Better Credit Blog

FEBRUARY 11, 2022

These companies aim to reduce the amount of money you owe by negotiating a lower fee with creditors, which makes getting back into the black more affordable. Debt settlement firms expect you to stop paying your lenders and make monthly installments into a secure trust instead. Many lenders decide it’s in their best interests to agree.

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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. In addition to making threats, this debt collection agency might tell you that if you pay off the debt in full it will be removed from your credit report completely.

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Credit Corp

AUGUST 31, 2021

Each state has a law referred to as a statute of limitations that spells out the time period during which a creditor or collector may sue borrowers to collect debts. This means that even a debt that is older than that may still be able to be collected on if you’ve made a payment sometime in the last four to six years.

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Better Credit Blog

APRIL 3, 2022

Portfolio Recovery Associates, LLC, is a collection agency that buys old debts from lenders and companies that have been unable to collect the debt themselves. In other words, when the original creditor has been unsuccessful in collecting on a debt, it will write off the debt as a loss.

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PDC Flow

AUGUST 18, 2020

I started my career representing mortgage lenders and mortgage brokers in the late 1990’s. At the time, my practice focused on helping lenders and brokers comply with the myriad of state and federal laws which regulate their businesses across the country. My bosses encouraged me to join several industry trade groups.

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Better Credit Blog

APRIL 11, 2022

Debt is the amount of money you owe to a lender or creditor. If you have a low credit score, it’s harder to borrow, and you could pay higher interest rates to counter the financial risk you pose to creditors and lenders. You may be sent to collections. When you stop paying your lenders, they report your defaults.

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Sawin & Shea

FEBRUARY 2, 2022

Debt management programs are run by credit counseling agencies that handle negotiations with your creditors to create new terms. The single payment you make through the program is then distributed to your creditors by the credit counseling agency. You are simply trading debt in one form for debt in another.

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Better Credit Blog

AUGUST 31, 2020

It is enforced by the Federal Trade Commission , a federal agency that protects consumers and maintains fair competition in the marketplace, including debt collection attempts. The law specifically limits how and when collections agencies can contact you, and it allows you to dispute debts.

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Better Credit Blog

APRIL 4, 2022

Therefore, you’re in a good position when you tell the debt collector you are aware of The FDCPA and that any violation will be documented and forwarded to the Federal Trade Commission (FTC) as well as the Consumer Financial Protection Bureau (CFPB) and your State Attorney General’s office. Try To Negotiate On Older Debts.

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Troutman Sanders

FEBRUARY 13, 2024

The ruling is a victory for other Genesis creditors who could be due for a full recovery on their claims. On February 6, the Federal Trade Commission (FTC) announced that it will ban a group of student loan debt relief “scammers” (defendants) from the debt relief industry. billion in debt. For more information, click here.

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CSA

MARCH 25, 2021

Lesson from COVID is that engagement with creditors can prevent worsening debt woes. The Government and the Money Advice and Pension Service (MaPS) are being urged to promote early engagement between customers and creditors as the most effective route to resolving problem debt. the best first step to resolving problems? ?If

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. Colorado – On June 29, 2020, the Colorado legislature enacted Senate Bill 20-211.

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Collection Industry News

JANUARY 10, 2022

Debt collectors who violate allowable practices are subject to enforcement by the Federal Trade Commission and may also be held accountable for state-law violations. Start out by asking the name, phone number and physical address of the debt-collection agency that collectors are working for, Ms. Tayne says. Tayne says.

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Nexa Collect

JULY 1, 2020

Borrowing money from a bricks-and-mortar bank, an online lender or a peer-to-peer marketplace and then paying it back has become a way of life for most, if not all, Americans. Lenders like Discover or Citibank indicate your credit score on their statements and their online portals provide breakdowns of how your credit score evolves over time.

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Collection Industry News

SEPTEMBER 12, 2022

The first half of 2022 has seen a flurry of state and federal activity attempting to reign in “convenience fees”—fees charged by a creditor, debt collector, or third party to a consumer for making a payment via some means other than a check or cash, such as over the phone, online, or in some other expedited manner. In January, the U.S.

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Troutman Sanders

JULY 7, 2021

The plaintiffs, who include landlords and real estate trade associations from Alabama and Georgia, argue that the CDC exceeded its authority by imposing the ban. The licensed entities include vehicle finance companies, traditional installment lenders, and mortgage lenders. For more information, click here. On June 29, the U.S.

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National Service Bureau

DECEMBER 9, 2015

Here, we share three mistakes gleaned from a study of Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) enforcement actions. Read on to learn about trending items, and the hosts recommendations for collection agencies to avoid these pitfalls! Race-based bias in collection activities.

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Troutman Sanders

MAY 17, 2021

On May 12, the Senate Commerce Committee (FTC) voted to proceed with Lina Khan’s nomination as commissioner of the Federal Trade Commission. 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.

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Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam.

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Debt RR

SEPTEMBER 9, 2020

Conversely, if your business is on the receiving end of this letter, we also discuss the nitty-gritty of the debt collection letter. The Basics of a Debt Collection Letter. Debt collection letters can be issued to both commercial and consumer debtors. The Purpose of a Debt Collection Letter. Debt Warning Letter.

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Troutman Sanders

FEBRUARY 22, 2021

The proposed legislation would cover “private lenders, creditors, and collection agencies in connection with those student education loans that are not made, insured, or guaranteed under federal law and that are used for postsecondary education.” Currently, the act only applies to persons who service student loans.

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Troutman Sanders

APRIL 26, 2021

Cosponsored by all 13 House Democrats on the subcommittee, the bill seeks to amend Section 13(b) of the Federal Trade Commission (FTC) Act to make the FTC’s authority “explicit” to obtain injunctive and equitable relief, including monetary redress for consumers. For more information, click here.

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