The bill was favored by debt collectors, which buy delinquent accounts from banks and credit card companies for pennies on the dollar, but receive only minimal information from those sources. It can be difficult and expensive for the collection companies to get additional information on the defaulting consumers and business owners.
Debt collectors’ business model depends on them collecting money from the account holders whose information they buy. The new state law makes it easier on them if they can obtain final billing statements from the banks and credit card issuers.
Fantastic. It’s not like credit card companies ever get billing statements wrong, or charge you random fees for random crap. This is a brilliant policy. Kudos, Arizona!
I once had a debt collector that was calling me incessantly claiming that I owed $700 in back parking tickets; tickets that were associated with the license plate for a car that I owned seven years prior. In California, you cannot register a new car if you have unpaid parking tickets. I knew it was BS, but this woman kept insisting that I had to pay them $700. I, of course, did not pay, and I periodically check my credit score to ensure that this woman’s BS claim did not affect my credit score.
Debt collectors are shady and Jan Brewer is more than happy to give them license to be even more shady.
Moreover, credit card companies are shady, which is partly why I don’t own any credit cards anymore. The other part? Don’t worry about it.
Raw Story is a progressive news site that focuses on stories often ignored in the mainstream media. While giving coverage to the big stories of the day, we also bring our readers' attention to policy, politics, legal and human rights stories that get ignored in an infotainment culture driven solely by pageviews.
Founded in 2004, Raw Story reaches 5 million unique readers per month and serves more than 19 million pageviews.