True Accord

OCTOBER 22, 2024

Read on for our take on what’s impacting consumer finances, how consumers are reacting and what else you should be considering as it relates to debt collection today. In September, the bureau issued its annual report on debt collection, which highlighted aggressive and illegal practices in the collection of medical debt and rental debt.

Student loans 111

Student loans Student Loans Loans Retail 111

True Accord

AUGUST 25, 2020

Banks are accelerating their adoption of new digital debt collection tools in anticipation of a “tidal wave of consumer debt issues” when government stimulus programs end and financial institutions stop offering forbearance and loan deferral options. Challenge #2: Narrow, channel-specific use of machine learning.

Collections 123

Collections Financial Institution Banks Construction 123

Jimerson Firm

NOVEMBER 2, 2020

Lenders are responsible for servicing and liquidating all of the 7(a) loans in their portfolio. Lenders and CDC’s must be cognizant about their responsibilities and authority in servicing and liquidating SBA loans because failure to do so properly may lead to formal enforcement actions by the SBA Office of Credit Risk Management.

Lender 94

Lender Loans Collateral Creditworthiness 94

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. Contact us. 981p (12)).

Collection Agencies 130

Collection Agencies Collections Agency Collections Garnishment 130

Account Recovery

AUGUST 10, 2020

Logicoll, LLC is excited to announce the launch of our professional debt collection agency. Our company provides compliant recovery solutions for organizations with outstanding receivables including major banks, credit card issuers, auto financing companies, fintech lenders, and more.

Collection Agencies 147

Collection Agencies Collections Agency Creditors Lender 147

Credit Corp

JUNE 3, 2020

Commercial banks may be the obvious choice, but they aren’t the only option for your mortgage. Mortgage brokers , online mortgage lenders , and credit unions also originate mortgage loans. Credit unions and other non-banks are gaining in popularity for mortgage originations. Now you just need a mortgage. Find a Mortgage.

Credit Unions 98

Credit Unions Credit Unions Banks Loans 98

Hudson Weir

FEBRUARY 11, 2025

If youre trying to find out what does IBR mean or what does IBR stand for in a business or banking context, thats understandable as there are some conflicting answers online. Banks often initiate IBRs when they have concerns about the borrowing companys financial stability or solvency. IBR stands for Independent Business Review.

Trade 52

Trade Banks Lender Loans 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® If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. In This Piece: What Is Collections Debt?

Collections 126

Collections Debt collector Collection Agencies Collections Agency 126

UK debt collections

FEBRUARY 16, 2021

Plans to create a Nationwide Debt Collection service to recoup unpaid covid Business support loans have hit a brick wall according to latest reports. £45 45 Billion pounds have been lent to Small Businesses to help them through the pandemic over the last year by UK banks. The programme will see recipients start to pay 2.5%

Loans 72

Loans Collections Lender Bankruptcy 72

Better Credit Blog

DECEMBER 31, 2020

Have a hard inquiry on your credit report from Comenity Bank/VCTRSSEC? A hard inquiry is simply a way for a lender to check your credit reports before approving your application. Comenity Bank/VCTRSSEC On My Credit Report. How Does a Comenity Bank/VCTRSSEC Hard Inquiry Affect Your Credit Report? Ask Lex Law for Help.

Banks 89

Banks Retail Lender Repossession 89

Account Recovery

JANUARY 5, 2024

A trade group representing non-bank financial institutions that provide sales-based financing to businesses has filed a lawsuit against the Consumer Financial Protection Bureau claiming it has overstepped its authority by issuing a rule regulating how lenders must collect and submit data related to small business lending activities.

Financial Institution 130

Financial Institution Trade Lender Banks 130

Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

Lender 76

Lender Collateral Loans Foreclosure 76

True Accord

MARCH 5, 2024

For lenders, service providers and debt collectors, guaranteeing repayment will still be a challenge [in] 2024.” Bottom line: households took on more debt at the end of last year and we’re seeing loans increasingly going bad, according to data from the Federal Reserve Bank of New York , leading to a shift in consumer spending for 2024.

Consumer Credit 114

Consumer Credit Student loans Student Loans Collections 114

Troutman Sanders

OCTOBER 25, 2023

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

Banks 52

Banks Lender Credit Unions Credit Unions 52

Consumer Finance

NOVEMBER 14, 2023

The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.

Lender 136

Lender Loans Banks Financial services 136

Jimerson Firm

JANUARY 20, 2021

However, lenders should be aware that judges are still able to refer foreclosure lawsuits to mediation on a case-by-case basis, with or without a referral request to mediation. Although there is no longer a statewide mandatory foreclosure mediation program, lenders must be aware that they may still be required to participate in mediation.

Foreclosure 80

Foreclosure Lender Creditor's Rights Commercial Collection 80

Fico Collections

JANUARY 6, 2021

Posts dealing with debt collection were among the most popular on the FICO Blog last year, for obvious reasons. Fortunately, our bloggers stepped up with timely analyses of the challenges facing lenders in an era of payment holidays, furloughs and higher unemployment. Debt Collection And Covid-19: What Past Crises Can Teach Us.

Collections 98

Collections Loans Lender Government 98

UK debt collections

DECEMBER 8, 2020

The Financial conduct authority has asked banks, lenders and debt collectors for advice on how to deal with the fall out from emergency Covid-19 loans given out during the pandemic. “The FCA has rules to support the fair treatment of customers through the collections and recoveries process,” the regulator said.

Collections 72

Collections Lender Loans Debt collector 72

Jimerson Firm

JULY 30, 2020

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults.

Lender 98

Lender Foreclosure Loans Banks 98

True Accord

APRIL 28, 2025

Other challenges for businesses debt collection operations come in the forms of regulatory changes impacting innovation and uncertainty about staying in compliance. The 2024 Order conflicts with the CFPBs Regulation F Debt Collection Rule about the scope of an opt-out. What Does This Mean for Debt Collection? points to 134.5

Student loans 89

Student loans Student Loans Loans Collections 89

The Kaplan Group

APRIL 24, 2025

Aging debt dramatically reduces recoverabilityonly 10% of invoices over 12 months old are likely to be collected. Technology and Alternative Lending AI Is Reshaping Access to Credit Fintech lenders are using AI to speed underwriting and reduce bias. Platforms like Mintifi and NAV-based lending are gaining traction.

Bankruptcy 52

Bankruptcy Lender Loans Creditors 52

Jimerson Firm

JANUARY 28, 2021

When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. Compass Bank , 164 So. Liberty Bank , 87 So. 702.06, Fla. 702.06, Fla.

Foreclosure 98

Foreclosure Judgment Lender Banks 98

Credit Corp

SEPTEMBER 12, 2023

You can remove collection accounts from your credit report by disputing inaccuracies, asking for goodwill deletions, or requesting a pay for delete agreement. Collection accounts are bad for your credit score. So if you have a debt in collections, your credit score has likely taken a dip.

Collections 92

Collections Collection Agencies Collections Agency Credit Bureau 92

Nexa Collect

APRIL 27, 2021

Some debt collection agencies agree to remove the entry from the debtor’s credit report once the bill is paid off, but this is not common. The provision to remove credit report entry was allowed only to fix mistakes and not to be used as a tool for debt collection. Do not rush into credit reporting, use it wisely.

Collection Agencies 130

Collection Agencies Collections Agency Debtor Debt Recovery 130

Katabat

DECEMBER 2, 2019

SoFi will leverage Katabat’s industry-leading Restore collections platform, to deliver an omnichannel experience for consumer collections. We are delighted that they have selected Katabat’s solution to enhance digital collections by meeting members where they are at,” said Ray Peloso, Katabat CEO. WILMINGTON, Del.,

Personal loans 78

Personal loans Loans Collections Debt Management 78

Troutman Sanders

NOVEMBER 13, 2023

A California state court recently denied a preliminary injunction sought by the California Department of Financial Protection and Innovation (the DFPI) in its long-running litigation against Opportunity Financial (OppFi) contending that OppFi is the “true lender,” and therefore subject to usury limits, on loans originated by OppFi’s bank partner.

Lender 52

Lender Banks Loans Collections 52

Credit Corp

DECEMBER 14, 2020

Whether you have medical debt, credit card debt or unpaid student loans , getting calls or letters from debt collection companies can be frustrating. Can a debt collector collect after 10 years? Here’s an overview of the timelines for debt collection and what to do if you’re contacted about an old debt.

Debt collector 98

Debt collector Collections Judgment Collection Agencies 98

Jimerson Firm

JANUARY 26, 2021

In Florida, lenders typically obtain an “assignment of rents” if the property produces income by collecting rent, such as an apartment complex, rental home, rental space, or office building. An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments.

Foreclosure 96

Foreclosure Lender Loans Banks 96

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. Barnett Bank of Pensacola , 397 So.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Re:Ceeve

JUNE 12, 2020

Today, companies must think about the bigger picture by listening to customer needs, especially when it comes to debt collection. For years, companies have treated the debt collection process not as an opportunity, but as a relentless process of retrieving outstanding balances at all costs. Online banking. Knowledge hubs.

Collections 91

Collections Acquisition Retrieval Collection Agent 91

Jimerson Firm

JANUARY 27, 2021

SBA lenders should understand the appropriate protocols after receiving an offer in compromise from a borrower, including what an offer in compromise is, when it is appropriate, the general requirements, and the process for reviewing, approving and completing a compromise. SOP 50 57 ; SOP 50 55. SOP 50 57 ; SOP 50 55.

Loans 96

Loans Lender Collateral Creditors 96

True Accord

JULY 2, 2020

To better understand the effect this uncertainty has had on debt collection, we analyzed data from over 12 million consumers of major banks, issuers, eCommerce companies, and direct lenders. What’s next for debt collection? As the crisis continues and consumer payments are slowing, debt collectors must adapt to survive.

Collections 83

Collections Collection Companies Debt collector Lender 83

Nexa Collect

JUNE 27, 2023

Employ a Collection Agency : If the borrower is unresponsive or unwilling to pay, employ the services of a collection agency. The agency will then take over the task of contacting the borrower and attempting to collect on the debt. Offset Tax Refunds and Government Benefits : For federal student loans in the U.S.,

Student loans 100

Student loans Student Loans Loans Garnishment 100

Jimerson Firm

MARCH 12, 2021

However, lenders often wonder where they should file the foreclosure action if the loan is secured by mortgaged land situated in different counties. Intercredit Bank, N.A. , Flagship Cmty Bank , 96 So. allows the lender to bring a single foreclosure action on all mortgages in just one county. 2d 863, 864 (Fla.

Foreclosure 98

Foreclosure Lender Collateral Loans 98

Nexa Collect

DECEMBER 12, 2021

DeFi is a collective term for financial products and services that are accessible to anyone who can use Ethereum over the internet. A system that interacts buyers, sellers, borrowers, or lenders with peer-to-peer technology to access financial products or financial services bypassing middlemen such as financial institutions.

Collateral 130

Collateral Banks Financial Institution Financial services 130

FFGN COLLECT NY

MAY 8, 2024

In addition to refunding the monies, the bank also had to pay penalties for the unlawful freezing of the bank accounts. Between 2016 and 2022, Pathward wrongfully froze 1,400 bank accounts belonging to New Yorkers. The laws also prohibit banks from freezing accounts with protected wages, a set amount based on minimum wage.

Banks 52

Banks Debt collector Judgment Creditors 52

Troutman Sanders

DECEMBER 7, 2023

Yesterday, the Office of the Comptroller of the Currency (OCC) issued guidance to banks on managing the risks associated with “buy now, pay later” (BNPL) lending. In a typical BNPL transaction, the lender pays the merchant for the good or service and takes on the responsibility of collecting payments from the borrower.

Banks 52

Banks Lender Loans Collections 52