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.

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Nexa Collect

JUNE 18, 2023

Here are some points to consider regarding the impact of medical debt default on the patient’s credit scores: Reporting to Credit Bureaus : When a medical debt goes unpaid for an extended period, the healthcare provider may send the account to a collection agency. This is known as “pay for delete”.

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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.

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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.

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Taurus Collect

FEBRUARY 1, 2024

Understanding the Debt Collection Process The debt collection process typically initiates once a creditor concludes an account is non-performing, meaning the debtor has missed payments for several months. Legal Action : As a last resort, the collection agency may recommend that the creditor take legal action to recover the funds owed.

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The Kaplan Group

OCTOBER 19, 2020

FDCPA ( Fair Debt Collection Practices Act). 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. The law does not apply to collecting from businesses. Credit Counselor.

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Troutman Sanders

NOVEMBER 15, 2022

Financial institutions subject to the new requirements include mortgage lenders, mortgage brokers, motor vehicle dealers, payday lenders, finance companies, account servicers, check cashing companies, wire transferors, collection agencies, credit counselors and other financial advisors, tax preparation firms, non-federally insured credit unions, and (..)

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