Collector – June 2019 - 14

FYI

CREDITCARDS

TECHNOLOGY

CREDIT CARD DEBT: WORTH IT?

While almost one-third of respondents to a recent WalletHub survey reported
that credit card debt "feels normal," 61 percent said they have less credit card
debt today than they did 12 months ago. Here's what consumers say they
would go into debt for:

47%

61% 46% 37% 17%
HEALTH
CARE

HOUSING

TRAVEL

ELECTRONICS

of business executives say
their companies have embedded
at least one AI capability in their
business processes.

16% 14% 11%
CLOTHING

DINING

Source: McKinsey

ENTERTAINMENT
Source: WalletHub

OVERHEARD
SECURITY
AT-RISK YOUTH

Identity theft is a big problem, not only for adults but for children too. Javelin
Strategy & Research found that 39 percent of minors became victims of fraud in
2017, compared to 19 percent of adults. Thieves can use a child's Social Security
number to apply for loans and credit cards and even rent a place to live.
"Minors typically don't have credit reports, which means that a young person may
not find out about issues with their credit reports until they first try to get credit-
perhaps even years later," noted the FTC's Jennifer Leach and CFPB's Desmond
Brown in a blog post.
Last September, a new federal law went into effect that allows parents and legal
guardians of children under the age of 16 request a security freeze on their behalf.

FRAUD AGAINST CHILDREN
U.S. DOLLARS (BILLIONS)

$2.5

2017 fraud incidence
among U.S. Children

$2.6B

8%
6%

$1.5

5%

$1.3B
$1.08B

$989M

$1.0

0.66%

$242M
0.42%

All Fraud

Existing Card
Fraud

4%
3%

1.48%

$0.0

0.79%

0.96%

Existing NonCard Fraud

New-Account
Fraud

*Account
Takeover

*Overlaps with existing card fraud and existing non-card fraud

14

9%
7%

$2.0

$0.5

10%

Source: Javelin Strategy & Research, 2018

2%
1%
0

% OF MINORS

Total fraud amount

$3.0

"We did our business
honestly, ethically and
in full compliance [with
the law]. When we were
approached by the CFPB,
we asked them numerous
times ... to identify the
rule or law ... that we were
violating; they never really
could do that. [We] didn't
ask to be sued. But when
we got sued, we made
a decision that we were
going to fight it, and that's
what we did."
-Scott Weltman,
managing shareholder
at Weltman, Weinberg
& Reis, on a recent
episode of ACA Cast.
Listen and subscribe
to ACA's podcast at
acainternational.org/
acacast.
ACAINTERNATIONAL.ORG


http://www.acainternational.org/acacast http://www.acainternational.org/acacast

Collector – June 2019

Table of Contents for the Digital Edition of Collector – June 2019

President’s Page
Industry News
Best Practices
FYI
Collection Tips
Adapting to a New Environment
“Today agencies realize this is an opportunity to help the consumer.”
ACA International’s 2019 Convention & Expo
Close the Revolving Door
Calendar
Honor Roll
Education Spotlight
Ask the Experts: Small Talk
Growing into the Industry
Exploring STIR/SHAKEN
CFPB Releases Proposed Debt Collection Rule
Industry Advancement Program Helps Member Defeat FDCPA Claim in Ninth Circuit
ACA SearchPoint
Ad Index
Membership
Last Word
Collector – June 2019 - Cover1
Collector – June 2019 - Cover2
Collector – June 2019 - 1
Collector – June 2019 - 2
Collector – June 2019 - 3
Collector – June 2019 - Industry News
Collector – June 2019 - President’s Page
Collector – June 2019 - 6
Collector – June 2019 - 7
Collector – June 2019 - 8
Collector – June 2019 - 9
Collector – June 2019 - Best Practices
Collector – June 2019 - 11
Collector – June 2019 - FYI
Collector – June 2019 - 13
Collector – June 2019 - 14
Collector – June 2019 - 15
Collector – June 2019 - Collection Tips
Collector – June 2019 - 17
Collector – June 2019 - Adapting to a New Environment
Collector – June 2019 - 19
Collector – June 2019 - 20
Collector – June 2019 - 21
Collector – June 2019 - Close the Revolving Door
Collector – June 2019 - “Today agencies realize this is an opportunity to help the consumer.”
Collector – June 2019 - ACA International’s 2019 Convention & Expo
Collector – June 2019 - 25
Collector – June 2019 - 26
Collector – June 2019 - 27
Collector – June 2019 - 28
Collector – June 2019 - 29
Collector – June 2019 - 30
Collector – June 2019 - 31
Collector – June 2019 - 32
Collector – June 2019 - 33
Collector – June 2019 - Calendar
Collector – June 2019 - Honor Roll
Collector – June 2019 - Education Spotlight
Collector – June 2019 - 37
Collector – June 2019 - Ask the Experts: Small Talk
Collector – June 2019 - 39
Collector – June 2019 - Growing into the Industry
Collector – June 2019 - 41
Collector – June 2019 - Exploring STIR/SHAKEN
Collector – June 2019 - 43
Collector – June 2019 - CFPB Releases Proposed Debt Collection Rule
Collector – June 2019 - 45
Collector – June 2019 - Industry Advancement Program Helps Member Defeat FDCPA Claim in Ninth Circuit
Collector – June 2019 - 47
Collector – June 2019 - ACA SearchPoint
Collector – June 2019 - Ad Index
Collector – June 2019 - Membership
Collector – June 2019 - 51
Collector – June 2019 - Last Word
Collector – June 2019 - Cover3
Collector – June 2019 - Cover4
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