Debt collection industry worried by caller ID apps

The accounts receivable management industry is one that prefers to fly under the radar. The industry is comprised of collection agencies, creditors, debt buyers, investors and others.

But trade publication insideARM recently pointed out that the businesses that constitute their industry might need to get publicly engaged in finding a solution to problems generated by debt collectors' robocalls. The publication notes that caller ID phone apps are now making it easier for people to know who is calling them and that the apps pose a legal threat to collectors who could potentially be in violation of the Fair Debt Collection Practices Act.

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