Why Do They Complain So Much?

As the ACA ramps up its oversight of consumer complaints against collection agencies, two agencies in Buffalo have dropped out of their local Better Business Bureau ("Two Collection Agencies Resign from Buffalo BBB," 10/4). The BBB said that the two were due for expulsion anyway for excessive complaints.

Our last blog entry dealt with the FTC and their upcoming workshop on debt collection and what new regulations may come out of the meeting. The most deadly arrow in the consumer advocate’s quiver is complaints against collectors. And you can bet that complaints will be front-and-center at the FTC hearing next week. How can the industry curtail these complaints? Is it too late; the damage done already too much to overcome? Let us know in the Comments section below.

Speaking of the FTC, they’re going after another one of those “debt reduction” companies that offer consumers the opportunity to get out of debt without paying ("FTC Goes After ‘Debt Reduction’ Companies," 10/4). Companies that offer magical solutions to consumer debt have been seen as a natural enemy of the collector. If the FTC is ramping up their oversight of these firms, will it have a positive impact on the ARM industry?