Collection Industry News

JUNE 5, 2022

The Consumer Financial Protection Bureau (CFPB)’s decision to establish supervisory powers over nonbank financial institutions will level the playing field and subject those companies to much-needed scrutiny, credit union trade groups informed the agency Tuesday. Response From Credit Union Trade Groups. Background.

Credit Unions 75

Credit Unions Credit Unions Trade Financial Institution 75

Debt Free Colorado

JANUARY 20, 2024

This results in quick resolution and potential credit score improvement. The process is longer and it can impact credit. Individuals can work to rebuild credit over time. You can also seek guidance from credit counseling agencies, medical billing advocates, and government assistance.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Troutman Sanders

JULY 13, 2023

The updated AABD Handbook addresses the dramatic shift in the regulatory landscape for enforcement of the federal fair lending laws over the past decade, with aggressive enforcement of the Equal Credit Opportunity Act and Fair Housing Act by federal agencies (including the CFPB, U.S.

Banks 52

Banks Law Firms Education Government 52

Troutman Sanders

JANUARY 20, 2022

This case is a consolidated appeal of multiple decisions from the Eastern District of Pennsylvania, granting dispositive motions in favor of defendants on “Pay Status” claims under the Fair Credit Reporting Act (FCRA). Bibbs’ counsel argued, however, that the accuracy of “Pay Status” reporting turns on the date that a credit report is pulled.

Fair Debt Collection 52

Fair Debt Collection Lawyers Creditors Collections 52

Fico Collections

JULY 15, 2021

A core pillar of promoting and sustaining widespread access to credit is ensuring high levels of financial literacy. And FICO has made credit education a core pillar of our Financial Inclusion Initiative , helping consumers learn more about their credit and achieve their dreams. Unfortunately, the U.S. HOPE Inside.

Credit Counselor 98

Credit Counselor Education Financial Institution Financial services 98

Sawin & Shea

MARCH 27, 2024

This bankruptcy protection will prohibit a collection agency or another creditor from recovering debt or taking action against you. Completing Chapter 7 To complete Chapter 7, you are required to undergo a finance management course as well as credit counseling. Chapter 7 filings can remain on credit reports for up to ten years.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Creditors 52

Direct Recovery

APRIL 17, 2023

How long will bankruptcy impact your credit? However, getting out of these obligations comes with the price of severely damaged credit for anywhere from seven to ten years. There is an entire industry of debt counseling agencies that can be tremendously helpful with going this route. What debts will be eliminated?

Bankruptcy 52

Bankruptcy Student loans Student Loans Lawyers 52

Troutman Sanders

JANUARY 9, 2023

In February of 2021, the plaintiff’s attorney informed the defendants that the plaintiff was represented by counsel. Counsel sent a second letter in May of 2021 asking ARI to stop collection and reporting of the debt because the plaintiff had been affected by the COVID-19 crisis. ARI acquired a debt owed by the plaintiff.

Debtor 52

Debtor Debt collector Collections Fair Debt Collection 52

PDC Flow

OCTOBER 12, 2021

To help agencies prepare, PDCflow and financial services attorneys Joann Needleman and Leslie Bender of Clark Hill Law, recently put on a one-hour webinar, “ Regulation F Implementation Challenges: Ask the Regulatory and Compliance Experts ,” addressing the concerns and implementation struggles submitted by webinar attendees. Leslie Bender.

Debt collector 81

Debt collector Financial Institution Financial services Collections 81

Taurus Collect

FEBRUARY 1, 2024

Simply put, it’s an individual or a debt collection agency in the UK employed by a creditor to retrieve funds that are overdue. Let’s take a closer look at the role of debt collection agencies and what your rights are when interacting with them. So, what exactly is a debt collector? What Is a Debt Collector?

Debt collector 52

Debt collector Debtor Collection Agencies Collections Agency 52

Sawin & Shea

APRIL 10, 2024

You’ll then be able to discharge the balance of eligible debts, such as credit card debt and medical bills. Credit Counseling Before you file your Chapter 7 bankruptcy petition, you’ll need to complete a credit counseling course through an approved counseling agency.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. How do I choose a debt management agency? Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP.

Debt Management 52

Debt Management Unsecured Debt Debt Consolidation Creditors 52

Troutman Sanders

FEBRUARY 8, 2022

s Consumer Protection Practice Group of the Year award, Troutman Pepper’s Consumer Financial Services team helps clients resolve litigation, provides regulatory guidance, and assists with investigations and actions initiated by federal and state government agencies. Stefanie H.

Financial services 52

Financial services Government Financial Institution Lender 52

Sawin & Shea

JANUARY 11, 2024

Medical bills, credit cards, payday loans, and struggling businesses – it can seem like the letters and calls from creditors will never stop. They cover topics like creating a budget, using credit wisely, and avoiding financial pitfalls down the road. Staring down mountains of debt can feel overwhelming.

Education 52

Education Debtor Bankruptcy Chapter 13 bankruptcy 52

Sawin & Shea

JANUARY 18, 2023

After gathering all necessary documents, you must undergo an approved credit counseling session within 180 days of filing. You’ll also need to supply the court with a certificate indicating that you’ve undergone credit counseling. Finally, you’ll file a petition for Chapter 7 bankruptcy.

Chapter 7 bankruptcy 81

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 81

Better Credit Blog

APRIL 6, 2022

If you’re ready to tackle improving your credit, a credit repair service can help save you time, energy, and a whole lot of hassle. Credit repair companies challenge items on your credit report that are inaccurate, incomplete, or unverifiable. That’s why we recommend going with a credit repair service.

Debt settlement 105

Debt settlement Creditors Credit Counselor Loans 105

Collection Industry News

JANUARY 24, 2022

This case is a consolidated appeal of multiple decisions from the Eastern District of Pennsylvania, granting dispositive motions in favor of defendants on “Pay Status” claims under the Fair Credit Reporting Act (FCRA). Bibbs’ counsel argued, however, that the accuracy of “Pay Status” reporting turns on the date that a credit report is pulled.

Fair Debt Collection 40

Fair Debt Collection Lawyers Creditors Collections 40

Fico Collections

JULY 21, 2022

In June, I had the pleasure of participating in a panel discussing credit access and financial education for women small business owners at the National Association of Women Business Owners ( NAWBO ) Advocacy Day events in DC. Your personal credit and financial history matters. Your personal credit and financial history matters.

Education 98

Education Financial services Financial Institution Banks 98

Credit Corp

MAY 30, 2023

You can request the removal of hard inquiries from your credit report by pointing out unauthorized checks or going through a formal dispute process with major credit agencies. Whether you’re looking to buy a house, lease a car, or get a loan, lenders need to check your credit.

Lender 98

Lender Loans Financial Institution Debt Consolidation 98

Taurus Collect

DECEMBER 18, 2023

When a business owes another business, the owed entity may engage a commercial debt collection agency to recover the debt on their behalf. These agencies employ various strategies to recover the debt, including negotiation, mediation, or legal action. If the agency fails to collect the debt, you don’t pay anything.

Collections 52

Collections Debtor Debt Recovery Collection Agencies 52

Sawin & Shea

MARCH 6, 2024

Before making a decision, you should carefully evaluate your options based on your financial situation, income level, credit history, and types of debt. Debt consolidation will likely have a short-term impact on your credit score, but it should recover as you begin making payments. How Does Debt Consolidation Work?

Debt Consolidation 52

Debt Consolidation Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy 52

Sawin & Shea

FEBRUARY 7, 2024

Additionally, you’ll need to ask for your required credit counseling and financial management class fees to be waived as well. These fees are typically less than $50 combined, but you can contact the agency or organization administering the counseling and financial management class if you can’t afford them.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Creditors 52

Fraser

NOVEMBER 23, 2022

Any business whose activities are “financial in nature or incidental to a financial activity” may fall under the regulation; such businesses include, but are not limited to, insurance companies, mortgage lenders and brokers, car dealers, payday lenders and finance companies, collection agencies, credit counselors and other financial advisors.

Credit Counselor 80

Credit Counselor Acquisition Lender Trade 80

Collection Industry News

OCTOBER 2, 2023

The Supreme Court is set to hear oral arguments Tuesday in a case with the potential to gut the Consumer Financial Protection Bureau, a watchdog agency created in the wake of the 2008 financial crisis. Community Financial Services Association of America — hinges on the constitutionality of the agency’s funding. The case — CFPB v.

Government 40

Government Credit Unions Credit Unions Trade 40

The Kaplan Group

OCTOBER 19, 2020

The Fair Debt Collection Practices Act (FDCPA) is a federal law that restricts the behavior of collection agencies when they are attempting to collect money from individuals. You may also be responsible for paying the costs of the creditor hiring a collection agency or legal costs. Credit Counselor. Credit Counselor.

Credit Counselor 59

Credit Counselor Garnishment Fair Debt Collection Debt settlement 59

Collection Industry News

MARCH 10, 2024

Total credit card debt in the U.S. trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report. Debt holders say they put around $363 per month toward their credit card debt in 2023, slightly less than the $430 they paid monthly in 2022.

Credit Card Debt 40

Credit Card Debt Accrued Interest Lender Debt Management 40

Sawin & Shea

MARCH 13, 2024

Before filing, you’ll need to undergo credit counseling. You are required to complete credit counseling with an approved agency within 180 days of filing. Once you prepare all necessary forms and complete credit counseling, you or your lawyer will file your bankruptcy petition.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Taurus Collect

JANUARY 10, 2024

Clear Communication : Ensure that the terms of credit are communicated clearly to the debtor at the onset. Use Mediation or Debt Collection Agencies : If direct collection efforts fail, consider using a professional mediation service or engaging a reputable debt collection agency. About Us Taurus Collections (UK) Ltd.

Collections 52

Collections Debtor Collection Agencies Collections Agency 52

Troutman Sanders

SEPTEMBER 20, 2021

He previously served as legal counsel and advisor to senior management at Lehman Brothers’ mortgage subsidiary, Aurora Loan Services LLC. Balser works with financial institutions, mortgage lenders, loan servicers, and other credit related entities throughout the United States on consumer finance litigation and compliance matters.

Financial services 52

Financial services Financial Institution Loans Lender 52

Collection Industry News

DECEMBER 1, 2022

Collections agencies buy your unpaid credit card debt from your card issuer when your balance lingers too long — but that doesn’t mean it goes away. When a collections representative from your credit card issuer calls you, it’s usually because you haven’t made at least the minimum payment for at least 30 days.

Collection Agencies 40

Collection Agencies Collections Agency Credit Card Debt Collections 40

Troutman Sanders

AUGUST 30, 2023

million to resolve the allegations that it engaged in a “pattern or practice” of redlining in violation of the Fair Housing Act and the Equal Credit Opportunity Act. Spend at least $100,000 in advertising, community outreach, and consumer financial education programs and credit counseling in the Tulsa MSA.

Banks 52

Banks Education Loans Foreclosure 52

True Accord

OCTOBER 27, 2021

27, 2021 – TrueAccord Corporation, a debt collection company offering AI-powered digital recovery solutions, is proud to announce the appointment of Kelly Knepper-Stephens as chief compliance officer and general counsel. Lenexa, KS – Oct.

Collection Agencies 84

Collection Agencies Collections Agency Collections Collection Companies 84

Troutman Sanders

MARCH 25, 2022

With a specialty in fair lending and responsible banking, she has successfully represented banks and non-banks in navigating supervisory issues, preparing for examinations by the CFPB and prudential federal banking agencies, and defending fair lending investigations and enforcement actions by the CFPB and U.S. Department of Justice.

Financial services 52

Financial services Banks Government 52

Collection Industry News

JUNE 28, 2021

Ludwig has issued two nearly identical sanction orders against plaintiffs in two separate cases which had alleged the various defendants violated the Fair Credit Reporting Act and did not correct and report consumers’ accurate credit information. Counsel filed a response on April 12, 2021. Credit One Bank et.

Banks 40

Banks Creditors Collections Government 40

PDC Flow

SEPTEMBER 29, 2020

Lauren Valenzuela has been watching the trends and staying up-to-date with the latest in AR compliance as part of her job as Corporate Counsel, Performant Financial Corp. Corporate Counsel, Performant Corp. I went in-house as corporate counsel at a collection agency, where I oversaw legal, compliance, and training.

Collections 97

Collections Debt collector Trade Fair Debt Collection 97

Taurus Collect

MARCH 5, 2024

By addressing this issue head-on, individuals can avoid the pitfalls of damaging their credit score, facing legal actions, and enduring the relentless stress associated with debt avoidance. Debt collectors have a plethora of tools at their disposal to prompt repayment, including legal maneuvers and credit score tarnishing.

Debt collector 52

Debt collector Asset liquidation Debtor Education 52

Sawin & Shea

AUGUST 24, 2020

There are countless scams and “credit repair” cons trying to take advantage of your situation when you need help the most. Credit counseling and debt management agencies may be able to assist you as you work, but with so many untrustworthy schemes out there, how do you know what the right step should be?

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Debt collector 98