In general, the proposed rule would define a “larger participant”:
- In the consumer debt collection market to include debt collectors with more than $10 million in annual receipts from debt collecting. The CFPB estimates this threshold would encompass 175 companies comprising 4 percent of the debt collection companies and more than 60 percent of the market receipts.
- In the consumer reporting market to include persons that receive more than $7 million in annual receipts from consumer reporting. The CFPB estimates approximately 30 companies would meet this requirement, representing 7 percent of consumer reporting companies and 94 percent of consumer reporting revenues.