On Monday September 29, 2020, the Federal Trade Commission (FTC) along with State and Federal Law Enforcement Partners announced, Operation Corrupt Collector, a nationwide law enforcement and outreach initiative to protect consumers from phantom debt collection and abusive and threatening debt collection practices. This crackdown encompasses more than 50 enforcement actions against debt collectors brought by the FTC, three federal partners, and partners from 16 states.
The Receivables Management Association International (RMAI) applauds the FTC and state and local governments for their commitment to enforcing the law against companies who are blatantly breaking the law to collect debts consumers do not owe or engaging in abusive and threatening practices. Illegal activity by a few tarnishes the reputation of the thousands of debt buyers and debt collectors who work with consumers every day in full compliance with the law to pay their just debts. RMAI thanks the FTC and those state and local governments for their efforts to rid the industry of any bad actors and address the complaints of consumers related to debts they either did not owe or abusive and threatening collection practices.
In addition to the enforcement actions, state and local consumer protection agencies across the country are joining the FTC in rolling out new information to help consumers know their rights when it comes to debt collection and what steps to take if they receive a call trying to collect on a debt that they do not recognize. Click here to learn more about Operation Corrupt Collector.
RMAI is the industry leader in setting standards for the debt buying and debt collection. Since 2013, RMAI has held its membership to certification standards which equal or exceed the minimum required to comply with the law. Treating consumers with dignity and respect, substantiating debt prior to collection, and fostering support for an industry which is designed to complete the consumer credit cycle are the underpinnings of its certification standards.
About Receivables Management Association International:
Receivables Management Association International (RMAI) is a nonprofit trade association that represents more than 550 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to its rigorous uniform industry standards of best practice which focuses on the protection of the consumer.
More information about RMAI is available at www.rmaintl.org.