Accepted for 5 CEs by the AFCPE
The ICFE's DCCS® comprehensive training and certification program is specifically developed for credit and debt counselors and credit industry professionals, who are dedicated to educating and assisting consumers, debtor clients, businesses. The focus is on the Fair Debt Collections Practices Act (FDCPA) and how to help protect the general public with consumer debt collection compliance.
Consumer Debt Collection by the Numbers
• 30 Million: approximate amount of American consumers currently subject to debt collection
• $1,500: average amount of debt subject to collection
• 4,500: approximate number of debt collection firms in the United States
• $12.2 billion: approximate amount of industry’s annual receipts
• 63 percent: % of industry’s annual receipts by firms that will be subject to CFPB supervision
The Consumer Financial Protection Bureau (CFPB) assumes the oversight of the consumer debt collection industry on January 1, 2013.. The Federal Trade Commission will work under the CFPB to help with compliance and consumer education. Abuses in the consumer debt collection industry are rampant.
There are two issues that deal directly accounts receivable management (ARM) a/k/a debt collection, “Collection practices” and “Collection debt dispute.” When combined, these two issues were the third most commonly cited by consumers in complaints.
The CPFB will be taking over the work of compiling and handling consumer complaints about debt collectors beginning in January 2013. Unlike the practice of the FTC, who has previously handled the complaints, ARM companies will be able to respond to the complaints and offer resolution.
The DCCS® is trained to be an advocate for the consumer, both to help with complaints and also to resolve others issues connected to collections, i.e. negative credit reports and low credit scores. Among the qualified professionals who benefit from the DCCS training are employed by a wide range of organizations including consumer credit and debt counseling organizations, credit unions and other financial institutions, student loan lenders, cooperative extension system, all branches of the military, mortgage, real estate, and financial services firms; law enforcement, and other government agencies. Many others are private practitioners including notary public, attorneys, security consultants, CPAs, CFPs, and consumer educators.
The growth of the consumer credit has been explosive. Americans are still getting all charged-up with their plastic and far too many of them have fallen behind and now find themselves the target of aggressive debt collections. ICFE Certified Consumer Debt Collection Compliance Specialists (DCCSs®) have learned the Fair Debt Collection Practices Act, the FTC staff commentary and applications of the statute, the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transaction Act (FACTA). They have learned what a debt collector is, what collectors are and are not covered by the FDCPA. Also included are the most common debt collector violations of the FDCPA. How to advocate for the consumer debtor. Being in a consumer debtor in collections has consequences like negative credit reports and low credit scores. The DCCS® program also includes how to read and understand credit reports. They have also learned about the steps to take to guard against credit and identity theft, an important new aspect of disputed debt among a growing number of consumers. Another important aspect in the training is about credit scoring; how to both maintain and increasing them, which often results in lower credit costs.
More people are now becoming aware of the importance of looking at their credit files, especially because of recent headline news stories about the rapid increase of crime in these areas.
Studies have also shown that credit history is a powerful predictor of future auto insurance losses. Many insurance companies consider certain credit characteristics in addition to many other factors when determining an individual's rate.
ICFE CCRRs® provide a valuable service by helping to educate their individual clients and small business owners on the importance of maintaining a good rating, high credit scores and protect their personal information from criminals.
The DCCS® program is accepted for 5 CE's by the AFCPE.
Third party debt collectors are professionally trained. The DCCS® course reviews some of the collector training courses and points out their focus = collect more money. Consumer advocates, properly trained are much needed and desperately lacking. Those who take this training course who become a consumer debt collection compliance specialist will enhance their value to their employer or clients.. Every counseling agency and counselor will want to have consumer debt collection compliance specialists on staff and on their personal resumes.