WebsiteGear Logo Log In
New User? Sign Up
About | Contact | FAQ
  Home News Website Related Website Revenue Thursday, March 28, 2024 
Add Press Release News | News Feeds Feeds | Email This News Email


United States Credit Card Charge-Off Collections Report 2019: Tightening Credit Management: Third Party Collections Augment Bank Card Issuers? Strategies to Control Loss
Monday, August 19, 2019

DUBLIN, Aug. 19, 2019 /PRNewswire/ -- The "Credit Card Charge-Off Collections Takes Brains not Brawn" report has been added to ResearchAndMarkets.com's offering.

https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

The Consumer Finance Protection Bureau is in the process of modernizing the Fair Debt Collection Practices Act (FDCPA), which is an appropriate move for the credit card industry. It is the perfect time for credit card issuers to consider their current collections strategies while the economy is performing well.

Credit Card Charge-Off Collections Takes Brains not Brawn report explains the importance of third-party collection agents and why proposed regulatory updates are appropriate for the U.S. credit card business.

Readers will learn how the credit card aging process works, why third-party agencies help manage financial institution account overflow, and how the FDCPA creates guard rails for the industry.

The timing of the original Fair Debt Collection Practices Act was perfect. Revolving debt in the U.S. hit $50 billion, comments the author of the research report. Today, the U.S. credit card market has more than $1 trillion of revolving debt. Loss rates are at normal levels, yet more than 1 million U.S. cardholders end up at collection agencies each year. FDCPA was born in a world before cellphones, email, and texts. FDCPA 2.0 addresses all these functions and curtails litigation in zombie debt. Both are appropriate next steps.

Highlights of the research report include:

    --  A thorough explanation of credit card aging
    --  Bankrupcy trends (2006-2019F)
    --  Revolving debt trends in the U.S. (1968-2027F)
    --  Charge-off rates for U.S. credit cards (2006-2023F)
    --  Percentage of U.S. consumer accounts placed at collection agencies
        (2006-2018)
    --  Regulatory controls impacting third-party collections
    --  Customer complaints about collections by type
    --  Collection process flow

Key Topics Covered:

Executive Summary

Sooner or Later, Credit Card Collections Move to a Different Arena

    --  Days Contractual Delinquency Causes a Strategy Shift
    --  Cardholders' Ability and Intent Drive Credit Card Decisioning
    --  Bankruptcy Terminates Collection and Accelerates Charge-off

Credit Card Charge-offs Affect Many Americans

    --  Almost Four Dollars of Every Hundred Becomes a Contractual Charge-off
    --  Collection Agencies Touch Many Households

Governing Third-Party Collection Agencies

    --  Rules and Laws Affecting the Collection Industry
    --  Collection Agency Work Is Not Easy
    --  Third-Party Collections: Big Business
    --  Dodd-Frank Governs Financial Institutions' Practices, FDCPA Governs
        Collection Agencies
    --  FDCPA: 1978 Perfect Timing for Governance
    --  FDCPA 1.0
    --  FDCPA 2.0: Staying Relevant in the Digital Age

Supporting Technologies

    --  Internal, Pre-Write-off Collections Manages Credit Risk
    --  External Collection Management: Manage Vendors, Risks, and the Customer

Conclusions: What Credit Card Issuers Should Do

References

    --  Related Research
    --  Endnotes

Companies Mentioned

    --  ACI Alorica
    --  Banco Bradesco
    --  Citi
    --  Encore Capital Group
    --  Equifax
    --  Experian
    --  Expert Global Solutions
    --  FICO
    --  NCO
    --  Portfoliio Recovery Associates
    --  PRA Group
    --  TransUnion

For more information about this report visit https://www.researchandmarkets.com/r/8sbfbf

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

View original content:http://www.prnewswire.com/news-releases/united-states-credit-card-charge-off-collections-report-2019-tightening-credit-management-third-party-collections-augment-bank-card-issuers-strategies-to-control-loss-300903593.html

SOURCE Research and Markets



Email This News Email | Submit To Slashdot Slashdot | Submit To Digg.com Digg | Submit To del.icio.us Del.icio.us | News Feeds Feeds

RELATED NEWS ARTICLES
Nav Bedford Media To Relaunch LIFE Magazine | Mar 28, 2024
Nav LightInTheBox Files 2023 Annual Report on Form 20-F | Mar 28, 2024
Nav The Fabricator Podcast wins Gold in 2024 AVA Digital Awards | Mar 28, 2024
Nav Benjamin Capital Partners Secures Seed Round To Ignite Future Growth | Mar 28, 2024
Nav Consolidated Credit Launches Free Webinar Series to Empower Individuals During Challenging Economic Climate | Mar 28, 2024
Nav Global Smart Insulin Pens Market 10 Year Forecast Report 2024-2034 - A USD 2.30 Billion Market by 2034 with a 10% CAGR During 2024-2034 | Mar 28, 2024
Nav CJF-CBC Indigenous Journalism Fellows Announced | Mar 27, 2024
Nav The World Needs Don Quixote-Style Writers: "Curses of the Kingdom of Xixia" Written by Acclaimed Author Xue Mo Successfully Launched at the 2024 London Book Fair | Mar 27, 2024
Nav Heinemann To Publish New Professional Book By EduColor Co-Founder José Luis Vilson | Mar 27, 2024
Nav Busbud Joins Forces with Buson in Brazil, Strengthening Its Leading Position in the Americas | Mar 27, 2024
NEWS SEARCH

FEATURED NEWS | POPULAR NEWS
Submit News | View More News View More News