Account Recovery

MARCH 6, 2024

The Consumer Financial Protection Bureau has determined that the cost of collecting on unpaid credit card debts for larger companies can be covered by charging an $8 late payment fee, but will allow those issuers to charge more if they are willing to show why their collection costs are higher than that threshold.

Credit Card Debt 130

Credit Card Debt Collections 130

Recoverity

SEPTEMBER 23, 2015

Credit Collections Bureau represent a broad base of healthcare, retail, and financial clients from sole proprietors to large corporations. Over 7000 clients have come to trust CCB with their accounts receivable collections. We have always concentrated on only one thing: accounts receivable collections.

Collections 40

Collections Healthcare Collection Agencies Collections Agency 40

Account Recovery

OCTOBER 19, 2023

Getting to Know Laura Thesing of Credit Bureau Data Judge Grants Defense’s MSJ in FDCPA Case Over DOFD Student Loan Repayments to Have Little Impact on Economy: Fed Report Collection ‘Kingpin’ Accused of Destroying Evidence WORTH NOTING: If you haven’t figured out what to be for Halloween yet, here is someone who can help you […]

Credit Bureau 147

Credit Bureau Student loans Student Loans Loans 147

Account Recovery

JUNE 14, 2022

After debt collection issues, … The post Debt Collection, Credit Reporting Key Areas of CFPB Report on Issues for Servicmembers and Their Families appeared first on AccountsRecovery.net.

Debt collector 245

Debt collector Collections Healthcare 245

Account Recovery

OCTOBER 1, 2021

The amount of outstanding credit card debt declined by more than $100 billion between 2019 and 2020, largely due to consumers paying down their debts, according to a report issued this week by the Consumer Financial Protection Bureau, which also detailed the pre- and post-chargeoff collection efforts and touted the rising usage of digital engagement (..)

Credit Card Debt 244

Credit Card Debt Collections 244

Account Recovery

JANUARY 7, 2022

Commercial Collection Agencies of America has elected its new Board of Directors and has announced the slate of officers of the organization. Board members include Pete Roth of CST Company, Fred Wasserspring of Lyon Collection Services, Inc., David Herer of ABC-Amega, Inc., David Herer of ABC-Amega, Inc.,

Commercial Collection 246

Commercial Collection Collection Agencies Collections Agency Collections 246

Account Recovery

AUGUST 12, 2021

A District Court judge in Massachusetts has denied a credit repair organization’s motion to dismiss after it was sued by the Consumer Financial Protection Bureau and the state of Massachusetts for allegedly collecting upfront fees and misrepresenting its effectiveness at improving the credit scores for individuals who signed up for its services, (..)

Collections 246

Collections 246

Account Recovery

FEBRUARY 15, 2023

CFPB SPOTLIGHTS TRENDS IN DEBT COLLECTION CREDIT REPORTING The Consumer Financial Protection Bureau yesterday released a report that looked at the volume of third-party debt collection tradelines being furnished on consumers’ credit reports, and found that the number of collection tradelines dropped by one-third between 2018 and 2022.

Collections 130

Collections Debt collector Consumer Credit 130

Account Recovery

FEBRUARY 15, 2023

The Consumer Financial Protection Bureau yesterday released a report that looked at the volume of third-party debt collection tradelines being furnished on consumers’ credit reports, and found that the number of collection tradelines dropped by one-third between 2018 and 2022.

Collections 130

Collections Debt collector 130

Account Recovery

DECEMBER 14, 2021

The Consumer Financial Protection Bureau has published its latest Supervisory Highlights report, which “shines a light on legal violations” identified during CFPB examinations that were conducted during the first half of 2021 as well as publicizing prior supervisory findings that led to public enforcement actions during that timeframe.

Collections 246

Collections 246

Direct Recovery

MAY 4, 2024

One of the most common misunderstandings about the debt collection industry is that many consumers believe that debt collectors can only come after them if they provide a social security number at the time the debt is incurred. However, those consumers often find that this is not the case once those debts make their way onto a credit report.

Debt collector 59

Debt collector Collections Credit Bureau Creditors 59

Account Recovery

JUNE 29, 2021

What Credit Karma says in its reports about a consumer’s credit history is not gospel, a District Court judge in Tennessee has ruled, granting a defendant’s motion for summary judgment after it was accused of violating the Fair Debt Collection Practices Act because it allegedly communicated information to a credit bureau after it was instructed (..)

Fair Debt Collection 182

Fair Debt Collection Credit Bureau Judgment Collections 182

Nexa Collect

FEBRUARY 15, 2023

It is common for collection agencies to charge an onboarding fee to their new customers. However, a few good collection agencies with nationwide coverage waive their setup fee from time to time. Contact us if you need a collection agency with the following features. High collection rates and an easy-to-use online client portal.

Collection Agencies 130

Collection Agencies Collections Agency Collections Credit Bureau 130

Nexa Collect

JUNE 4, 2022

Many collection agencies have shut down recently due to the following reasons. Covid-19 Pandemic : Collection agencies were barred from collecting money in many states during the pandemic, impacting revenue from existing accounts. Medical debts form nearly 50% of consumer debt collections.

Collection Agencies 130

Collection Agencies Collections Agency Collections Debt Recovery 130

Account Recovery

APRIL 11, 2023

Consumer complaints about the Telephone Consumer Protection Act, Fair Debt Collection Practices Act, and the Fair Credit Reporting Act were down in February 2023 compared to the previous year, the previous month, and year-to-date, according to data released yesterday by WebRecon.

Fair Debt Collection 130

Fair Debt Collection Collections 130

Account Recovery

MARCH 12, 2021

Attorneys general from 41 states have reached a settlement with Retrieval-Masters Credit Bureau, which operated a collection agency under the name of American Medical Collection Agency, stemming from a data breach in 2019 that exposed the personal information of more than 7 million individuals.

Collection Agencies 182

Collection Agencies Collections Agency Retrieval Credit Bureau 182

Nexa Collect

JUNE 18, 2023

A medical collection agency will send written demands and make persistent phone calls to your patients. They will attempt to recover the maximum portion of the bill, and if required, they will report delinquent patients to credit bureaus if they refuse to settle. Need a Medical Collection Agency?

Collection Agencies 130

Collection Agencies Collections Agency Collections Healthcare 130

Consumer Finance

JUNE 7, 2023

The Consumer Financial Protection Bureau (CFPB) took action against medical debt collector Phoenix Financial Services (Phoenix) for numerous debt collection and credit reporting violations.

Financial services 114

Financial services Debt collector Collections 114

Account Recovery

AUGUST 3, 2021

Consumers were in the mood to complain and sue in June, according to data released recently by WebRecon.

Fair Debt Collection 246

Fair Debt Collection Collections 246

Account Recovery

MARCH 14, 2023

The post NCLC Petitions CFPB For Rule Regulating Credit Reporting by Collectors appeared first on AccountsRecovery.net.

Third-party Debt Collectors 130

Third-party Debt Collectors Debt collector Original Creditor Creditors 130

Nexa Collect

JANUARY 14, 2023

The US government has thrown a slew of laws on collection agencies, making bad-debt recovery harder and costlier. There are thousands of collection agencies in the USA, but most are small. The following changes can result in many collection agencies shutting their businesses. . Read: Impact of the GLBA on Collection Agencies.

Debt Recovery 130

Debt Recovery Government Collection Agencies Collections Agency 130

Troutman Sanders

MARCH 1, 2024

According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and complaints filed with the Consumer Financial Protection Bureau (CFPB) were up double digits percentages from December 2023.

Fair Debt Collection 98

Fair Debt Collection Collections 98

Consumer Finance

FEBRUARY 13, 2023

Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022.

Consumer Credit 103

Consumer Credit Collections 103

Troutman Sanders

DECEMBER 14, 2023

The law also requires that these entities include a provision in their contracts with collection agencies prohibiting the reporting of any portion of a medical debt to a CRA. Any debt that is reported to a CRA will be deemed void. The law became effective immediately after it was signed.

Fair Debt Collection 98

Fair Debt Collection Collection Agencies Collections Agency Creditors 98

Consumer Finance

SEPTEMBER 1, 2022

The Consumer Financial Protection Bureau (CFPB) has issued the first in a series of reports focusing on the finances of consumers living in rural areas. Today’s report focuses on rural Appalachians, who tend to earn less than consumers in other rural areas and have higher rates of subprime credit.

Collections 126

Collections Student loans Student Loans Loans 126

Account Recovery

JUNE 9, 2023

A copy …

Debt collector 130

Debt collector Collections Financial services 130

Troutman Sanders

NOVEMBER 20, 2023

On November 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Debt Collection Practices Act (FDCPA) Annual Report detailing the CFPB’s 2022 activities related to debt collection practices. Of these, approximately 8,500 (or 15%) pertained to attempts to collect a medical bill.

Debt collector 52

Debt collector Education Fair Debt Collection Trade 52

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

Consumer Finance

OCTOBER 11, 2023

The Consumer Financial Protection Bureau and Department of Justice (collectively, the agencies) jointly issue this statement to assist creditors and borrowers in understanding the potential civil rights implications of a creditor’s consideration of an individual’s immigration status under the Equal Credit Opportunity Act (ECOA).

Creditors 74

Creditors Collections 74

Troutman Sanders

MARCH 5, 2024

These Final Rule restrictions only apply to credit card issuers which, together with their affiliates, have one million or more open accounts. The agency’s final credit card late fee rule punishes Americans who pay their credit card bills on time by forcing them to pay for those who don’t.

Collections 52

Collections 52

Collection Industry News

DECEMBER 25, 2023

New YorkCNN — The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB determined were illegal collection practices. Colorado recently enacted a similar ban.

Collection Agencies 40

Collection Agencies Collections Agency Collections Fair Debt Collection 40

Consumer Finance

AUGUST 16, 2021

The Consumer Financial Protection Bureau (CFPB) yesterday filed a proposed settlement to resolve a lawsuit against a debt collection enterprise and its owner.

Debt collector 108

Debt collector Consumer Credit Collections 108

Credit Corp

OCTOBER 16, 2023

The debt collection industry is subject to mishaps and mistakes, with some individuals being asked to pay debts they don’t owe. A debt validation letter is written correspondence that debt collectors are legally obligated to send you that provides information about the debt they’re collecting.

Debt collector 106

Debt collector Creditors Original Creditor Lender 106

Troutman Sanders

AUGUST 15, 2023

This filing comes just three days after CUNA and the National Association of Federally-Insured Credit Unions (NAFCU) sent a joint letter to the CFPB urging it to stay enforcement and implementation of the Final Rule for all covered financial institutions until after the U.S.

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

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

Consumer reporting dominates complaints to the Consumer Financial Protection Bureau (CFPB), according to a new report. Their review of the consumer complaints submitted to the CFPB in fiscal year 2023 revealed that the significant majority (over 80%) were related to credit reporting. of all complaints.

Collections 52

Collections 52

Consumer Finance

JANUARY 26, 2022

Today, the Consumer Financial Protection Bureau (CFPB) released its annual list of consumer reporting companies. Using the list, people can exercise their right to see what information these firms have, dispute inaccuracies, and file lawsuits if the firms are violating the Fair Credit Reporting Act.

Collections 107

Collections 107