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Dealing with Debt Collectors

Debt Free Colorado

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. You have rights to help you gain control over your debt collection interactions.

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Does Paying Off Collections Improve Your Credit Score?

Credit Corp

Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. How Does Collections Debt Affect Your Credit Score? ® or VantageScore 4.0®.

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NJ Appellate Division Finds No Private Right of Action for Debt Purchaser’s Alleged Failure to Obtain State License

Troutman Sanders

In 2017, the plaintiff filed a class action lawsuit alleging the defendant was a “collection agency” that had “filed numerous lawsuits … to collect the consumer debts allegedly owed by New Jersey consumers on defaulted credit accounts at a time when [it] was not properly licensed” under the NJ Licensing Act.

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What Are the Crucial Steps in the Debt Collection Process?

Taurus Collect

This knowledge can help businesses choose the most appropriate course of action, which may include hiring a debt collection agency. Consumer Debt Collection: This involves the collection of personal debts owed by individuals, usually to banks or credit card companies.