At LCollect we believe that knowledge is power. Every month our debt collection blog gives you practical tips, stories and news from around Australia and the world.
Last month we indicated that the debt collection industry was being reviewed by the ACCC. You can read our blog post here.
Some of the research reports key findings include:
The report has interesting insights to the credit repair industry, with all stakeholders (industry, regulators, ombudsmen, retailers and consumer advocates) noting the negative impact credit repair activities have on consumers, the EDR process and the credit reporting system. An extract from the COSL / CIO 2014 annual report was taken which provided an example of a consumer being charged an upfront fee of $900 and then $1000 per default listing removed where the credit default was for $500.
We would encourage everyone involved in the industry to go over this report. It may provide you with insights in other areas of interest to you.