Collection Industry News

NOVEMBER 8, 2021

Department of Education said it is ending its relationship with private collection agencies that had been tasked with recovering payments from federal student loan borrowers in default to improve collections and provide borrowers with more support. Source: site. Photo: John Minchillo/Associated Press.

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Collection Industry News

AUGUST 6, 2023

Federal student loan borrowers have had a break from paying back their student loans for over three years now. Over 50% of borrowers added debt on regular credit cards during the student loan payment pause and another 31% racked up balances on retail cards, a recent TransUnion analysis found.

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Troutman Sanders

JANUARY 9, 2024

CICA Collection Agency, a First Circuit case in which the CFPB has filed an amicus brief. In that case, after an individual filed for bankruptcy, a debt collector sent the consumer a collection letter that said the consumer could be sued if they did not pay the debt — a process the CFPB believes is against the law.

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Troutman Sanders

FEBRUARY 13, 2024

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. Department of Education (ED) announced it approved an additional $4.9 For more information, click here. For more information, click here. On January 19, the S.

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Fico Collections

JANUARY 4, 2021

In addition, many States and the IRS slowed or stopped the collection of tax debts, and the Federal Government gave significant deferrals for the repayment of student loans, mortgages, and rent. Collection agencies will likely be busier than ever as more debt holders assign debts to agencies. Trillion owed.

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Troutman Sanders

OCTOBER 19, 2021

Federal Activities: On October 15, the Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid, reporting directly to the chief operating officer. On October 4, the CFPB announced that the deadline to request initial forbearance for loans backed by the U.S.

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Troutman Sanders

FEBRUARY 22, 2021

The letter states that “[b]road cancellation of Federal student loan debt will provide immediate relief to millions who are struggling during this pandemic and recession, and give a much-needed boost to families and our economy. Currently, the act only applies to persons who service student loans.

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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

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.

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Troutman Sanders

JUNE 21, 2023

million to consumers harmed by Arete Financial Group, a student loan debt relief operation that tricked consumers into making illegal upfront payments by pretending to be affiliated with the U.S. Department of Education and falsely promising student loan debt relief. For more information, click here.

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Sawin & Shea

AUGUST 24, 2020

Bankruptcy will wipe out credit card debt, medical bills, and personal loans, but will not eliminate primary obligation debt; things like student loans, child and spousal support, and newer tax debt. Bankruptcy can also stop or delay a home or mortgage foreclosure, stop collection actions, stop garnishments and lawsuits.

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National Service Bureau

JULY 30, 2015

Student loans generally fall into two categories: federal student loans and non-federal student loans. Federal loans for students: Federal loans fall under one of several categories. Ford Federal “Direct Loan” Program, or the Federal Family Education Loan “FFEL” Program.

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National Service Bureau

SEPTEMBER 9, 2015

It’s no secret that student debt is at an all-time high. According to the US Department of Education, there are more than 40 million student loan borrowers who owe more than $1.2 A college education is practically the new high school equivalent - it’s pretty much expected to get a job. Let’s take a look at why….

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National Service Bureau

JUNE 23, 2015

Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies. Student loans topped the list, increasing every year since 2011. Auto loans: $0.95

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Student loans Student Loans Credit Card Debt Collection Agencies 40

Sawin & Shea

JULY 28, 2021

Personal loans: Although your family or friends who helped you out will not be thrilled to hear this, these are discharged. Payday” type loans. Collection agency bills. Student loans. It simply means that any rent that is owed from before you filed bankruptcy will be discharged.

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Troutman Sanders

AUGUST 2, 2021

On July 29, Virginia Attorney General Mark Herring announced that he joined a multistate amicus brief , advocating for the rights of federal student loan borrowers. On July 15, the Connecticut Department of Banking fined a collection agency, after finding it had allegedly operated without proper licensing for about seven years.

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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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National Service Bureau

JULY 7, 2015

Introduction to the Cohort Default Rate: When students default on their federal student loans the government and by consequence, taxpayers, lose money. Department of Education and submit an Incorrect Data Challenge to contest inaccurate statistics. Review the draft Cohort Default Rate data when it is released by the U.S.

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Student loans Student Loans Education Collection Agencies 40

Better Credit Blog

OCTOBER 19, 2020

Confronting a collections agency about your debt can be stressful, especially when you’re receiving countless calls and constant messages from them. is a sizable debt collections agency that has been in business since 1993. Account Control Technology collects on a long list of debts, including: Commercial debt.

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Better Credit Blog

OCTOBER 19, 2020

Confronting a collections agency about your debt can be stressful, especially when you’re receiving countless calls and constant messages from them. is a sizable debt collections agency that has been in business since 1993. Account Control Technology collects on a long list of debts, including: Commercial debt.

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Debt collector Collection Agencies Collections Agency Third-party Debt Collectors 52

Troutman Sanders

FEBRUARY 16, 2021

On February 10, Acting Director of the Consumer Financial Protection Bureau Dave Uejio published a blog post, sharing the directions he gave to the agency’s Consumer Education and External Affairs unit. The Colorado legislature is considering a draft bill that would expand Colorado Student Loan Servicers Act.

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Collection Industry News

DECEMBER 11, 2020

The advisory opinion program is of special interest to the debt collection agency. With the recent release of its final debt collection rule—Regulation F—the CFPB specifically cited the advisory opinion program as a place for debt collectors to seek clarification of the new requirements and safe harbors.

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Taurus Collect

JANUARY 24, 2023

In addition to traditional communication methods, many debt collection agencies also use other tactics, such as sending frequent emails and letters in an effort to motivate delinquent accounts into making payments or entering into payment arrangements. Here are three ways to make the most out of your taxes and tackle your debts: 1.

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Troutman Sanders

DECEMBER 21, 2021

Virginia Foxx and Julia Letlow, who are both members of the Committee on Education and Labor, requested an examination of the U.S. Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. On December 16, U.S. For more information, click here.

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Better Credit Blog

NOVEMBER 2, 2020

Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. Action Financial Services is a medium-sized debt collection agency that is headquartered in Central Point, OR. Department of Education for the non-payment of student loans.

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Better Credit Blog

NOVEMBER 23, 2020

or FMS Corp, is a third-party debt collection agency headquartered in Tulsa, Oklahoma. The agency also has a location in Boise, Idaho. All in all, the agency is completely legit. collects on a wide range of debts from several industries, including: Education. What Is FMS Inc.? Financial services. Bank cards.

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Troutman Sanders

JUNE 14, 2023

On June 7, the FTC announced that it is seeking public comments and suggestions on ways it can work more effectively with state attorneys general nationwide to help educate consumers about, and protect them from, potential fraud. For more information, click here. For more information, click here. For more information, click here.

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Troutman Sanders

JANUARY 19, 2021

Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic. Currently set to expire on February 1, the collection actions subject to the moratorium include garnishment, attachment, and levy. Privacy and Cybersecurity Activities.

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Troutman Sanders

MAY 23, 2023

State Activities: On May 19, the Massachusetts Division of Banks and Educational Computer Systems, Inc. administrative penalty for operating as an unlicensed student loan servicer. For more information, click here. ECSI) entered a consent order that required ECSI to pay a $500,000.00 For more information, click here.

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Troutman Sanders

MARCH 22, 2021

Department of Education announced that about 72,000 student loan borrowers, who were defrauded by their schools, will receive student loan forgiveness that could total $1 billion. For more information, click here. On March 18, the U.S. The bill has been engrossed to the house for its consideration.

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Troutman Sanders

OCTOBER 11, 2021

Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid (FSA). According to the announcement, the new office will “strengthen oversight of and enforcement actions against postsecondary schools that participate in the federal student loan, grant, and work-study programs.”

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Troutman Sanders

AUGUST 17, 2020

On August 8, 2020, President Donald Trump signed a number of executive orders related to the COVID-19 pandemic, including one that will defer payments on all student loans held by the Department of Education and waive all interest until December 31, 2020. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

NOVEMBER 9, 2021

As part of a series of reports focusing on trends in the consumer financial marketplace, the new research uses data on auto loan, student loan, and credit card accounts opened between 2012 and 2019. For more information, click here. For more information, click here.

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Collection Industry News

JULY 20, 2020

Chicago Mayor Lori Lightfoot this week similarly announced an end to the collection of city debt, including late parking fines, through at least April 30. The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers.

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Better Credit Blog

SEPTEMBER 9, 2020

Originally founded in 1975, Sunrise Credit Services is a medium-sized debt collection agency that employs about 600 employees. They are headquartered in Farmingdale, NY, and are known as a “late-stage” debt collector, which means they may have purchased the right to collect the debt from the original creditor.

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Debt collector Collections Loans Creditors 101

Troutman Sanders

MARCH 15, 2021

On March 9, state regulators from California, Colorado, Connecticut, Illinois, Maine, Massachusetts, New Jersey, Rhode Island, Washington, and Wisconsin signed a letter directed to the Department of Education asking for a reversal of policies implemented during President Trump’s administration. For more information, click here.

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Credit Corp

SEPTEMBER 7, 2020

FICO only deduplicates inquiries related to mortgages, auto loans, and student loans. Influence of Low-Balance Collections. VantageScore and FICO both penalize credit scores for accounts sent to collection agencies. also ignores all collections where the original balance was less than $100 and FICO 9.0

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