Account Recovery

AUGUST 10, 2020

Logicoll, LLC is excited to announce the launch of our professional debt collection agency. Logicoll represents creditors in the resolution of outstanding consumer credit accounts.

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Debt Free Colorado

FEBRUARY 21, 2022

When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. Consumer debts include credit card debts, vehicle loans, medical costs, and school loans.

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Troutman Sanders

OCTOBER 10, 2023

The Connecticut Banking Commissioner (Commissioner), acting through the Consumer Credit Division of the Department of Banking (the Division), conducted an investigation into the Law Offices of David M. The firm had 14 days to request a hearing, but failed to do so.

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Better Credit Blog

FEBRUARY 15, 2021

Lenders and companies who provide you with paid services will attempt to reach you to collect payment on late accounts for a period of time. After some time, they may turn your debt over to collections. At that point, a collection agency could be hired to assist them with the process. How to Deal with Fairway Collections.

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Credit Corp

JANUARY 21, 2021

Some of those laws also cover your rights as a consumer to fair debt collection practices. A few of the laws that might come into play are as follows: The Fair Credit Report Act ensures your right to an accurate consumer credit profile. It obligates companies to report truthful information on your credit report.

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Collection Industry News

MARCH 7, 2022

More than half of the debt that appears on credit reports as being in collection stems from medical bills, the agency found. Unpaid medical bills became a bigger concern during the pandemic, and now, a federal consumer agency is considering whether those debts should be banned from consumer credit reports.

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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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Taurus Collect

JANUARY 20, 2023

If so, it’s likely that they have already checked your credit report. It can be tricky trying to deal with a debt collection agency , but understanding why and how they check your credit score is the key to regaining control of the situation. Are you being contacted by debt collectors?

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Debt Recoveries

JUNE 25, 2023

There are several obstacles that business owners must overcome in order to operate a successful company in Australia, and one of the most typical of these is debt collection. Although giving consumers credit is important for organisations, dealing with unpaid bills and late payments can negatively affect cash flow and impede growth.

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National Service Bureau

OCTOBER 21, 2015

Well, medical debt can be a touchy subject , and CFPB oversight of medical collection agencies is slightly different than for others - namely the exception of the $10 million revenue threshold for Larger Market Participants.

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Collection Industry News

OCTOBER 22, 2023

On July 11, 2023, in prepared remarks to kick off the CFPB’s hearing on Medical debt, CFPB Director Chopra appeared to take credit for these changes, stating, “The CFPB’s work has led to major changes in the way medical bills are reported to the three credit reporting conglomerates: Equifax, Experian, and TransUnion.

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Fico Collections

FEBRUARY 7, 2023

Saxon Shirley Fri, 05/20/2022 - 06:06 by FICO expand_less Back To Top Tue, 02/07/2023 - 19:10 As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem. million previously “unscorable” consumer files. Read the full post 3.

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Katabat

JANUARY 17, 2020

I believe 2019 will be remembered as a critical transformational year for the debt collection industry. Long-percolating patterns and pressures firmly coalesced around permanent shifts in digital consumer behavior (hello, TikTok!), The industry has shifted from “whether” to lean into these shifts to “how and when”.

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CSA

JULY 26, 2021

gives examples illustrating the pitfalls of poorly designed prescriptive interventions, and sets out a series of frontline case studies demonstrating how customers have benefited from a flexible approach to forbearance from collections agencies under the current rules and guidance. Breathing Space?

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Troutman Sanders

MAY 31, 2022

On May 26, the CFPB issued a blog post regarding credit reporting disputes and requirements that furnishers must satisfy when handling a dispute. SF 2922 contains a work-from-home provision, allowing collection agency staff to continue working remotely. For more information, click here. For more information, click here.

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National Service Bureau

JUNE 18, 2015

The Fair Debt Collection Practices Act was passed in 1977 to outline the ways in which consumers can be contacted by collection agencies. The restrictions in the FDCPA don’t apply to these persons in the same way as a typical collection agency. First, who is a debt collector?

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Collection Industry News

JULY 20, 2020

While a Federal District Court shot down Healey’s mandate for the time being, it is important to note that any measure restricting consumers’ access to critical financial information leaves them in the dark at the worst possible time. Currently, many small- and medium-sized businesses need our help as they are struggling to stay afloat.

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Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

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Credit Corp

FEBRUARY 9, 2024

While individual lenders may care that a credit counseling agency is repaying your accounts, FICO does not. Since FICO is the leading data analytics company responsible for calculating consumer credit risk, a DMP will not adversely affect your credit.

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Credit Corp

OCTOBER 6, 2023

Despite the national average of Americans having over $9,000 in credit card debt per household, only 14% say they’re “very worried” about their debt. 67% of respondents said they have less than $2,000 in debt, which may indicate that only a concentrated number of people have high amounts of credit card debt.

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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law. HB1443 will go into effect on November 1.

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Troutman Sanders

OCTOBER 4, 2021

Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. Privacy and Cybersecurity Activities. For more information, click here.

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Nexa Collect

JULY 1, 2020

If you’re not in the habit of checking your credit score every month, you can hire a credit monitoring company to do the tracking for you. To that end, the three consumer credit reporting companies, TransUnion, Equifax and Experian, offer extensive information and assistance to pinpoint the problem on their websites.

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Credit Corp

FEBRUARY 21, 2023

Despite the national average of Americans having $9,000 in credit card debt per household, only 14 percent say they’re “very worried” about their debt. 67 percent of respondents said they have less than $2,000 in debt, which may indicate the national average means that a concentrated number of people have high amounts of credit card debt.

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Troutman Sanders

JANUARY 11, 2021

In its report, the Taskforce makes approximately 100 recommendations to the CFPB, Congress, and state and federal regulators to strengthen consumer protection. For more information, click here. The CAB received numerous written comments but there were no verbal comments during the hearing.

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Better Credit Blog

DECEMBER 31, 2020

Citi is a popular bank that provides credit cards for a wide range of retail stores like The Home Depot. With The Home Depot, in particular, Citi offers four credit options: Consumer Credit Card. When you apply for any one of these cards, loans, or credit accounts, you authorize Citibank to run a hard credit check.

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Credit Corp

JUNE 3, 2020

They provide a service to you and then bill you, similar to a credit extension. The company, creditor or collection agency has legal ways to pursue payment. The Consumer Credit Protection Act caps these types of garnishments. So, what happens when you don’t pay a bill or repay a debt?

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Collection Industry News

AUGUST 30, 2021

of Americans had medical debt in collections as of June 2020, according to a study from the Journal of the American Medical Association (JAMA), which analyzed consumer credit reports between January 2009 and June 2020. I have since been contacted by collection agencies and lawyers attempting to collect on this ‘debt.’

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Better Credit Blog

APRIL 5, 2022

The first step, if you have paid the full collection account, settlement, or have been making regular on-time payments, is to mail the collection agency a “ goodwill letter ” that explains your situation. Ask the Collection Agency to Validate the Debt. Anything else that appears to be inaccurate.

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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. For more information, click here.

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CSA

NOVEMBER 29, 2019

guidelines completely revolutionised the consumer credit markets so if you have a model that works then why change it?? The debt collection sector has come such a long way in recent years. Many Local Authorities now actively seek and learn from the best practice demonstrated by the private sector debt collection agencies.

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Better Credit Blog

MAY 12, 2022

Just like with consumer credit, debt from a civil judgment must be validated under the Fair Credit Reporting Act. Get this agreement in writing, and don’t give a creditor or collection agency your bank account information or credit card number. How Long Do Judgments Stay on My Credit Report?

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Troutman Sanders

JUNE 14, 2023

The bill exempts certain accounts that originate in the Department of Revenue from the general requirement to assign liquidated and delinquent accounts to a private collection agency within one year of the most recent payment on the account. On June 7, Oregon Governor Tina Kotek signed SB 981 into law. For more information, click here.

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Troutman Sanders

NOVEMBER 16, 2021

Department of Education terminated its contracts with private debt collection agencies. State Activities: On November 10, New York Governor Kathy Hochul signed the Consumer Credit Fairness Act (SB 153) into law. For more information, click here. On November 8, the U.S. For more information, click here.

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Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But more tellingly, the penalty related to the mistreatment of business and personal customers who fell behind on credit card and loan payments between 2014 and 2018 – well before many of us had even heard of COVID-19.

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Credit Corp

SEPTEMBER 7, 2020

It gathers credit reports from the three major credit bureaus and analyzes anonymous consumer data to generate a scoring model specific to each bureau. VantageScore, on the other hand, uses a combined set of consumer credit files, also obtained from the three major credit bureaus, to come up with a single formula.

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Better Credit Blog

NOVEMBER 4, 2020

However, there are other institutions that uses the acronym CBNA on credit reports. Here are some other establishments that CBNA could stand for: Credit Bureau of North America: The Credit Bureau of North America is a collection agency that collects unpaid debts on behalf of third-party companies.

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