Consumer Financial Services Law

MAY 10, 2017

The consumer alleged BoA was a debt collector under the FDCPA because his “loan was in default prior to the transfer from his original lender Countrywide to Bank of America.” The acquisition by merger was a key factor for the court which also relied upon prior Fifth Circuit precedent, Brown v. Bank of America, N.A., Morris , 243 Fed.

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Collection Industry News

MAY 9, 2022

Providing inaccurate explanations to consumers as to why the creditor denied the consumers’ billing error claims in whole or part. The CFPB reports that this seems to happen most often with creditors’ acquisitions of pre-existing credit card accounts from other creditors. Debt Collection.

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Better Credit Blog

AUGUST 22, 2020

CCS Offices is a company that collects debts on behalf of original creditor. They can affect your score for up to seven years after you pay the balance of the debt, and they can be viewed by future lenders who can make loan decisions based on your history of nonpayment. Unfortunately, CCS Offices is not popular among their customers.

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Better Credit Blog

AUGUST 17, 2020

These entries remain on your credit report for up to seven years, which means that they can be viewed by creditors and lenders. Often time, the information will get lost as it is passed from the original creditor to the debt collector. Collection accounts can hurt your credit score even after you pay off the debt.

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Better Credit Blog

AUGUST 31, 2020

They are a third-party debt collector, which means that they may be hired by your original creditor, or they may purchase your old debt on the chance that you pay them instead. Sometimes, information gets lost in the transition from the original creditor to the debt collector. Hire a Professional. Validate the Debt.

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Better Credit Blog

SEPTEMBER 29, 2020

They can also be viewed by lenders down the line, which means you could be denied loans or credit cards. The information about your debt can get lost as it is passed from the original creditor to the debt collector. This means that the amount, the date of acquisition, and the creditor may be incorrectly listed on your collection entry.

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Better Credit Blog

AUGUST 31, 2020

Covington Credit is a third-party collector that collects payments from you on behalf of the original creditor or as the now-owner of the debt. Future lenders can also see this account and make loan decisions based on the fact that you’ve had a debt move to collections. It is possible that the debt doesn’t even belong to you.

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Better Credit Blog

SEPTEMBER 18, 2020

This means that they have either been hired by your old creditor or have acquired the debt from them to profit on your payments. Future lenders can see them and make loan decisions based on the fact that you failed to pay a debt. If you have heard from CACH LLC recently, they are likely pursuing you for an old debt.

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Troutman Sanders

FEBRUARY 22, 2021

The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. Department of the Treasury released Treasury International Capital data for December 2020. The next release reporting January 2021 data is scheduled for March 15, 2021. securities, and banking flows resulted in a net outflow of $0.6

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Better Credit Blog

AUGUST 31, 2020

This means that future lenders can see that you had a debt that went to collections, and they can make loan decisions accordingly. You can ask Convergent Outsourcing for a goodwill deletion on the grounds that the debt is paid, and you are in current good standing with the original creditor. The debt collection process is not perfect.

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Better Credit Blog

AUGUST 7, 2020

Future lenders are able to see any collection accounts on your credit report and can deny you loans based on your history. It is not uncommon for information to get lost in the transition from the original creditor to USCB America. This includes your name, the balance, and the date of debt acquisition.

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Better Credit Blog

SEPTEMBER 8, 2020

The debt collection process isn’t perfect, and sometimes information about debts can get lost as they move from the original creditor to the third-party collector. In the letter, you will ask them to verify the name, balance, date of debt acquisition, and other pieces of information. Dealing with Pioneer Credit Recovery.

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Fico Collections

JANUARY 18, 2023

These factors and others led our experts in debt collection to address ways that lenders can manage the rising number of people in the collections queue. Bruce Curry looked forward near the start of the year and saw a number of challenges in debt collection for lenders sifting through the pandemic’s inevitable financial fall-out.

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