Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. What’s worse is that Action Financial Services’ entry can be viewed by potential lenders down the line.

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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 (..)

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PDC Flow

JUNE 9, 2020

We sat down to discuss the importance of a brand strategy for financial services and ARM firms, and what that entails. How is brand building for financial services different from, say, a packaged product on a store shelf? It’s an incredible balancing act and very few financial services get it right.

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Better Credit Blog

AUGUST 22, 2020

If you have an unpaid medical bill, you may begin to hear from a debt collector known as CMRE Financial Services. CMRE Financial Services is a collection agency that collects medical debts on behalf of hospitals and other healthcare businesses. What is CMRE Financial Services?

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Troutman Sanders

FEBRUARY 27, 2023

Section 604 of the Financial Services Regulatory Relief Act of 2006 requires that the agencies review information collected in the Call Reports to reduce or eliminate any requirement to file certain information or schedules if the continued collection of such information or schedules is no longer necessary or appropriate.

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Better Credit Blog

SEPTEMBER 9, 2020

Have you noticed a company called Phoenix Financial Services on your credit report? If you have, this has probably been accompanied by calls from them to collect on a debt. This is because collection accounts on your credit report can have a significant impact on your score for up to seven years. That is not the case.

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CSA

FEBRUARY 3, 2021

I now support and advise businesses and stakeholders on a wide range of apprenticeship-based projects, with much of this work focussed in Financial Services. This means that Apprenticeship Levy funds are being lost, and begs the question, can debt collection agencies afford not to consider investing in apprenticeships in 2021?

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Debt Collection Answers

SEPTEMBER 30, 2020

The FTC is cracking down on what it calls the "worst debt collection tactics" in Operation Corrupt Collector. Absolute Financial Services, LLC. The FTC complaint charges that Absolute Financial Services, which operates in the Charlotte, North, Carolina area, collected more than $5.2

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Troutman Sanders

MAY 31, 2022

On May 24, the CFPB announced that it will open the Office of Competition and Innovation as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. For more information, click here. For more information, click here.

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Troutman Sanders

MAY 23, 2022

digital asset businesses, comparisons to traditional financial services and financial inclusion considerations, as well as technological considerations. On May 16, the CFPB published a report, examining mortgage servicers’ responses to the COVID-19 pandemic. For more information, click here.

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FFGN COLLECT NY

DECEMBER 15, 2021

The Consumer Financial Protection Bureau (CFPB) has more to do with your debt collection claim than you might think. Personally, CFPB has a lot to do with how companies approach you to collect debt and other financial products. In New York State, it’s the Department of Financial Services.

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Troutman Sanders

OCTOBER 19, 2021

On October 15, the Department of Education announced that it has awarded contracts to six different companies that will be responsible for servicing and collecting federal student loans. These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021.

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Troutman Sanders

FEBRUARY 7, 2022

State Activities: On February 3, the Nevada Financial Institutions Division issued a notice of transition to all Nevada collection agency licensees, stating that “all current collection agency and manager licensees and registrants will be able to begin their required transition to NMLS” on April 1.

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Account Recovery

AUGUST 5, 2020

The investment provides Katabat with … The post Katabat Attracts Significant Growth Investment from Tritium Partners and Terminus Capital Partners appeared first on AccountsRecovery.net.

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Troutman Sanders

JULY 7, 2021

The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. The California commissioner of financial protection and innovation recently issued proposed changes to the notice of rulemaking for acquiring a debt collection license under the Debt Collection Licensing Act.

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Troutman Sanders

DECEMBER 21, 2021

Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. Ron Wyden asked the CFPB to prevent credit agencies from selling Americans’ private, personal data unrelated to their credit or finances via data brokers. For more information, click here.

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Troutman Sanders

OCTOBER 4, 2021

On September 22, the Internal Revenue Service announced that it awarded new contracts to three private sector collection agencies to collect overdue tax debts. Beginning September 23, taxpayers with unpaid tax bills may be contacted by one of the following three agencies: CBE Group, Inc., Coast Professional, Inc.,

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Troutman Sanders

SEPTEMBER 27, 2021

On September 22, the Internal Revenue Service announced that it awarded new contracts to three private sector collection agencies to collect overdue tax debts. Beginning September 23, taxpayers with unpaid tax bills may be contacted by one of the following three agencies: CBE Group, Inc., Census demographic data.

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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law.

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Troutman Sanders

OCTOBER 10, 2023

Katz, discovering that in 2018 and 2019 the firm had engaged in in unlicensed collection activity involving about 10,000 Connecticut accounts with a total balance of $1.4 The firm allegedly collected about $81,000 of that amount. The firm had 14 days to request a hearing, but failed to do so.

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Troutman Sanders

SEPTEMBER 7, 2021

State Activities: On September 3, New York Attorney General Letitia James announced that her office is assessing ways to overhaul the collection of unpaid student loans, especially those incurred by individuals attending State University of New York (SUNY) schools. For more information, click here. For more information, click here.

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True Accord

NOVEMBER 1, 2023

And not having the right collection partner today can equate to missed recovery opportunities tomorrow. So what makes the end of the year such an important time to evaluate your current collections partner? Why Evaluate Your Collection Partner in Q4? Let’s take a look at some of the timely factors. Why Opt for Digital Outreach?

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Troutman Sanders

OCTOBER 13, 2020

These temporary actions (1) suspend uncollateralized intraday credit limits and waive overdraft fees for institutions eligible for the primary credit program; (2) permit a streamlined procedure for secondary credit institutions to request collateralized intraday credit; and (3) suspend two collections of information used to calculate net debit caps.

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True Accord

SEPTEMBER 2, 2021

Ensuring regulatory compliance in debt collection is a high stakes and increasingly complex process. As we know, the industry is constantly evolving and collections strategies must adapt. No consent is required to send debt collection emails, just like no consent is required to make calls or send letters.

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Fico Collections

JULY 19, 2021

Debt remediation is at the forefront of the financial services industry’s response to the pandemic, and this is leading collections operations to advanced analytics such as collections optimization. We are complementing Ultimo’s market-leading collections expertise with innovative data science.”. by Nikhil Behl.

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Troutman Sanders

SEPTEMBER 29, 2020

On September 16, the Department of Veterans Affairs (VA) announced that individuals affected by natural disasters — such as the wildfires in California and Oregon or hurricanes in the Southeast — can receive a 90-day suspension of debt collection efforts to give them time to get back on their feet. For more information, click here.

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Troutman Sanders

OCTOBER 11, 2021

On October 1, the CFPB published a set of Frequently Asked Questions (FAQs) on limited-content messages and the call frequency provisions in the Debt Collection Rule (Regulation F) that will go into effect on November 30. For more information, click here. For more information, click here.

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Debt Collection Answers

MAY 18, 2023

Capio Partners is one such agency that focuses on debt collection in the medical field. This is especially relevant due to multiple consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA) against this agency. This company may also collect other types of debt.

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Consumer Financial Services Law

MARCH 30, 2020

In a related move, the Department of Insurance invoked statutory powers which require collection agencies and others licensed and regulated by the Department of Insurance to offer their customers the option to defer debt payments. The DOI Order notes the emergency conditions in the state and invokes the provisions of N.C.

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Troutman Sanders

JANUARY 11, 2021

On January 5, the Washington State Collection Agency Board (CAB) held a public hearing to hear comment on the proposed permanent rule allowing employees of licensed collection agencies to work remotely with proper procedures in place and accepted written comments until that date. For more information, click here.

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Troutman Sanders

MARCH 22, 2021

The bill also would require such payments to be encoded, and would extend other restrictions on collection of such funds. On March 16, the Federal Trade Commission (FTC) announced that the three national credit reporting agencies will allow consumers weekly access to monitor their credit report for free until April 20, 2022.

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Troutman Sanders

MARCH 1, 2021

Senator Chris Van Hollen re-introduced a bill that will prohibit health care providers and their agents from engaging in “extraordinary collection actions” until the COVID-19 pandemic is over or 18 months after enacting the law. For more information, click here. On February 22, U.S. For more information, click here.

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True Accord

JUNE 19, 2020

Due to regulatory concerns and a general wariness of adopting new technologies, the debt collection industry has historically been slow to change. As companies across other financial industries continue to make it easier for consumers to access their own finances, that resistance may finally be waning. Building scalable systems.

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Troutman Sanders

SEPTEMBER 21, 2020

Data collected shows that U.S. families were faring better financially in July than in April, but many still faced uncertainty regarding layoffs and prospects for returning to work. Gimenez stressed that the app collects “no personal information, no GPS or location information[.]” For more information, click here. Households.

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UK debt collections

OCTOBER 15, 2021

New figures released show that Small Business Debt Collection is needed more than ever. Small Business Debt Collection action. Very often Small Business owners can be fearful of utilising a Debt Collection Agency as it may alienate their non paying customer, it shouldn’t be that way.

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Better Credit Blog

JULY 7, 2020

Is Bonneville Collections bringing you down? The agency could also be contacting you by mistake, which can be exceptionally frustrating as debt collection agencies are notorious for their repeated phone calls. What Is Bonneville Collections? Financial services. How Does Bonneville Collections Work?

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CICM

SEPTEMBER 15, 2023

In this blog, we will look at what Debt Collections is and why it is so important. This debt could be unpaid bills or invoices for goods and services, repayment of a financial service or money loan, or overdue sums for a range of obligations such as fines, taxes and rent. This is where Debt Collections comes in.

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