All major banks in the UAE have decided against using credit reports from Al Ethihad Credit Bureau due to confusion over liability of inaccurate data. The credit bureau was established to strengthen the banking system in the UAE, but the Chairman of the UAE Bank Federation has said the reports will not be used until…Details
The Al Ethihad Credit Bureau, has started issuing Credit Reports in the UAE for Dh110. Financial institutions and residents can have access to these credit reports which have a data accuracy rating of 99.5% which is above the international standard of credit data quality and accuracy. Read More.. Source: The National Business – Mahmoud Kassem…Details
The Australian Tax Office (ATO) has come under fire from a union official for expressing interest in sourcing private debt collection agencies. The ATO is seeking to reduce Commonwealth debts, strategies to prevent future debts and deliver services nation wide. The union official has been quoted saying these private collection companies will not be covered…Details
It is a common trait for creditors eg.financial instituions to hire third parties to collect debts. The rapid growth of the debt collection industry has caused several issues due to lack of guidelines on the procedures and ethics. The Financial Consumer Protection Centre in Thailand has received numerous complaints of unethical and illegal debt collection…Details
It is four years since the U.S. Federal Trade Commission (FTC) implemented new rules regulating the debt relief industry. This helped consumers find more trustworthy companies to resolve financial problems. Many Americans still need help with debts close to $11.63 trillion. Consumers then turn to debt relief services to help them dig themselves out of…Details
The CEO of Al Etihad Credit Bureau has stressed the importance of information sharing between GCC countries in relation to the credit reporting industry. Al Etihad Credit Bureau has been mandated to implement and operate a credit reporting system in the UAE by the UAE federal government.
Source : Gulf News
Debt Collection agencies and lenders are now using hi tech methods for debt collection. It may sound like science fiction, but some companies can disable a borrower’s car with the click of a button on a screen. Car ignition interrupt devices are the newest high-tech tool that debt collectors use in their information war against…Details
A FDCPA case involving an account number visible through the clear window of an envelope which contained a debt collection letter has been denied a petition to rehear.
The defendant Dougalss V. Convergent Outsourcing had its petition rejected by the Third Circuit Court of Appeals in the US.
Source: Inside ARM, Patrick Lunsford
The International Monetary fund has requested Greece to impose strict rules on operation of the Center for Collection of Social Security Arrears.
The IMF is not happy with the progress of the collections and have doubts about the targets set for the end of 2014.
Source: ekathimerini.com – Roula Salourou
Apple has begun inroads into outdated payment networks with the launch of Apple Pay. The launch is timely with consumers been hit by security breaches and are likely to adopt products like Apple Pay.
It is a similar concept to Bitcoin. Will Apple Pay kill Bitcoin?
Source : Yahoo Finance
A white paper done by SunGard’s Avantgard, a provider of statistical scoring and corporate liquidity solutions shows how statistical models can improve medical debt collections. SunGard writes that statistical modeling triggers scores that can accurately predict payers and the amount to be collected. This enables healthcare providers and medical debt collectors devise a more targeted and…Details