The Office of Fair Trading (OFT) is drawing up new debt collection guidance, making it clear that its rules apply to all businesses involved in debt recovery, ranging from lenders to debt collection firms and debt buyers, as well as law firms and tracing agents. It also stressed the responsibility creditors had to ensure that [Read Full Story]

FTC report: Credit card complaints nosedive in 2010 Identity theft and debt collection calls rank first and second By Connie Prater   Consumer credit card complaints took a nosedive in 2010, according to the list of top consumer complaints released Tuesday by the Federal Trade Commission. One possible reason: Tough new credit card regulations [Read Full Story]

Rude debt collectors brought in the top number of complaints to one Attorney General’s office last year. Next on the list? Telemarketing scams, say BBB officials. The Better Business Bureau and Missouri Attorney General Chris Koster released a list of its top 10 scams for 2010, and most involved consumers releasing personal information such [Read Full Story]

Three companies and their owner, who allegedly falsely claimed they could help consumers quickly eliminate their credit card debts and stop calls from debt collectors, have been banned from the debt relief business under a settlement with the Federal Trade Commission. The defendants are Jonathan Greenberg, Hermosa Group LLC, Media Innovations LLC [Read Full Story]

Buying bad debt is a rapidly growing business enterprise for investors. A bad economy and rising unemployment, resulting in growing consumer debt and increasing credit defaults has left creditors with lots of unresolved debt. As these credit granters are looking for much-needed cash flow, many are selling portfolios of charged off debt. Buying [Read Full Story]