Omnibus Debt Collection and Credit Management Act of 1988

[AI summary unavailable — showing source text] Omnibus Debt Collection and Credit Management Act of 1988 - Title I: Establishment of Treasury Department Oversight - Establishes in the Department of the Treasury an Under Secretary of the Treasury for Debt Collection and Credit Management, to be appointed by the President, with the advice and consent of the Senate. Sets forth the functions of the Under Secretary with respect to developing and implementing comprehensive and efficient plans for debt collection and credit management within each Federal agency. Describes required components of these plans, including provisions relating to: (1) the creditworthiness of credit applicants; (2) loan origination and application fees; (3) payment schedules; (4) recordkeeping and reporting requirements; (5) credit management systems; and (6) performance standards. Provides for plan submission, review, and modification, under the direction of the Under Secretary. Title II: Improved Debt Collection Practices - Amends Federal law to require both executive and legislative agencies to contract for collection services in connection with indebtedness owed the United States that is delinquent by more than three months. Requires that status reports b…