Good news hit the wires today.
ACA International, the biggest trade association for debt collection professionals, announced in a press release a formal set of policies and procedures to modernize the outdated FDCPA.
The initiative, known as “The Path Forward: A Blueprint for Modernizing America’s Debt Collection System,” lays out five key ideas:
- Use Modern Technology Responsibly:
- Better, Simplified Communications with Consumers:
- Advocate for Responsible Litigation in the Collection Industry:
- Assure Proper Debt Documentation:
- Adopt a Federal Seven-year Statute of Limitations for the use of Litigation to Collect Debts:
“The Blueprint is a road map of public policy initiatives and industry practices achieved through active collaboration with ACA members, lawmakers and regulators to modernize a system of critical importance to our national, state and local economies,” said ACA Chief Executive Officer Patrick Morris. “Others have offered their proposals to reform the debt collection industry, this is our plan.”
Debt collection is essential to our national economy. That being said, the industry is in need of a major overhaul. Ideas put forth by major players in the industry such as Bill Bartmann and ACA International should go a long way towards initiating positive change.