Troutman Sanders

SEPTEMBER 7, 2021

On September 2, the Nebraska secretary of state announced that the nationwide multistate licensing system (NMLS) is now receiving new application and transition filings for licenses, including for collection agencies and electronic surety bonds. For more information, click here. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

MARCH 22, 2021

The Bureau is concerned that some of those desperately needed funds will not reach consumers, and will instead be intercepted by financial institutions or debt collectors to cover overdraft fees, past-due debts, or other liabilities. On March 10, the Oklahoma Senate passed a health care debt collection bill.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Consumer Financial Services Law

DECEMBER 12, 2016

Creditors and debt collectors who utilize pre-collect practices should pay close attention to a recent opinion from the Eastern District of Michigan. 1, 2016), the collection agency agreed to provide the creditor with demand letter services which involved a series of three letters per debt account.

Creditors 40

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Troutman Sanders

JULY 7, 2021

Federal Activities: On July 1, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new complaint bulletin covering several areas of concern on relief provided in response to the COVID-19 pandemic, including the Centers for Disease Control and Prevention (CDC) eviction moratorium. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

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 Order takes effect at 5:00pm Monday, March 30, 2020. 58-2-46 (1)-(3).

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Consumer Financial Services Law

NOVEMBER 16, 2016

A New York district court recently dismissed an FDCPA putative class action attempting to penalize a collection agency for disclosing the FDCPA’s cease and desist requirements to a consumer. The consumer therefore argued that by making the disclosures, the debt collector violated the FDCPA. Recovery Servs.,

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PDC Flow

AUGUST 18, 2020

Soon enough, I began representing debt collectors , defending them against consumer litigation and helping them build compliance programs in their nationwide businesses. Since the early 2000s I’ve been representing debt collectors, debt buyers, creditors, and attorneys. It was really by accident.

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Collections Debt collector Law Firms Trade 98

FFGN COLLECT NY

JANUARY 13, 2021

Other complaints are linked to the lack of or failure to comply with licensing, the theft of monies collected for the benefit of creditors by the collection vendor, and more. New York Debt Collection Laws. As of today, New York does not require licensing for collection agencies or collection law firms.

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Better Credit Blog

APRIL 1, 2022

If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. They recently acquired Alltran Financial Services in 2020. If they are unable to provide them, you are NOT entitled to pay that collection.

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Collection Agencies Collections Agency Garnishment Fair Debt Collection 77

Consumer Financial Services Law

JANUARY 22, 2021

Communications in Connection with Debt Collection) to allow debt collectors to communicate with the deceased consumer’s spouse, parent (if the consumer is a minor), legal guardian, executor or administrator, and confirmed successor in interest (as defined Regulation X). Section 1006.2(c) Additionally, Section 1006.34

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Debt collector Collections Creditors Original Creditor 40

Consumer Financial Services Law

OCTOBER 31, 2021

For the past year, the industry’s attention has been focused on the Debt Collection Rule (the “Rule”), its changes, and the new expectations it will place on debt collectors; but as the rubber meets the road, collection agencies and other debt collectors now are turning their attention to operational impacts and, how to put the Rule into practice.

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Better Credit Blog

JULY 13, 2020

If you are, it is because they are trying to recover a debt that you have with another company. Nationwide Recovery Service will also appear on your credit report as a collection agency, which can damage your credit score. Nationwide Recovery Service will appear on your credit report as a collection agency.

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Debt collector Collection Agencies Collections Agency Fair Debt Collection 52

Consumer Financial Services Law

FEBRUARY 17, 2021

Enloe While it remains to be seen what, if any, changes a change in leadership in the CFPB will bring to the Debt Collection Rule, for now collection agencies should begin readying themselves for a November 30 th effective date. It is not enough to simply address the debt validation to the “Estate of John Smith.”

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Debt collector Collections Original Creditor Collection Agencies 40

Better Credit Blog

AUGUST 21, 2020

If you have failed to pay a bill, you may begin to hear from a collection agency known as Radius Global Solutions. This means that Radius Global Solutions has acquired your debt from the original creditor and has opened a collection account on your credit report. Verify the Debt. Let them know.

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Debt collector Collection Agencies Collections Agency Original Creditor 53

Consumer Financial Services Law

MAY 25, 2021

While the case will continue to be contested in the Eleventh Circuit, collection agencies and others who rely upon third party vendors have been left to contemplate what comes next. A Quick Summary In Hunstein , the debt collector engaged a third-party vendor to prepare and send its demand letter. LEXIS 11648 at *4.

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True Accord

JULY 13, 2020

Debt collection is a highly regulated industry and as such, is notoriously slow to change. While there are a number of reasons for this , the end result is a growing gap between consumer’s expectations and the services creditors offer. . Use Context-Aware Messaging.

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Debt collector Collections Financial services Financial Institution 60

Better Credit Blog

APRIL 1, 2022

Within your lifetime, you may have a period of financial distress. Especially in the current pandemic, COVID 19, medical bills, credit card bills, and other financial service bills may start to pile up. How to Remove Credit Collection Services From Your Credit Report. The company may lack data related to the debt.

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Collections Fair Debt Collection Debt collector Creditors 52

True Accord

JUNE 19, 2020

Here are four major ways that technology-driven companies are redefining the collections industry. Traditional debt collection agencies primarily contact consumers over the phone. Digital debt collection solutions have a significantly smaller physical footprint than their traditional counterparts.

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Startups Collections Collection Agencies Collections Agency 56

Better Credit Blog

AUGUST 22, 2020

If you have a debt that you haven’t paid yet, you may have heard from a debt collector called CCS Offices. CCS Offices is a company that collects debts on behalf of original creditor. They do this by either purchasing the debt or collecting the payments and taking a portion for themselves.

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Debt collector Creditors Original Creditor Collection Agencies 53

Better Credit Blog

FEBRUARY 19, 2021

FMA Alliance is a third-party debt collector that works with companies to recover delinquent accounts from customers. Before a debt collector can contact you for payment, they must first report the debt to the major credit bureaus. The majority of their clientele are within: financial services.

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Debt collector Third-party Debt Collectors Collections Fair Debt Collection 52

Consumer Financial Services Law

APRIL 2, 2018

The Seventh Circuit recently joined the Fourth and Ninth Circuits in holding that a debt collection discharges its obligation as to debt validation by verifying that its letters accurately conveyed the information received from the creditor. In Walton, AT&T forwarded the consumer’s account to EOS CCA for collection.

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Debt collector Creditors Collection Agencies Collections Agency 40

Troutman Sanders

MAY 5, 2022

On May 2, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supervisory Highlights report on legal violations discovered during examinations in the second half of 2021. Providing inaccurate explanations to consumers as to why the creditor denied the consumers’ billing error claims in whole or part.

Financial Institution 52

Financial Institution Repossession Debt collector Lender 52

Better Credit Blog

AUGUST 7, 2020

If you have been contacted by a company called Professional Finance Company, you are probably being pursued for an old unpaid debt. This can make for unpleasant interactions with creditors and constant harassment for payment. Request Debt Validation. The debt collection process is not perfect. Hire a Professional.

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Collection Agencies Collections Agency Debt collector Collections 52

Collection Industry News

MAY 9, 2022

On May 2, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supervisory Highlights report on legal violations discovered during examinations in the second half of 2021. Providing inaccurate explanations to consumers as to why the creditor denied the consumers’ billing error claims in whole or part.

Financial Institution 40

Financial Institution Repossession Debt collector Student loans 40

Fico Collections

AUGUST 14, 2020

The banks and some other financial services or creditors had to understand how they were going to work with their individual operators. Sometimes people think debt collectors are the bad guys, but that is changing. Collections Analytics. Some debt collection agencies are fantastic at analytics.

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Collections Banks Financial services Debt collector 52

Consumer Financial Services Law

JANUARY 3, 2018

By Zachary Dunn The FDCPA prohibits a debt collector from using “any false, deceptive, or misleading representation” in connection with the collection of a debt. Zachary Dunn is an attorney practicing in Smith Debnam's Consumer Financial Services Litigation and Compliance Group. See 15 U.S.C. In Islam v.

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Accrued Interest Debt collector Banks Creditors 40

Consumer Financial Services Law

JANUARY 11, 2018

THIS FIRM IS A DEBT COLLECTOR In support of dismissal, the law firm presented the credit card agreement which provided for the recovery of the creditor’s collection expenses, attorneys’ fees and court costs and pointed to the collection suit to support its argument that the letter was accurate.

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Collections Law Firms Debt collector Creditors 40

Consumer Financial Services Law

APRIL 10, 2018

Choe The Western District Court in New York has held that a debt collector did not violate § 1692e(10) of the FDCPA. Specifically, Plaintiff (the consumer) found issue with the following language in Defendant’s (the debt collection agency) form collection letter: “These settlement offers may have tax consequences.

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Collections Debt collector Creditor's Rights Law Firms 40

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. Then kindly ask the debt collector to remove collections from your credit report out of goodwill.

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Collections Collection Agencies Collections Agency Original Creditor 98

Troutman Sanders

MAY 17, 2021

On May 13, the Nevada Financial Institutions Division (NFID) extended its temporary guidance allowing employees of licensed collection agencies to work from home through July 31. 248, which limits a collection agency’s ability to collect on medical debt. For more information, click here.

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Consumer Financial Services Law

AUGUST 14, 2017

Section 1692e prohibits false, deceptive or misleading representations in connection with the collection of a debt. Capital Management Services, the collection agency sent a single letter which identified the original and current creditor, the account number as “5702” and the amount of the debt as $565.91.

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Debt collector Creditors Judgment Original Creditor 40

Troutman Sanders

JANUARY 9, 2024

On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” CICA Collection Agency, a First Circuit case in which the CFPB has filed an amicus brief. The consumer sued to hold the debt collector accountable for the misrepresentation, but the debt collector pled ignorance.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Consumer Financial Services Law

APRIL 21, 2017

This law firm is a debt collector attempting to collect this debt for our client and any information obtained will be used for that purpose.” 1692e by not disclosing the true name of the debt collector.

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Law Firms Debt collector Collections Collection Agencies 40

Troutman Sanders

APRIL 26, 2021

Federal Activities: On April 22, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. For more information, click here. On April 22, the U.S.

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Financial services Debt collector Loans Banks 52

PDC Flow

JANUARY 12, 2021

We will also see consumers engaging debt collectors electronically in ways that serve their needs and accommodate their challenges. The ubiquitous use of electronic communication in the collection industry will prove to be a win for creditors, a win for debt collectors, and a win for consumers.”.

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Debt collector Collections Collection Agencies Collections Agency 60

Collection Industry News

JANUARY 19, 2021

Those were just two of more than 1,800 loans that went to debt collectors and high-interest lenders through the Paycheck Protection Program, according to an analysis by The Washington Post. who represents debtors in collection cases. Debt collectors prosper in pandemic. It received $1.5

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