On July 28, our own Rodney Meeks, CEO of Credit Consulting Services, attended a Consumer Financial Protection Bureau (CFPB) debt collection field hearing in Sacramento in an effort to humanize the collection industry and put a face on companies like CCS. He talked about our employees, our relationships with our clients, and our involvement in the community, in an effort to enlighten the CFPB on the true nature of legitimate collection agencies. The CFPB is expected to release an outline of proposals under consideration for debt collection rulemaking.
The CFPB is a government agency created in 2008 to “protect consumers from unfair, deceptive, or abusive practices by banks, lenders, and other financial companies.” On the face of it, this is a good thing. A market works best when all sides are informed and compliant. Even the CFPB acknowledges that debt collection serves an important role in the proper functioning of consumer credit markets. As stated on their website “If people owe money that they borrowed they are obligated to pay the money back and they should do so.” Sadly, the entire debt collection industry has been demonized because of the unscrupulous activities of a few, and the sheer volume of consumer complaints over those activities, warranted or not. These activities are not representative of the debt collection industry as a hole.
Professional debt collectors usually live and work in the communities where they conduct business. They work directly with clients and consumers to resolve unpaid accounts. Credit Consulting Services is one of those companies. We strive to provide excellent customer service for our clients and still maintain good consumer relationships. It is the cornerstone of our business. We attempted to paint a picture of this reality for the CFPB in an effort to insure that their rule making not tie the hands of legitimate debt collectors all over the country.
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