In a 2009 study of the debt collection industry, the Federal Trade
Commission (FTC) concluded that the "most significant change in the
debt collection business in recent years has been the advent and
growth of debt buying". "Debt buying" refers to the sale of debt by
creditors or other debt owners to buyers that then attempt to
collect the debt or sell it to other buyers. Debt buying can reduce
the losses that creditors incur in providing credit, thereby
allowing creditors to provide more credit at lower prices. Debt
buying, however, also many raise significant consumer protection
concerns. The FTC receives more consumer complaints about debt
collectors, including debt buyers, than about any other single
industry. Many of these complaints appear to have their origins in
the quantity and quality of information that collectors have about
debts. This book provides an overview of the debt buying market and
the process of buying and selling debt; and the nature and extent
of the relationship between the practice of debt buying and the
types of information that the FTC has found can occur when debt
collectors seek to recover and verify debts.
General
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