Suit Accuses Collector of Misinterpreting Refusal to Pay as Dispute
- One of the toughest jobs that companies in the credit and collection industry face these days is deciphering what a consumer means when he or she sends a communication indicating that there is a potential issue with the account. Is the consumer disputing the debt? Is the consumer refusing the pay the debt? Is the consumer requesting that communications cease? Is it all or some of them together? A collection operation is facing a Fair Debt Collection Practices Act lawsuit because it reported a debt to the credit reporting agencies as disputed after a consumer submitted a letter indicating that she refused to pay the debt and requesting that communications cease.
- More details here
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NY AG Introduces Bill to Prohibit Unfair, Deceptive Acts Against Consumers
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- The Attorney General of New York has introduced proposed legislation that would update state law to protect consumers from unfair and abusive acts or practices in addition to the deceptive practices that have been illegal since the original law went into effect in 1970.
- More details here
Indiana Collection Agency Closes Down, Affecting Nearly 100 Employees
- A collection operation in Indiana that was the subject of a Consumer Financial Protection Bureau enforcement order back in 2023 has closed its doors for good, leaving nearly 100 employees looking for work. The collection agency may be associated with a debt buying operation that also recently shut its doors.
- More details here
CFPB Moves Forward With Attempt to Order Debt Relief Company Owner to Pay $43M
- The Consumer Financial Protection Bureau filed a brief yesterday seeking to convince a federal judge why it should be entitled to $43 million in penalties from the owner of a debt relief company. The case, CFPB v. FDATR, Inc., is being heard in the Northern District of Illinois, with Judge Georgia N. Alexakis presiding.
- More details here
Prodigal launches PIE: Intelligence Layer for Collections AI Agents
- Prodigal today announced the Prodigal Intelligence Engine (PIE), a specialized intelligence layer designed to power AI agents in collections and consumer finance.
- More details here
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Funny Friday, part I
Funny Friday, part II
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