According to a report by Alliance for a Just Society, Connecticut residents expressed their complaints concerning debt buyers such as Encore Capitol Group and PRA Group, Synchrony Financial, Bank of America and Citibank.

Recently, a press conference has been held where State Representative Matthew Lesser, US Senator Richard Blumenthal, state Department of Banking Commissioner Jorge Perez, Tom Swan from the Connecticut Citizen Action Group and consumer advocates talked about the importance of regulations against abusive debt collection practices in Connecticut.

Over 26% of Connecticut adults with a credit file have a report of debt in collections. Senator Blumenthal mentioned that the consumers in Connecticut have experienced abusive, deceptive and unfair practices of debt collection. Debt collection agency representatives would come to their places of work, knock at their doors and call them at night.

According to Senator Blumenthal, the above-mentioned report is a mandate for action, and the Consumer Financial Protection Bureau should take measures to regulate such abusive practices.

To grow as a successful collections agency, you should, first of all, open a reliable collection agency merchant account. For this, it is important to turn to a reputable processor like the High Risk Guys. HRG is experienced in the collection agency industry, which is both tough and risky.

Laws in the field are changing, so your merchant account processor should be on top of these changes. If your processor can’t keep up with these changes, your company will suffer big financial losses. After having chosen the right processor for your business needs, you should interview them before signing on the dotted line. Choose the best for your company.

In 2015, the CFPB received the most complaints between August and October from such companies as TransUnion, Equifax, and Experian.

According to the CFPB, credit reporting, debt collection and mortgages counted for the majority of complaints. They collectively represent a bit more than two-thirds (68%) of complaints reported. As the CFPB stated, there was a 1% drop in the amount of complaints between November and December.

 

 

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