Collection Industry News

MARCH 19, 2024

The rising popularity of the Buy Now, Pay Later (BNPL) options and their corresponding delinquencies are also a piece of the puzzle, but one that is not currently captured by the Bureau of Economics and falls into a category known as “phantom debt.” Today’s consumer is using more and different financial products,” shares Ravanesi.

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Consumer Credit Student loans Student Loans Collections 40

Credit Corp

JUNE 1, 2023

This is because collections fall under the category of payment history, which accounts for 35% of your FICO credit score , making it the biggest impact on your score. The effect on your credit may depend on what your score was to begin with. For example, a score in the 700s may take a more dramatic hit than a score in the 500s.

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Collections Debt collector Collection Agencies Collections Agency 127

Consumer Financial Services Law

APRIL 22, 2021

Assuming they mold their actions to comply with the same, the Rule may now provide a more effective shield in actions under the FDCPA. This article examines these nuggets which, if incorporated into a debt collector’s policies and procedures, may provide an effective bona fide error defense. Electronic Communications.

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Debt collector Collections Creditors Debtor 52

Burr Forman

AUGUST 13, 2021

The requirements of the ETS went fully into effect on July 21, 2021. Those categories include: Creation of a COVID-19 Plan. communicating with a deaf individual) and a clear plastic face mask or barrier is not feasible. This article briefly discusses who exactly the ETS applies to and some of the requirements the ETS imposes.

Healthcare 52

Healthcare Retail 52

PDC Flow

NOVEMBER 9, 2021

Being proactive is the most effective way to avoid any financial issues within your organization. New businesses struggle with money problems more than any other category on this list. Payment communication tools are essential for every business. Even the biggest corporations in history have run into cash issues. Investment.

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Loans Personal loans Banks Government 75

Troutman Sanders

MARCH 8, 2021

As we recently reported , the Federal Communications Commission (FCC) provided new maximum call guidance in a December 2020 order (Order) for callers subject to the Telephone Consumer Protection Act (TCPA). The guidance was issued prior to the implementation of new regulations capping the number of permitted calls under the TCPA.

Trade 59

Trade 59

Burr Forman

MARCH 10, 2021

Effective March 2, 2021, to qualify for the NIE, applicants must show one of the following: They are married to a U.S. Other travelers in categories such as academics, students and journalists are not impacted by this change in standard and may still qualify for NIEs. citizen or a U.S. The Department of State in Washington, D.C.

Manufacturing 52

Manufacturing Acquisition Healthcare Financial services 52

Burr Forman

JUNE 10, 2021

The CPRA – or the California Privacy Rights and Enforcement Act of 2020 – amends certain provisions of the CCPA (California Consumer Privacy Act) that went into effect on January 1, 2020. It goes into effect as of January 1, 2023. The CPRA narrows the definition of what qualifies as a business while expanding consumers’ privacy rights.

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Collections 52

True Accord

FEBRUARY 3, 2022

These can be separated into two main categories, portfolio metrics and operational metrics. . Roll rates are primarily used to forecast future charge-off levels, to develop sophisticated risk scoring models to be used in underwriting or collection strategy, and to evaluate the effectiveness of a collection strategy or process.

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Lender Collections Collection Companies Loans 52

Nexa Collect

NOVEMBER 28, 2020

Healthcare clinics that wish to succeed in today’s competitive market must strive not only to provide quality care while keeping up with the continual technological advances of such a fast-paced and innovative industry but also to ensure they are managing their costs effectively. Optimizing the skills of your staff.

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Healthcare Acquisition 130

Fico Collections

JANUARY 6, 2021

Here were the five most popular posts in this category last year: #1. The data is there – be it from call, collections or communications systems and we need access to this information as it will inform how we talk to our customers who need to be segregated carefully. Debt Collection And Covid-19: What Past Crises Can Teach Us.

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Collections Loans Lender Government 98

Titan Consulting

SEPTEMBER 15, 2020

Personal loans, credit card debt, payday loans, or medical bills all fall into the category of unsecured personal debt. Leaving one credit card open and making on-time payments on a home or vehicle loan can effectively mitigates the damage and help to improve your credit score over time. How to Negotiate Your Debt?

Credit Card Debt 84

Credit Card Debt Debt settlement Debt collector Creditors 84

Troutman Sanders

DECEMBER 19, 2023

For example, the whitepaper discusses how the quality of a stablecoin issuer’s reserve asset composition, and its ability to meet redemption requests, will determine whether a particular stablecoin meets the conditions to be included in the Group 1b category and be subjected to existing bank capital requirements. for most checks, and 1.5%

Financial services 52

Financial services Banks Debt collector Government 52

Jimerson Firm

MAY 12, 2021

These provisions became effective on April 19, 2018. However, upon notification of the death of a borrower, lenders must “promptly identify and facilitate communication with the successor in interest of the deceased borrower with respect to the property secured by the deceased borrower’s mortgage loan.”

Collateral 52

Collateral Lender Loans Foreclosure 52

Credit Corp

NOVEMBER 21, 2021

While technically there are no specific prohibitions on debt collectors calling on holidays, it may fall into a category that’s not allowed by the Fair Debt Collection Practices Act (FDCPA). ” Because many holidays are public knowledge, you can generally expect that debt collectors won’t call at these times.

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Debt collector Fair Debt Collection Creditors Collections 98

Fico Collections

JANUARY 5, 2021

It’s no surprise that COVID-19 would be one of the subjects that drew readers to the FICO Blog last year, but for the Fraud Protection and Compliance category it wasn’t the only top draw. The inherence category is moving beyond fingerprints, voice and facial scans, Doug noted. “

Financial Institution 52

Financial Institution Banks Lender Government 52

Troutman Sanders

JANUARY 23, 2024

The debt relief is broken down into the following categories: $1.7 On January 18, the Federal Trade Commission (FTC) issued an order postponing the effective date of the Combatting Auto Retail Scams (CARS) Rule while a legal challenge against the rule is pending. For more information, click here. For more information, click here.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Fico Collections

DECEMBER 12, 2022

This innovation is important to FICO’s customer communications offerings and adaptive analytic initiatives in FICO® Falcon® Fraud Manager. These explanations hint at the real power of patents: how they are focused on our customers’ most pressing industry challenges, and make FICO solutions even more effective tools for their business.

Retail 52

Retail Banks 52

Consumer Financial Services Law

JANUARY 22, 2021

While the bulk of Part 2 addresses the parties’ obligations under Section 1692g of the FDCPA, the remainder of Part 2 ties up other loose ends, including time-barred debt, credit reporting, and communications where the consumer is deceased. The entire Rule (both Parts 1 and 2) takes effect November 30, 2021. Section 1006.2(c)

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Debt collector Collections Creditors Original Creditor 40

Collection Industry News

AUGUST 11, 2020

The Government conceded that it could not satisfy strict scrutiny to justify the differentiation between government-debt collection speech and other categories of robocall speech, such as political speech, charitable fundraising, issue advocacy, commercial advertising, etc., Town of Gilbert , 576 U. 155, 163 (2015)). and the Court agreed.

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Collections Government Judgment Bankruptcy 40

Collection Industry News

JULY 20, 2020

The Government conceded that it could not satisfy strict scrutiny to justify the differentiation between government-debt collection speech and other categories of robocall speech, such as political speech, charitable fundraising, issue advocacy, commercial advertising, etc., Town of Gilbert , 576 U. 155, 163 (2015)). and the Court agreed.

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Collections Government Judgment 40

Payment Savvy

JULY 18, 2023

It serves as a way for the IRS to track and communicate with taxpayers. This includes all of the following categories: Businesses – Most businesses require an EIN so that the IRS can identify the business for tax filing purposes, as well as wage reporting and conducting financial transactions. Who Needs an EIN?

Education 52

Education Government Financial Institution Financial services 52

Troutman Sanders

MARCH 8, 2021

On February 23, the Federal Communications Commission hosted “A Webinar for Consumers: COVID-19 Scams and Older Adults.” The webinar focused on the financial protection of older adults during the COVID-19 pandemic, and included a panel discussion from experts from the CFPB, the Federal Communications Commission, and Health and Human Services.

Financial services 52

Financial services Retail Foreclosure Financial Institution 52

Burr Forman

MAY 5, 2021

The Act does not create a cause of action for any actions a postsecondary educational institution takes prior to the effective date of the Act becoming law, including a claim or theory relating to restriction on trade or tortious interference of fair competition. [43]. MISCELLANEOUS. CONCLUSIONS. 2] [link]. [3] 4] [link]. [5]

Education 75

Education Government Retail Lawyers 75

FDCPA Defense

NOVEMBER 11, 2014

Section 1692g of the FDCPA says collectors must provide notice to consumers within five days of the initial communication regarding the debt, stating the amount of the debt, the name of the current creditor, and explaining the consumer’s right to dispute the debt and to obtain verification. The emphasis, then, is on practical effect.”

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Debt collector Debtor Creditors Original Creditor 40

Fico Collections

JANUARY 26, 2022

Our most popular posts in this category last year dealt with valuable disciplines, collections predictions, multi-channel vs. omnichannel communications, collections optimization and digital-first collections approaches for the COVID-19 period. Here are extracts from those top five posts.

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Collections Student loans Student Loans Government 52

Price Meese

OCTOBER 11, 2021

The law goes into effect on January 1, 2022, and all realtors and residential landlords must understand its requirements to avoid potential penalties. A provisional offer withdrawal must be communicated to the applicant in writing and specifically state the basis for same. It may be that this section of the law was poorly drafted.

Manufacturing 10

Manufacturing 10

Fico Collections

JULY 6, 2020

There are other factors that will now further stress consumers, including the effect of sanctions from the current crisis in the Ukraine. . The data is there — be it from call, collections or communications systems — and we need access to this information as it will inform how we talk to our customers who need to be segregated carefully.

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Collections Creditors Banks Credit Bureau 52

Collection Industry News

AUGUST 9, 2021

et al. Indeed, each of the federal judges in Chambless and Brown upheld the CDC’s Order, finding that Congress must have intended to give the agency broad latitude to mitigate the pandemic’s effects. On March 10, 2021, U.S. District Judge J.

Foreclosure 40

Foreclosure Government Judgment Lender 40

Fico Collections

JANUARY 27, 2022

The most popular posts in our Customer Development category dealt with credit card payments, open banking, trends for financial services and small business lending — as well as FICO’s listing as a top risk management firm. Here are extracts from those posts. Read the full post: The Impact of Covid-19 on Credit Card Payments .

Banks 52

Banks Financial services Lender Financial Institution 52

Fico Collections

NOVEMBER 23, 2020

However, a recent survey by FICO and Censuswide shows just how far lenders are in the UK from doing effective customer communication based on KYC. For example, more than 20% of customers felt there was a lack of choice of communication methods available to them. This can be achieved through: Improving the quality of basic data.

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Collections Financial Institution Lender Banks 52