Letter to the Editor: American Banker
News Headline: Debt Collectors Need CFPB’s Kick in the Pants
Date: 4/28/15
Link to story: http://www.americanbanker.com/bankthink/debt-collectors-need-cfpbs-kick-in-the-pants-1074028-1.html
Editor,
The article on debt collectors needing a “kick in the pants” contains a fatal flaw. By attempting to paint all debt collectors with the same brush, it creates a misleading picture of the industry. Just as banks differ, so to do debt collectors. When debt is collected in a professional and ethical manner, everyone wins. Consumers get the assurance of lower interest rates and businesses know that bad debt simply isn’t a “cost of doing business.” In sum, professional and ethical debt collecting is essential not only for the financial sector, but also for consumers because it strengthens our credit-based economy.
DBA International, the voice of the debt buying industry, has addressed many of the concerns the article raises by adopting an industry-leading national certification program. This certification program ensures our member companies follow responsible consumer protections through the adoption of uniform industry standards and best practices – the hallmark of which is greater transparency for the consumer. This certification program is the “gold standard” because it goes above and beyond state and federal regulations.
DBA neither supports nor tolerates the “unscrupulous” in the debt buying industry. Through constant education, compliance with multi-level regulation and our certification program, we work tirelessly to reduce the confusion and misunderstanding about the debt-buying industry. If the author is really interested in improving our industry, he should engage with DBA International and help us address industry-related issues and concerns.
Jan Stieger
DBA International