ACA International Recognizes National Consumer Protection Week
MINNEAPOLIS, — As the leading voice of the credit and collection industry, ACA International applauds the Federal Trade Commission for its efforts to educate consumers about their rights during National Consumer Protection Week, March 4-10, 2018.
ACA International members are well-trained professionals who understand laws and regulations, and work diligently to empower consumers to maintain control of their finances. Indeed, many consumers are contacted by third-party debt collectors to resolve duly owed financial obligations.
The third-party debt collection industry recovered $67.6 billion on behalf of creditors in 2016, according to a survey conducted by Ernst & Young on behalf of ACA International. The survey data are discussed in a report titled, The Impact of Third-Party Debt Collection on the U.S. National and State Economies in 2016, which also reveals that debt collection efforts represent $579 in savings on average per household by keeping the costs of goods and services lower.
“The third-party debt collection industry is an essential part of a healthy economy,” ACA International CEO Mark Neebsaid. “It is a well-known fact that recovering unpaid obligations is key to maintaining low prices and enabling creditors to continue to loan money. ACA International encourages consumers to work with third-party debt collectors to amicably resolve collection issues.”
The debt collection industry is a highly regulated sector whose members work tirelessly to ensure that they follow state and federal laws. Here are a few of the important points to remember if you are contacted by a debt collector:
ACA members are working with regulators, Congress and state leaders to ensure a balanced debt collection system that protects consumer rights and allows the legitimate collection of debt to function.
ACA International (ACA), the association of credit and collection professionals, is the largest membership organization in the credit and collection industry. Founded in 1939, ACA brings together third-party collection agencies, law firms, asset buying companies, creditors and vendor affiliates, representing tens of thousands of industry professionals. ACA produces a wide variety of products, services and publications, including educational and compliance-related information; and articulates the value of the credit and collection industry to businesses, policymakers and consumers. www.acainternational.org.