Consumer debt, credit card debt, and personal loan debt are at all-time highs. Meanwhile, investors who purchase debt for cents on the dollar and then try to collect the whole amount, and the collection agencies they hire, are getting increasingly aggressive. One in four consumers contacted by debt collectors feels threatened, and most consumers say the calls persist even after requests to stop, according to a 2017 study by the Consumer Financial Protection Bureau.
To borrowers who owe money, it’s a living nightmare. To Ohad Samet, cofounder and CEO of TrueAccord, a San Francisco debt-collection startup that has raised nearly $30 million, it’s a software problem.
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