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…
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Apple has begun inroads into outdated payment networks with the launch of Apple Pay.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
An interesting infographic from FICO points out that technology has given debt collectors a new power, ‘the ability to communicate in a customer friendly manner to the debtor better and faster’.
Click here to view this infographic
Source : fico.com
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…
ACA International has submitted extensive comments on the revised proposed debt collection rule issued by New York State Department of Financial Services.
ACA has stated that the proposed regulations will burden the members that collect in New York, whilst providing the consumers with little meaningful benefit.
Source: Inside ARM
Unpaid social security contributions has been mounting to the tune of millions of euros in Greece. The International Monetary Fund has called upon the Greek government to have a private debt collection agency chase these unpaid contributions. But the Greek Interior Ministry has refused to cooperate with IMF despite the debts spiraling out of control. Read…
The Queensland Government has offered the management of debts held by the State Penalties Enforcement Registry to a private broker. This broker will engage private debt collectors in a tender that closes on Friday. The Treasurer has said there would be legislative changes to accommodate this. Unpaid fines have been steadily rising over the last…
