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Bureau Report Shows Rise in Telecom-Related Collections
On Wednesday, August 22, 2018, the Bureau released its latest quarterly consumer credit trends report, indicating one in five consumers has telecommunications-related collections on their credit report in the last five years. The report explored telecommunications-related debt and reporting to credit agencies nationwide. The Bureau outlined the prevalence and dollar value of telecom collections and, in doing so, illustrates industry practices in collection and reporting of telecommunications debts.
Key findings include:
- About 22 percent of consumer reports contained a telecom-related item at some point between mid-2013 and early 2018;
- The median telecom collection balance is $408, with 17 percent of telecom collection balances exceeding $1,000; and
- Telecommunications providers often hire collection agencies or sell telecom debt to debt buyers.