Credit Corp

AUGUST 31, 2021

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. In some states, a collection agency cannot try to collect at all once a debt is past the statute of limitations. Can a Collection Agency Report an Old Debt as New?

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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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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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Collections Law

APRIL 5, 2022

Nearly any commercial enterprise can benefit from professional collection assistance. What does a collection attorney do? Some collection agencies simply send threatening letters, but may not provide much follow through. We then pursue a judgment from the court in order to collect your money.

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Credit Management Company

JULY 14, 2021

Everyone in the debt collection industry is familiar with the Fair Debt Collections Practices Act (FDCPA). Reputable collections agencies willingly follow these rules and treat patients with compassion and respect. The CFPB never said it wanted to stop collections agencies from performing their jobs.

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Stevens Lloyd

JULY 30, 2018

However, the trade gap between international countries and the United States has been bridged. Due to the increased level of import-export trade between the U.S. trades with, the United Kingdom has one of the lowest import/export ratios of indebtedness. The roles played by Credit Bureaus and collection agencies.

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Troutman Sanders

OCTOBER 4, 2023

The plaintiff did not provide the documents and the account was referred to a collection agency and reported to the CRAs as delinquent. The collection agency received the indirect dispute, updated the plaintiff’s address in the system, and confirmed the account name and social security number, but did not investigate the fraud claim.

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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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Credit Management Company

AUGUST 9, 2022

Before you can collect on any debt, you need to validate the debt in accordance with the Fair Debt Collection Practices Act. The Federal Trade Commission (FTC) has established debt collection guidelines to protect consumers from predatory collections practices. Here’s what you need to know about debt validation.

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Collection Industry News

JUNE 14, 2021

Here are snapshots of some other cases against debt collectors in Western New York that the State Attorney General’s Office, Federal Trade Commission and other law enforcement agencies have pursued in the past decade: Douglas MacKinnon. A judgment of $22.5 The settlement also permanently banned them from debt collection.

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Troutman Sanders

MAY 23, 2023

Earlier this month, the Federal Trade Commission (FTC) modified its Telemarketing Sales Rule (TSR) guidance webpage to clarify the requirements for obtaining consent to deliver calls with prerecorded messages and the elements of assisting and facilitating liability. For more information, click here. For more information, click here.

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FDCPA Defense

APRIL 17, 2019

The attorney gets to decide, in consultation with the client, and based on the attorney’s professional judgment, what to review and how long to review it before sending a demand letter. Instead, the letters had been mailed by collection agencies that had used an attorney’s letterhead in a misleading fashion. In Clomon v.

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Troutman Sanders

FEBRUARY 27, 2023

On February 21, the New York Department of Financial Services (NYDFS) announced its enhanced ability to detect fraud and other illegal activity among New York state-regulated entities engaged in virtual currency through new insider trading and market manipulation risk monitoring tools. million worth of judgments are expected to be vacated.

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Consumer Financial Services Law

MAY 25, 2021

Preferred Collection and Management Services, Inc., 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. What Does this Mean Regarding Collection Agencies’ Current Use of Third Party Vendors?

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Troutman Sanders

MAY 9, 2023

On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. For more information, click here. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt.

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Consumer Financial Services Law

JANUARY 22, 2021

Collection agencies should begin preparing for the November 30, 2021 effective date. Caren additionally serves as the Chair of the American Bar Association’s Debt Collection and Bankruptcy Subcommittee. Section 1006.34(b) The Rule’s Official Comments provide a couple of key clarifications as to the itemization date. What’s Next?

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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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Troutman Sanders

JUNE 14, 2023

On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. According to U.S.

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Credit Corp

JANUARY 10, 2021

Some reports the landlord can request may also include any prior evictions, bankruptcies, or judgments, and any other background information they require prior to offering tenancy. Accounts in collection can severely lower your credit score, making it more difficult to rent another place in the future.

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Burr Forman

DECEMBER 4, 2020

Additionally, several counties and municipalities have enacted protections to limit collection activities by local government during the COVID-19 crisis. This legislation prohibits judgment creditors from initiating new “extraordinary” collection actions, including garnishment, attachment, levies, or execution.

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Troutman Sanders

MARCH 14, 2023

On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc. The bill subsumes debt buyers into the definition of “collection agency,” subjecting debt buyers to regulation by the state’s Collection Agency Board. For more information, click here.

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Troutman Sanders

MARCH 6, 2023

On March 2, the Federal Trade Commission (FTC) issued a proposed order, banning online counseling service BetterHelp, Inc. The bill subsumes debt buyers into the definition of “collection agency,” subjecting debt buyers to regulation by the state’s Collection Agency Board. For more information, click here.

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Troutman Sanders

JANUARY 19, 2021

Chopra is currently a chairman on the Federal Trade Commission. Currently set to expire on February 1, the collection actions subject to the moratorium include garnishment, attachment, and levy. The order also eases the state’s ban on wage garnishments on judgments entered before May 4, 2020. On December 31, 2020, the U.S.

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Burt and Associates

OCTOBER 31, 2024

After winning a court judgment absolving them of rental debt, one tenant found that the debt collector refused to remove the debt from their record, blocking them from securing new housing and impacting their credit. For debt collection agencies, this means more business—and potentially more consumer complaints.

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Burt and Associates

OCTOBER 31, 2024

After winning a court judgment absolving them of rental debt, one tenant found that the debt collector refused to remove the debt from their record, blocking them from securing new housing and impacting their credit. For debt collection agencies, this means more business—and potentially more consumer complaints.

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Troutman Sanders

MARCH 15, 2021

The NFID emphasized that it may not extend this guidance past May, so “it is imperative that the collection agency begin making plans to ensure it can both comply with Nevada law and the laws of the other jurisdictions it does business in.” For more information click here. On March 5, Illinois Governor J.B.

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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. This judgment follows the companies’ refusal to provide an accounting and full history of monies collected as required by a September 2023 court decision.

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