The GAO released a report to the public that outlines the need for FDCPA reform. Some of the recommended changes have been suggested by the ARM industry for years. This makes it seem that the collections industry is about to reap a major windfall in terms of less stringent regulations under FDCPA but the real story is that it appears that the regulations actually tighten the rules. The report says that better reporting should be implemented by requiring debt purchasers to obtain better documentation and pass that on when a debt is sold. It seems to also recommend that other reforms are needed but none of them seem to be recommending any breaks for debt collectors under FDCPA but rather clarifying many issues over time and giving the FTC more regulatory powers. That might be good indeed.I have the full story in my links page.
