Released every month our debt collection blog contains news, stories and tips to keep you informed.
In a speech at the Committee for Economic Development of Australia, the chairman of the Australian Competition & Consumer Commission, Rod Simms, advised that debt collection and private health insurance would be subject to an industry review.
The debt collection industry was reviewed by the ACCC in 2014 as the ACCC sought to understand the business models being used and the impact they had on debt collection practices with a focus on the impact of these practices on vulnerable consumers.
Early results of this study were revealed in the ACCC's congress in March 2015. These results show that the debt collection industry is a $1.2 billion dollar industry employing over 8,000 people. The industry makes 65 million contact attempts each year with approximately 75% of these attempts made by phone or SMS according to the industry.
The full results of the study are set to be released in May 2015.