Debt Collection Industry Pushes For Data Transfer Standards

Law360, New York (June 6, 2013, 5:14 PM EDT) -- Representatives of debt collection firms, banks and debt buyers on Thursday urged federal regulators to set a single national standard for the amount and types of information that must be transferred along with consumer accounts.

One of the problems that has dogged the debt collection industry has been complaints about the deterioration of consumer information as debts are passed from the original creditor, like a bank issuing credit cards, to a third-party debt collection firms and ultimately to debt buyers. As debts move along, mistakes add...
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