Collections & Credit Risk articles from May 2005

Collections & Credit Risk archives from May 2005

The Beat Goes On Bankruptcy Reform and More Data Alerts.
May 1, 2005... It's a month later, but the same two topics still dominate industry news: the overhaul of the bankruptcy law and concerns about the security of sensitive consumer information. Opinions about the short- and long-term effect of the new...

Letters To The Editor.
May 1, 2005... Expert Opinion To the Editor: As an "identity theft expert" for the Better Business Bureau of San Diego, it has become obvious that, unless there are penalties imposed on financial institutions for the lax security of their databases,...

Survey Results.(bankruptcy law and security of banking industry)(Brief Article)
May 1, 2005... Here's how visitors to Credit & Collections World, Collections & Credit Risk's Web site, voted on this month's Instant Survey: Recent high profile security breaches at ChoicePoint and Bank of America have led to increased discussion about...

FTC Probes Debt Settlement Companies.(Federal Trade Commission)
May 1, 2005... Abusive practices by bogus debt settlement and credit counseling companies are under the Federal Trade Commission's scrutiny as the agency moves to clean up the business. The FTC in March ordered AmeriDebt to close its debt management...

What's New.
May 1, 2005... Equifax Offers 3-in-1 Monitoring Equifax Inc., Atlanta, introduces the latest version of Equifax Credit Watch with alerts based on key credit file changes at the three credit-reporting companies. By adding 3-in-1 monitoring to Equifax...

Bank to Spin Off Discover.(Outsourcing Solutions Inc. opens new branch)(CIT Group Inc. acquires Receivables Capital Management)
May 1, 2005... Morgan Stanley agreed to spin off the investment bank's Discover credit card business. The New York-based bank hopes the deal will be completed by the fall. The firm declined to disclose financial details but expects a separation will help...

On Guard: Financial institutions move to outwit those behind phishing, the hot Internet crime. What steps can help fight the problem and protect consumers?
May 1, 2005... Phishing attacks are firmly in the public eye, rising from an obscure term to a familiar one in about a year. The crime is now a top concern for privacy experts and financial leaders. The term describes a scam that lures Internet users into...

Going Broke?: Younger Americans have a serious debt problem. Not surprisingly, lenders and consumer advocates propose different remedies for the credit crunch.
May 1, 2005... Young America treats credit limits like pocket change. Growing up in a bull market, they seemed unaware when the economy began to sink in 2000. They charged through the dot-com bomb and the subsequent recession without changing their...

Generation Debt: Key Facts.(student loans and credit card debt)(Brief Article)
May 1, 2005... Student loan balances doubled in a decade. The average 2002 graduate carried $18,900 versus $9,000 for 1992 graduates. 71% of credit cardholders ages 25-34 revolve balances, compared to 55% of all cardholders. Credit card debt is up...

Security Scramble: High-profile security breaches are prompting calls for stricter regulations to better safeguard consumer's personal and financial information. What is the industry's response?
May 1, 2005... The curtain has been raised on the data collection industry and the behind-the-scenes view is prompting questions about security and privacy in today's electronic age. High-profile security breaches at ChoicePoint, an Alpharetta, Ga.-based...

Response on the Hill.(United States. Federal Trade Commission)(consumer information security)
May 1, 2005... Congress reacted rapidly to the theft and loss of consumer data that hit several information broker firms early this year. Hearings were held, bills were proposed, and speeches were made. But no decisions have yet been reached. The...

Bankruptcy Sales and Servicing: Bankrupt accounts, even unsecured ones, are not a total loss. Creditors are finding that third parties can help them improve their returns.
May 1, 2005... In the past, a creditor faced with a consumer bankruptcy filing may have given up on the account - particularly if no collateral or guarantor was involved. Too much bother for too little return, they figured. Some still do. But increasingly...

Bankruptcy Mini-Glossary.
May 1, 2005... Chapter 7: The chapter of the Bankruptcy Code providing for liquidation, i.e. the sale of a debtor's nonexempt property and distribution of the proceeds to creditors. (Roughly 70% of debtors file under Chapter 7 because most of their debt is...

A Matter of Size: Small collections law firms are under pressure, but nimble players compete by employing new strategies and serving specialty niches.
May 1, 2005... Small collections law firms - ones with roughly 20 or fewer employees - certainly have their work cut out for them. Consolidation among credit grantors and the growing dominance of national law firms have created a host of challenges. ...

Buyers Steady the Course.
May 1, 2005... The debt-sales industry is three years into a renewal that began with a mix of public offerings and private equity interest. Today five public companies - Asset Acceptance Capital Corp., Portfolio Recovery Associates, Encore Capital Group, Asta...

The Online World Repoof B2B Credit rts: With online reports, users have updated information at their fingertips.
May 1, 2005... How important is timely business information these days? According to research conducted by Dun & Bradstreet, Short Hills, N.J., in any hour of a business day, 33 new businesses open, seven companies file for bankruptcy, and there are changes...

Business Credit Report Vendors.
May 1, 2005... Company Location Website ABC-Amega Inc. Buffalo, N.Y. www.abc-amega.com Credit.net Omaha, Neb. www.businesscreditusa.com ...

Advertising and Service Contacts for Collections & Credit Risk and Credit & Collections World.
May 1, 2005... Advertising Western Sales Manager Brenda Schultheis 300 South Wacker Drive, Suite 1800 Chicago, Illinois 60606 Brenda.Schultheissourcemedia.com (847) 251-1588 Fax: (847) 251-0887 Eastern Sales Manager ...