Sacramento, CA, May 24, 2016 – DBA International disagrees with certain broad characterizations of the debt buying industry contained in the June 5th episode of “Last Week Tonight with John Oliver,” we wholeheartedly agree with the premise of the show that unscrupulous activity within the industry harms consumers.
This position is the core of DBA International’s Receivables Management Certification Program and the reason why the association requires certification of all companies actively purchasing receivable portfolios as a requirement of membership. These standards meet, and often exceed, the already implemented state and federal laws and regulations.
The segment highlighted well-publicized problems from the past instead of discussing industry regulations and reform, benefits to consumers, and contributions to the economy. John Oliver’s producers contacted DBA International and we participated in a lengthy interview in the days before it aired providing extensive background on the industry and the certification program. This information was not incorporated into the show.
It’s important to note that the debt buying industry is one of the most comprehensively regulated financial services industries in the country, both at the federal and state level. The questionable debt collection practices highlighted in John Oliver’s program are not collection tactics – they are prohibited illegal actions.
DBA International member companies work proactively with consumers to resolve their financial condition by customizing payment plans, ending accruing interest, and offering settlements for less than the principal balance. This vital industry assists the credit economy and allows consumers to settle their legal obligations in a safe and compliant manner. Moreover, DBA International’s certification program ensures that debt buying companies treat consumers fairly and with respect and integrity.
If you have questions in regard to this segment, DBA International’s certification program or the debt buying industry in general, please contact Executive Director Jan Stieger at (916) 482-2462.
About DBA International
DBA International (DBA) is the non-profit trade association that represents more than 550 companies that purchase or support the purchase of performing and non-performing receivables on the secondary market. DBA’s Receivables Management Certification Program and its Code of Ethics set the “gold standard” within the receivables industry due to its rigorous uniform industry standards of best practices which focus on the protection of the consumer. DBA provides its members with extensive networking, educational, and business development opportunities in asset classes that span numerous industries. DBA continually sets the standard in the receivables management industry through its highly effective grassroots advocacy, conferences, committees, taskforces, publications, webinars, teleconferences, and breaking news alerts. Founded in 1997, DBA International is headquartered in Sacramento, California.
MaryAnne Kelly, Associate Director