Nexa Collect

MARCH 12, 2021

Debt collection agencies in PR include Kinum , TSI , CICA, ILCA and Professional recoveries. Spanish and English-speaking debt collectors are required for Puerto Rico debt collection. Need a Collection Agency in PR? Puerto Rico is one of the states that regulate the collection of fees and interest.

Collection Agencies 130

Collection Agencies Collections Agency Collections Garnishment 130

Nexa Collect

FEBRUARY 3, 2022

An average collection agency will recover about 20% of the total debt assigned. Here are the most important factors which decide how much a collection agency will collect for you: 1. Some clients may get a 100% recovery rate, for others it could very well be 0%. Social Services Misc.,

Collection Agencies 130

Collection Agencies Collections Agency Collections Debt collector 130

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

Account Recovery

NOVEMBER 5, 2024

The Federal Trade Commission has filed a lawsuit and received a temporary restraining order freezing the assets and taking control over a Georgia-based debt collection agency, Global Circulation, Inc., after it was accused of using deceptive and abusive tactics to collect debts from consumers.

Debt collector 130

Debt collector Fair Debt Collection Collection Agencies Collections Agency 130

Account Recovery

AUGUST 29, 2022

The Connecticut Department of Banking has revoked the consumer collection agency license and imposed a fine of $100,000 on a collection agency for failing to provide information requested during an examination, which rendered the state unable to determine the financial responsibility and general fitness of the operation that it could operate soundly (..)

Collection Agencies 244

Collection Agencies Collections Agency Consumer Collections Banks 244

Account Recovery

APRIL 17, 2025

The Bureaus new emphasis on tangible consumer harm, while deprioritizing areas such as medical debt and digital payments, signals a shift in enforcement priorities that may influence the regulatory landscape for many companies in the credit and collection industry.

Credit Unions 130

Credit Unions Credit Unions Financial Institution Collection Agencies 130

Account Recovery

DECEMBER 5, 2024

of the booklet brings several important updates for banks under OCC supervision, but these changes also carry implications for entities beyond traditional OCC-regulated institutions, such as debt collection agencies and fintech firms. Version 1.1

Collection Agencies 130

Collection Agencies Collections Agency Trade Banks 130

Account Recovery

NOVEMBER 30, 2021

The Connecticut Department of Banking has ordered a collection agency to refund all charges, fees, and amounts received from consumers in the state for the past five years while also announcing a hearing has been scheduled to revoke and refuse to renew a license for the company to collect in the state and possibly impose … The post Conn.

Collection Agencies 246

Collection Agencies Collections Agency Banks Collections 246

Account Recovery

JANUARY 19, 2022

The Connecticut Department of Banking has revoked a collection agency’s license to collect in the state, while also issuing an order to cease and desist from not cooperating with the regulator, and assessed a fine of $100,000 for failing to provide information that had been requested as part of an examination of the agency.

Collection Agencies 246

Collection Agencies Collections Agency Banks Collections 246

Nexa Collect

JUNE 21, 2023

If you ignore a debt collection agency, several potential consequences could affect your financial well-being and peace of mind: Persistent Contact : Debt collection agencies might persist in attempting to contact you through phone calls, letters, and possibly emails. This can be stressful and disruptive.

Collection Agencies 100

Collection Agencies Collections Agency Credit Counselor Garnishment 100

Account Recovery

JULY 6, 2022

The Connecticut Department of Banking has levied a $10,000 fine against a company for operating as a consumer collection agency in the state without obtaining the proper license. A copy of the ruling in the matter against Lockhart, Morris & Montgomery can be accessed by clicking here.

Collection Agencies 246

Collection Agencies Collections Agency Consumer Collections Banks 246

Account Recovery

FEBRUARY 27, 2025

Why it matters: For the credit and collection industry, the takeaway is that financial vulnerability cuts across a broader demographic than ever. Professionals at debt collection agencies, fintechs, and banks can expect to interact with borrowers who dont fit the typical risk profile yet face the same liquidity crunch.

Collection Agencies 130

Collection Agencies Collections Agency Education Loans 130

Account Recovery

JULY 27, 2021

CONN. (..)

Collection Agencies 246

Collection Agencies Collections Agency Banks Collections 246

Account Recovery

DECEMBER 30, 2024

Here is a summary of what collection operations need to be prepared for starting as soon as January 1. Phil Murphy, goes into effect on January 1 and implements several major changes to how medical debt can be collected and reported. As the calendar gets set to turn to a new year, a number of new laws are scheduled to take effect.

Garnishment 130

Garnishment Debtor Collection Agencies Collections Agency 130

American Profit Recovery

SEPTEMBER 27, 2024

Many of these hurdles come from pre-conceived notions about what it means to have an account sent to collections, or to be contacted by a collection agency. Collection agencies buy debts and can settle for pennies on the dollar At American Profit Recovery, we are not debt buyers.

Debt collector 235

Debt collector Collection Agencies Collections Agency Education 235

Account Recovery

MARCH 11, 2025

Why it matters: For professionals in debt collection agencies, debt buying companies, fintechs, banks, credit unions, and consumer finance firms, these findings underscore a growing vulnerability among older borrowers.

Credit Card Debt 130

Credit Card Debt Credit Unions Credit Unions Debt Buying 130

Debt Recoveries

MAY 29, 2020

One of the services businesses are able to use to help maintain or improve their cashflow is a debt collection agency. To assist in ensuring quality and integrity within the debt collection industry, the Institute of Mercantile Agents was formed. Partnering with the right collection agency can do wonders for your cash flow.

Collection Agencies 80

Collection Agencies Collections Agency Collections Debt Recovery 80

Account Recovery

NOVEMBER 18, 2020

The number of individuals with an account that has been placed with a collection agency continued to hit record lows in the third quarter, even as the average collection amount per person increased, according to data released yesterday by the Federal Reserve Bank of New York.

Collections 162

Collections Collection Agencies Collections Agency Banks 162

Account Recovery

JULY 8, 2021

State regulators, including those that specifically regulate collection agencies, have asked the Department of Education to “cease obstructing or discouraging state regulation” by formally taking steps to prove it is serious about not blocking attempts from state regulators to access records needed to investigate student loan servicers (..)

Student loans 246

Student loans Student Loans Loans Collection Agencies 246

UK debt collections

JUNE 11, 2021

The High Court has shut down a rogue Debt Collection Agency it has emerged. The Debt Collection Agency spuriously claimed to be able to collect debts from liquidated companies. They would offer to collect from liquidated company directors ‘personally’ which is contrary to UK insolvency law.

Collection Agencies 72

Collection Agencies Collections Agency Collections Creditors 72

UK debt collections

MAY 4, 2021

The saying in the Debt Collection Industry is ‘the older, the colder’ which is layman’s terms means, the longer the invoice goes unpaid, the less likely it will be paid at all. In the past, Companies have often waited till they had large volumes of debts before recruiting a debt collection agency.

Collection Agencies 75

Collection Agencies Collections Agency Collections Debt Recovery 75

American Profit Recovery

JULY 27, 2020

A healthy jobs market, business spending, banks lending money as well as consumer spending. But did you know that debt collections were also a big part of a healthy economy? But the collection industry is directly responsible for putting a large amount of money back into our economy and into the hands of business.

Collections 187

Collections Government Debt collector Collection Agencies 187

Account Recovery

MAY 15, 2025

TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. I was in the banking industry prior to collections. What is your career highlight so far?

Healthcare 130

Healthcare Collection Agencies Collections Agency Banks 130

American Profit Recovery

MAY 15, 2025

The website helps consumers understand their rights when it comes to debt collections, navigating the best way to handle your outstanding debts including how to communicate with a debt collector. Communicate with creditors and collection agencies No one likes to discuss debt and why they haven’t paid a bill.

Debt collector 150

Debt collector Credit Card Debt Collection Agencies Collections Agency 150

Account Recovery

DECEMBER 8, 2023

Owners of Allegedly Unlicensed Collection Operations Facing FDCPA Suit Judge Grants MTD in FDCPA Case Over Undated MVN Overdraft Fee Issues Cost Bank $6.2M in CFPB Enforcement Action January Raises $12M to Expand Collection Platform MCA Collection Agency Turns to Skit.ai

Collection Agencies 147

Collection Agencies Collections Agency Collections Banks 147

Account Recovery

MAY 24, 2024

The Connecticut Department of Banking has issued a temporary order to cease and desist against a Texas-based collection agency for operating in the state without the required license. Order and Penalties […]

Fair Debt Collection 130

Fair Debt Collection Collections Collection Agencies Collections Agency 130

Account Recovery

DECEMBER 7, 2023

A collection operation has agreed to pay a $10,000 fine to the Connecticut Department of Banking for operating in the state without the proper license to collect. The Background: The company operated in Connecticut as a licensed consumer collection agency from 2010 through 2018, when its license expired.

Collections 130

Collections Collection Agencies Collections Agency Consumer Collections 130

Account Recovery

AUGUST 31, 2023

The Connecticut Department of Banking has reduced the fine against a law firm that was operating in the state without a consumer collection agency license to $20,000 from $100,000, largely on the basis that the law firm is no longer in business. A copy of the order with the Law Offices of David M. Katz […]

Law Firms 130

Law Firms Collections Collection Agencies Collections Agency 130

Account Recovery

FEBRUARY 18, 2025

Prior to joining Velocity, Michael co-founded a fintech consulting firm, Maxwell & Graves Solutions, and was responsible for building and leading Collections & Recovery at Prosper Marketplace. Mark Ravanesi is coming onto the RMAI Board of Directors for 2025, in the certified third-party collection agency seat.

Collection Agencies 130

Collection Agencies Collections Agency Law Firms Original Creditor 130

UK debt collections

MARCH 5, 2025

Bristol based debt recovery business which didnt hand over money is shut down An Insolvency Service investigation found that Encore Capital Group Inc Ltd trading as Encore Debt Recovery failed to fully hand over the money it collected it has been revealed. Scam Debt Collectors blight the UK’s Debt Collection industry.

Debt collector 70

Debt collector Debt Recovery Collection Agencies Collections Agency 70

Nexa Collect

JANUARY 19, 2022

If you think that ignoring written demands and calls from a collection agency will spare you from all the consequences, then you are wrong. Your credit card address, your USPS change of address, address on your most recent bills are collected by data aggregation companies and/or credit reporting agencies.

Collections 130

Collections Debt collector Collection Agencies Collections Agency 130

Account Recovery

NOVEMBER 4, 2021

The following is not directly related to the accounts receivable management industry, but does underscore the importance of making sure that employees and collectors are not able to use the information they have access to in other jobs that they may have outside of working at a collection agency.

Accounts Receivables Management 246

Accounts Receivables Management Collection Agencies Collections Agency Collections 246

American Profit Recovery

MAY 15, 2024

That’s not the way debt collections work. If you’re looking for tips on turning a call from a collection agency into a positive experience, check out our advice here. Do not feel powerless A reputable debt collection professional will take the time to listen to your situation and gain an understanding.

Debt collector 242

Debt collector Collection Agencies Collections Agency Collections 242

American Profit Recovery

JANUARY 3, 2024

From reviewing the processes and procedures your small business uses regularly, looking at cash flow, invoicing and how you use a debt collection agency, to just some basic goal setting, it’s important to review your small business goals annually.

Collection Agencies 244

Collection Agencies Collections Agency Collections Banks 244

Account Recovery

OCTOBER 9, 2024

This behavior, observed in the retail world, is a crucial lesson for collection agencies, debt buyers, fintechs, banks, and credit unions. The lesson for debt collection professionals? This disparity leads to higher abandonment rates on brand-specific sites. Learn more.

Collections 130

Collections Credit Unions Credit Unions Retail 130

Account Recovery

FEBRUARY 18, 2025

More bankruptcies mean higher charge-offs for creditors and increased reliance on third-party collection agencies. With this uptick, regulatory scrutiny may rise, leading to more complaints and lawsuits under laws like the FDCPA (Fair Debt Collection Practices Act) and Regulation F due to errors in handling bankrupt debt.

Fair Debt Collection 130

Fair Debt Collection Law Firms Bankruptcy Judgment 130

Account Recovery

JUNE 22, 2021

The Connecticut Department of Banking has assessed nearly $11,000 in fines against a collection agency for operating in the state without a license, according to a copy of a consent order that was published this week.

Collection Agencies 147

Collection Agencies Collections Agency Banks Collections 147