Account Recovery

APRIL 25, 2023

COMPLAINT ACCUSES COLLECTOR OF WITHHOLDING INFO ABOUT CREDIT REPORTING CHANGES Filed in the “no good deed goes unpunished” category, a collection agency is being sued for violating the Fair Debt Collection Practices Act because a collector informed the plaintiff about a change to credit reporting guidelines, but did not provide details about a new (..)

Fair Debt Collection 100

Fair Debt Collection Collection Agencies Collections Agency Collections 100

Account Recovery

JANUARY 13, 2021

All certification categories—which includes debt buying companies, collection agencies, collection law firms, brokers, … The post RMAI Receivables Management Certification Program Continues to Expand – Certifies First Process Server appeared first on AccountsRecovery.net.

Law Firms 147

Law Firms Debt Buying Collection Agencies Collections Agency 147

American Profit Recovery

FEBRUARY 18, 2022

There are all types of businesses that fall into this category of emergency services and serving people on short notice. If your organization serves customers on short notice, check out our expert tips on how to get paid quicker before implementing debt collections. Professional debt collections save you time and money.

Collection Agencies 200

Collection Agencies Collections Agency Collections 200

Troutman Sanders

FEBRUARY 28, 2022

The filing lawsuits under the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), and the Telephone Consumer Protection Act (TCPA) increased dramatically in the first month of 2022 when compared to the number of filings in January and December 2021, per a report released recently by Web Recon LLC.

Fair Debt Collection 98

Fair Debt Collection Collections 98

Troutman Sanders

APRIL 26, 2022

Under Dodd-Frank, the CFPB has authority to examine three categories of nonbank entities: Nonbank entities that offer or originate mortgages, private student loans, and payday loans, regardless of the nonbank entity’s size. Nonbanks engaging, or have engaged, in “conduct that poses risks to consumers.”.

Student loans 105

Student loans Student Loans Loans Government 105

Credit Corp

JUNE 1, 2023

Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. In This Piece: What Is Collections Debt? ® or VantageScore 4.0®.

Collections 127

Collections Debt collector Collection Agencies Collections Agency 127

Troutman Sanders

MARCH 13, 2024

CRS’s report shows that in fiscal year 2023, credit reporting ranked as the most common product category about which consumers complained, comprising 80.5% That lead was followed far behind by complaints related to debt collection (5.5%), credit or prepaid cards (4.5%), checking or savings accounts (4.1%), and mortgages (1.9%).

Collections 52

Collections 52

True Accord

MARCH 5, 2024

Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

Consumer Credit 85

Consumer Credit Student loans Student Loans Collections 85

Credit Corp

NOVEMBER 9, 2020

If you or someone you know has dealt with a collection agency, you know how trying it can be. Debt collection agencies have a long history of harassment and illegal practices. Can a collection agency report to a credit bureau without notifying you? It does not come into play for creditors collecting their own debts.

Collection Agencies 106

Collection Agencies Collections Agency Credit Bureau Collections 106

Nexa Collect

JULY 6, 2020

It delineates who you’ll extend credit to, under what terms, and describes your process for collecting on delinquent accounts. A well-written policy that aligns with an organization’s mission will lead to fewer bad debts and increased profitability. This supplies you with an extra collection avenue in the event that you need it.

Trade 130

Trade Collection Agencies Collections Agency Collections 130

Collection Industry News

JANUARY 13, 2024

household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in credit card debt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. household debt reached a record high of $17.3

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Bankruptcy 40

American Profit Recovery

OCTOBER 29, 2021

As a collection agency working with all sizes of organizations and their accounts receivable management , we are often asked to take a look at how our team can improve the cash flow of our clients. Mostly, we see this when we are asked to come in and provide debt collections for small business. Not having an annual budget.

Accounts Receivables Management 206

Accounts Receivables Management Collection Agencies Collections Agency Collections 206

Nexa Collect

APRIL 11, 2021

The debt collection industry has been through one of its most difficult periods in modern history, and the recovery looks slow and prolonged. Performance of Collection Agencies during Covid-19 Pandemic. Economic downturns create a huge opportunity for the debt collection industry.

Collections 130

Collections Collection Agencies Collections Agency Construction 130

Collection Industry News

FEBRUARY 10, 2024

federal government’s total public debt has reached $34 trillion for the first time, the U.S. The Daily Treasury Statement for Friday showed that the total public debt outstanding rose to $34.001 trillion from $33.911 on Thursday. The debt that counts toward the federal debt ceiling rose to $33.89 19 and Feb.

Government 40

Government Banks Collections 40

True Accord

JULY 13, 2023

Student loan holders hoping for financial relief were disappointed in a Supreme Court decision that rejected President Biden’s plan to cancel more than $400 billion in student loan debt for millions of borrowers. There were also a couple of notable court decisions impacting debt collectors last quarter. NPAS, Inc., In the Branham v.

Financial Institution 65

Financial Institution Student loans Student Loans Loans 65

Qualco

JULY 13, 2021

Due to the “Act to Improve Consumer Protection in Debt Collection” law that came into effect last year, the Debt Collection Agencies market in Germany is facing challenges. As a result, DCAs in Germany will bear significant income losses that can reach as high as 20%.

Debtor 52

Debtor Debt collector Collection Companies Collection Agencies 52

UK debt collections

MAY 18, 2022

More than half of the bad debts written off by a council in the last six months of last year were caused by businesses going bust. East Lothian Council has revealed it wrote off more than £560,000 in debts during the last financial year. was written off due to sequestration and £22,569.08 was written off due to company liquidation.”

Collection Agencies 52

Collection Agencies Collections Agency Bankruptcy Collections 52

True Accord

JANUARY 25, 2022

With more than 1 million consumer accounts now managed through the intelligent, client-branded product, results show 40% more effective than leading “call and collect” vendors. The TrueAccord product suite includes Retain, an early-stage recovery solution, and Recover, a full-service debt collection platform. LENEXA, Kan.,

Retail 52

Retail Collection Agencies Collections Agency Collections 52

Sawin & Shea

SEPTEMBER 14, 2022

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. Your consumer and non-consumer debts impact your ability to file Chapter 7 bankruptcy, and your debt types also determine what’s protected by an automatic stay when filing Chapter 13 bankruptcy.

Chapter 13 bankruptcy 122

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

Collection Industry News

MARCH 27, 2024

major filing categories, according to data provided by Epiq Bankruptcy, the leading provider of U.S. major filing categories. The debt eligibility limit of $7.5 million in aggregate noncontingent, liquidated debt for small businesses looking to reorganize under subchapter V. bankruptcy filing data. The Task Force on Dec.

Bankruptcy 40

Bankruptcy Law Firms Collections 40

Collection Industry News

JANUARY 30, 2024

Learn more: Best credit cards of 2023 “It was hard to imagine that growing debt, rising inflation and sky-high interest rates weren’t eventually going to take a toll,” said Matt Schulz, chief credit analyst at LendingTree. LendingTree began tracking credit card confidence at an opportune moment.

Credit Card Debt 40

Credit Card Debt Credit Counselor Retail Consumer Credit 40

Collection Industry News

JANUARY 6, 2024

. “We expect the increase in number of consumer and commercial filers seeking bankruptcy protection to continue in 2024 given the runoff of pandemic stimulus, increased cost of funds, higher interest rates, rising delinquency rates, and near historic levels of household debt.”

Bankruptcy 40

Bankruptcy Collections Education 40

Credit Corp

NOVEMBER 21, 2021

When you’re in debt, getting calls from debt collectors is an unwelcome but common occurrence. But can debt collectors call on holidays? Find out more about the answer to this common question, and learn what you can do to take care of your debt for good. Can Debt Collectors Call on Holidays? In This Piece.

Debt collector 98

Debt collector Fair Debt Collection Creditors Collections 98

Troutman Sanders

JUNE 30, 2022

On June 29, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion focused on consumer debt collectors and the convenience fees they charge for some payments, such as online or by phone. Convenience fees — common in many types of financial transactions — have recently been categorized as “junk fees” by the CFPB.

Debt collector 52

Debt collector Creditors Fair Debt Collection Banks 52

Qualco

NOVEMBER 7, 2023

To identify the best solution for Non-Performing Loans (NPLs) , stakeholders such as lenders, servicers, and debt collection agencies need to deploy all available tools, starting a thorough appraisal of the NPL portfolio via a dedicated Workout Unit. Assess the feasibility of proposed repayment plans and debt restructuring solutions.

Financial Institution 95

Financial Institution Debtor Loans Collateral 95

Collection Industry News

MAY 19, 2023

Americans’ debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable. Household debt balances set a fresh record high of $17.05 That debt load has spiked by $2.9 That debt load has spiked by $2.9 Last year, 39% carried debt month to month.

Credit Card Debt 52

Credit Card Debt Student loans Student Loans Loans 52

Collection Industry News

MARCH 19, 2024

Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

Public Citizen

JULY 6, 2020

Today, the Supreme Court held that collecting government debt by robocalling cellphones didn’t deserve special First Amendment treatment. First, was allowing debt collectors to make robocalls, but prohibiting all other types of robocalls, allowed by the First Amendment? American Assn. of Political Consultants, Inc.,

Collections 70

Collections Student loans Student Loans Government 70

Troutman Sanders

MARCH 11, 2024

District Court for the Western District of Texas, also stipulated that the DOE would destroy any information already collected and will follow notice-and-comment procedures for future data collection. toward the plaintiff’s litigation expenses and will publish a new Federal Register notice for proposed information collection.

Financial services 52

Financial services Garnishment Lender Banks 52

CSA

DECEMBER 13, 2021

Credit Services Association (CSA), the UK trade body for the collections and debt purchase sector and Approved Apprenticeship Training Provider, is delighted to have been shortlisted in the Skills Development category at the Trade Association Forum (TAF) Best Practice Awards 2022. CSA won the ?Skill Skill Development?

Trade 40

Trade Collections 40

Troutman Sanders

DECEMBER 5, 2022

On November 30, the Federal Trade Commission (FTC) announced that it has temporarily shut down a credit card debt relief program and its affiliated companies that allegedly took millions from consumers by falsely promising to eliminate or substantially reduce their credit card debt. Kathy Hochul signed S.6522A/A.7363A

Financial services 52

Financial services Credit Card Debt Retail Banks 52

Troutman Sanders

NOVEMBER 21, 2023

On November 16, the Consumer Financial Protection Bureau (CFPB) published its Fair Debt Collection Practices Act (FDCPA) Annual Report to Congress. The report highlights consumer protection issues in medical debt collection. For more information, click here. For more information, click here.

Financial services 52

Financial services Retail Banks Collections 52

Receivables Control

SEPTEMBER 22, 2020

For example, hotels in every category, from discount to luxury, have been negatively impacted. This stress is negatively impacting the collectibility of accounts receivable. Simply put, using 3rd party collections, increases the urgency of your collection approach and recovers more money, more quickly.

Retail 98

Retail Healthcare Collections Bankruptcy 98

Credit Corp

OCTOBER 25, 2023

Bad credit can prompt frequent collection calls and take a long time to repair, while no credit can reduce your eligibility for most loans. Knowing your debt collection rights can help if an agency threatens to seize your assets or ask for more money than you owe. However, this does not influence our evaluations.

Loans 52

Loans Lender Credit Bureau Collection Agencies 52

Re:Ceeve

AUGUST 28, 2020

Debt collection is far from a new concept. As such, it’s safe to assume that debt collections best practices are well-established and highly effective. This means that traditional debt collection practices generally miss the mark nowadays. As a result, this significantly aids your collection efforts.

Collections 52

Collections Debtor Education Lender 52

Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. As of the end of 2021, the DFPI had three pending regulation packages pursuant to the CCFPL: 1) complaint procedures, 2) commercial financing UDAAP, and 3) phase one registration categories. Regulatory Activities. Research and Market Monitoring.

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Debt Recoveries

APRIL 28, 2020

If the usual debt collection efforts have failed, the next step can be legal action. Here at Debt Recoveries Australia, we will generally only recommend legal action if the amount owing is above $5,000.00 and we know the debtor or company have assets to satisfy the debt. Usually, the debts involve goods or services.

Debt Recovery 84

Debt Recovery Debtor Debt collector Lawyers 84