FTC Resources for Reporters
Debt Collection
Debt collectors generate more complaints to the FTC than any other industry. Some of them harass and threaten consumers, demand larger payments than the law allows, fail to verify disputed debts, and reveal purported debts to third parties. As a result, consumers often pay more than they owe, inadvertently waive their rights, have their privacy invaded, and get deeper into debt. The FTC enforces the Fair Debt Collection Practices Act, which establishes standards of acceptable debt collection tactics. We have sued over 30 debt collection companies for violating the law, banning some from the business and making them pay steep financial penalties. For the past several years, the FTC has recommended that Congress and the states modernize the legal requirements through a series of reforms to reflect changes in consumer debt, the industry, and technology. For example, a 2010 FTC report concluded that the process by which debt collectors sue debtors (or force them to arbitration) is seriously flawed and protect consumers enough. The report recommends that government, industry, and others adopt significant reforms.
News Releases
- Debt Collectors Settle with FTC, Agree to Stop Deceiving and Abusing Consumers – 05/15/2012
- Court Halts Alleged Fake Debt Collector Calls from India, Grants FTC Request to Stop Defendants Who Posed as Law Enforcers – 04/11/2012
- FTC Charges Payday Lending Scheme with Piling Inflated Fees on Borrowers and Making Unlawful Threats when Collecting – 04/02/2012
- FTC Highlights Expanded Work on Debt Collection Issues over the Past Year – 03/20/2012
- As a Result of FTC Action, Two Defendants in Abusive Debt Collection Case Are Banned from the Industry, Will Surrender Assets – 03/15/2012
- FTC Charges That Payday Lender Illegally Sued Debt-Burdened Consumers in South Dakota Tribal Court Without Jurisdiction – 03/07/2012
- Court Halts Alleged Fake Debt Collector Calls from India, Grants FTC Request to Stop Defendants Who Often Posed as Law Enforcement – 02/21/2012
- Under FTC Settlement, Debt Buyer Agrees to Pay $2.5 Million for Alleged Consumer Deception – 01/30/2012
- Court Rules in Favor of FTC; Orders Defendants in Payday Lending Case to Pay More Than $294,000 for Illegal Garnishment of Consumers' Paychecks – 12/19/2011
- At FTC's Request, Court Orders Debt Collection Operation to Stop Deceiving and Abusing Consumers – 10/26/2011
- At FTC's Request, Court Orders Debt Collector to Stop Deceiving Clients and Abusing Consumers – 09/30/2011
- FTC Action Halts Allegedly Illegal Tactics of Payday Lending Operation That Attempted to Garnish Consumers' Paychecks – 09/12/2011
- FTC Issues Final Policy Statement on Collecting Debts of the Deceased – 7/20/2011
- FTC Files Amicus Brief in U.S. District Court Opposing Proposed Class Action Settlement with Debt Buyer Midland Funding LLC – 06/23/2011
- FTC to Hold Workshop on Ways to Protect Consumers As Debt Collection Technologies Change – 04/25/2011
- FTC Submits 2011 Fair Debt Collection Practices Report to Congress – 03/21/2011
- Leading Debt Collector Agrees to Pay Record $2.8 Million to Settle FTC Charges – 3/16/2011
- Debt Collector Will Pay $1.75 Million to Settle FTC Charges – 10/21/2010
- Debt Collection Supervisors Settle FTC Charges – 01/7/2010
- Debt Collectors Will Pay More Than $1 Million to Settle FTC Charges – 03/3/2010
- FTC Charges Payday Lender with Deceiving Employers in Scheme to Collect Debts – 04/07/2010
Reports and Workshops:
- FTC’s 2010 report to Congress on administering and enforcing the FDCPA
- FTC 2009 Workshop Report: Collecting Consumer Debt
- Repairing a Broken System: Protecting Consumers in Debt Collection Litigation & Arbitration
Business Education
Consumer Information
- Fraudulent Online Payday Lenders: Tapping Your Bank Account Again and Again
- Who's Calling? That Debt Collector Could Be a Fake
- In Debt?
- Time-Barred Debts
- Debt Collection FAQs: A Guide for Consumers
- Debt Collection Arbitration: The Who, What, Why and How
Congressional Testimony
- The Debt Settlement Industry: The Consumer’s Experience – April 22, 2010
- Financial Services and Products: The Role of the FTC in Protecting Consumers – Feb. 4, 2010
- How the FTC Works to Halt Fraudulent Schemes Exploiting the Economic Downturn and the Stimulus Package – Sept. 10, 2009
- Leveraging FTC Resources To Protect Consumers of Financial Services and Promote Competition – March 31, 2009
- Consumer Credit and Debt: The Role of the Federal Trade Commission in Protecting the Public – March 24, 2009
- Consumer Protection and the Credit Crisis – Feb. 26, 2009
Tweets
- Debt Collection Workshop 2.0 – April 28,2011
