Bad Creditors Will Soon Be Known To The CFPB & The Public

The majority of creditors are kind people. However, every so often one comes around that garners so many complaints, that they make the entire business seem like a bad place to be. While this can be rare, the CFPB is taking action, requiring that the big credit reporting bureaus report back the names and information of the overzealous creditors who garner complaints. This is not only great for the industry, but consumers and merchants as well.

Consumers, of course, benefit from this because they are most likely the ones who deal with the unsavory characters who ruin the crediting industry. To know that some are better than others can be a relief, however when you are dealing with a creditor that is rude and harassing, they should be reported. While some areas attract harsher creditors, others do not, and these industries will be reported to the CFPB, as well. This is actually good for merchants, as well, especially those who operate collections agencies.

Bad Creditors Will Soon Be Known To The CFPB The Public

While collection agencies get a bad rap, they, like most who work for them, are good. A few bad apples can spoil the bunch, and that is what has happened to the industry. These new listing can help keep everyone safe from rogue creditors, as well as keep companies on top of their employee actions. If you operate a collection agency, you know how tough it can be. One of the toughest aspects can actually be collecting payments, and it is not from lack of payment. The vast majority of collections agencies know that it can be tough to find a reliable merchant account processor to process their payments.

This is because the industry has a high fraudulent percentage. However, there are merchant account processors who can, and will, take on your company. For instance, is one of the top-rated collections agency merchant account processors in the United States. With their service, your information and your customers information is safe, secure, and processed safely. Many charge high fees to process collection agency payments, but not This is a major plus, not only for you, but also for your clients.

Creditors and collection agencies get a bad rap, thanks to a select few that go overboard on their job. Thanks to new CFPB guidelines, credit bureaus will now make known the industries and creditors that behave badly. This is not only good for those who have to pay a collections agency, but also those merchants who operate a collections agency.

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