Better Credit Blog

MAY 12, 2022

In my recent experience, it’s not hard to remove judgments from your credit report as long as you follow the proper steps. Many readers assume it’s impossible to have the credit bureaus remove civil judgments because they involve the court system. It’s still possible you could see a judgment pulling down your credit score.

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Collection Industry News

MAY 9, 2023

Introduction: When you’ve obtained a judgment in your favor, the next crucial step is enforcing it and recovering the owed amount. One significant aspect of the enforcement process involves locating assets belonging to the judgment debtor. Wage garnishment can be an effective strategy if you can locate their employer.

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Taurus Collect

FEBRUARY 27, 2023

Once your bill is in collections, you’ll be contacted by a collection agency , which will try to collect the outstanding amount. If you still don’t pay, the debt may be sold to a third-party collection agency. Read on to learn more.

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Debt RR

AUGUST 3, 2020

This unpaid debt can lead to a serious problem for businesses: garnishment. Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts.

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Credit Corp

JUNE 14, 2020

Here’s one example of how a zombie might rise with help from a collection agency. The original lender or collection agency fails to collect within the statute of limitations. That collection agency may report the debt as owed to the credit bureaus. Zombie Debts and Judgments.

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Stevens Lloyd

DECEMBER 13, 2018

You have initiated a lawsuit and won a Default Judgment against the debtor. Judgments are worthless unless you can locate and garnish the debtor’s assets, however. Extracting money from judgments necessitates obtaining significant information about the debtor as it relates to their assets. So now what ?

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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. Garnishment.

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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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The Kaplan Group

AUGUST 6, 2020

Creditors can also try to “pierce the corporate veil” and seek payment from shareholders if you pay personal expenses with business funds. Negotiating discounts, consolidating loans, crowdfunding, and arranging payment plans are possibilities. You can then deal with the court ordered judgment collection process at a later date.

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Direct Recovery

APRIL 18, 2023

But that debt can quickly become an anchor weighing down the entire company if growth sputters, and the resulting collections can be even more problematic than the debt in the first place. If your business regularly offers credit terms on B2B sales, it is essential to ensure clients stay current on their payment plans.

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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. This is called a charge-off.

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Credit Corp

MAY 19, 2021

If you owe money and don’t pay it, a creditor typically has to get a judgment to be able to force the collection. Judgments must be filed in the state where you reside. They could just decide that it’s too expensive to try to collect the debt while you live outside of the country. According to S.

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Credit Corp

DECEMBER 14, 2020

Whether you have medical debt, credit card debt or unpaid student loans , getting calls or letters from debt collection companies can be frustrating. Can a debt collector collect after 10 years? Can a Debt Collector Collect After 10 Years? However, it depends on when you made the last payment. In most cases, no.

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Burr Forman

DECEMBER 4, 2020

The Department of Business Oversight issued guidance on March 21, 2020 that work from home prohibitions would not be enforced against escrow agents, finance lenders and servicers, student loan servicers, or residential mortgage lenders and servicers, thus allowing collection efforts to continue.

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Credit Corp

AUGUST 31, 2021

It also depends on when you made the last payment. If a debt is 10 years old but you were making payments until 3 years ago, the debt is likely still within the statute of limitations and can be pursued by a debt collector. In most states, they run between four and six years after the last payment was made on the debt.

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FFGN COLLECT NY

JANUARY 31, 2024

Here is an extreme situation of a bad actor detailing what the New York State Attorney General would pursue a Debt collection company: Filed in 2020, the NYS Attorney General partnering with the Consumer Fraud Protection Bureau ( CFPB ) shut down a Buffalo collection agency. Preserving your reputation is a priority.

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Credit Corp

JUNE 14, 2023

Positive credit activity, such as managing accounts well and making payments on time, can remain on your report for up to 10 years, but by keeping accounts open, you could stretch this much longer. Late Payments: Seven Years Late payments can be reported for as long as seven years from when the delinquency occurred.

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Collections Law

OCTOBER 5, 2020

When your business model relies on other companies paying you for a product or service, and one of your clients becomes delinquent on payments or outright refuses to pay what you are owed, it can jeopardize your entire company. Post-Judgment Actions. These types of situations are where post-judgment collection comes into play.

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Collections Law

JULY 1, 2020

Collection agencies are passive organizations that make the same effort you were making before you brought them on board. At the end of the day, a collection agency will collect only low-hanging fruit and tell you that there is nothing more that they can do to help you. The Law Offices of Alan M.

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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. On January 11, the Federal Reserve Board announced preliminary results indicating that the Reserve Banks provided for payments of approximately $88.5 Privacy and Cybersecurity Activities.

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Collection Industry News

SEPTEMBER 23, 2020

Default Judgments in Debt Collection Cases. The survey data showed that more than 70% of debt collection suits ended in default judgments. Whatever the reason, ignoring a debt collection lawsuit can mean big trouble. It can place a judgment lien on your home and real estate through the probate office.

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Debt Collection Answers

MAY 18, 2023

They can request a default judgment from the court if they contact you and you fail to respond within 20 days. A default judgment enables DNF Associates, LLC to seize your bank account, garnish your wages, and take other damaging legal actions against you. DNF Associates initiates legal proceedings against numerous individuals.

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Stevens Lloyd

SEPTEMBER 27, 2018

These include Writs of Execution, Bank levies, and Wage garnishments. A writ of execution (otherwise called an execution) is a court order used to put a judgment of ownership into power after it’s obtained by the offense from a higher court. What is a Writ of Execution. Obtaining a Writ of Execution. Bank Levies.

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Sawin & Shea

MARCH 30, 2021

Debts are reorganized in a payment plan that forces creditors to take what the Chapter 13 law says your have to pay them. We are committed to providing compassionate and non-judgmental representation to all of our clients. Chapter 13. You receive a discharge on any balances left of most kinds of debts at the end of your plan.

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Troutman Sanders

MAY 23, 2023

Notably, Chairman McHenry’s proposal would preserve the current dual banking system model and delegate “supervisory, examination, and enforcement authority” of “state qualified stablecoin payment issuers” to “state payment stablecoin regulators.” For more information, click here. For more information about the hearing, click here.

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Collections Law

JULY 29, 2021

Cohen LLC collectively have nearly fifty years in commercial contract drafting and review. Unlike debt collection by a collection agency which often begins and ends with ineffectual collection letters, our approach is different. The experienced commercial debt collection attorneys at the Law Offices of Alan M.

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Debt Guru

APRIL 12, 2020

If you need funds ASAP – say, to cover your mortgage payment before your next paycheck comes in – this type of credit can seem very appealing because you can get it immediately. The resulting court judgment remains public for seven years, and a successful lawsuit can lead to garnishment of your wages or even seizure of your assets.

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Collection Industry News

JULY 20, 2020

The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. An investigation by ProPublica found that court judgments in debt collection lawsuits were twice as high in black communities compared to mostly white neighborhoods.

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Stevens Lloyd

JULY 30, 2018

The roles played by Credit Bureaus and collection agencies. The information provided by the databases helps to determine if there is a need to initiate the collection process or start litigation. there is a wide range of debt collection agencies. Collecting debts from the USA is not an impossible task.

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Collections Law

MAY 7, 2020

This local company turned to us after seeing minimal progress with a collections agency and were able to receive their monies without alienating their client. When we win your case, collecting the judgment may be made easier if monies were previously frozen by way of an ex parte bank or trustee attachment.

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Troutman Sanders

MARCH 15, 2021

Department of the Treasury announced that American Rescue Plan Economic Impact Payments will begin rolling out to millions of Americans in the coming weeks. Pritzker issued an executive order extending the suspension of garnishment, deduction of wages, and post-judgment citations to discover assets through April 3.

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Better Credit Blog

APRIL 11, 2022

Each time there’s activity on your account — such as a payment, a payoff, or a late payment — the creditor should update the credit bureaus. Current outstanding balance and monthly payment. Payment history. Focus most of your attention on your payment history because this is where many inaccuracies happen.

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