Troutman Sanders

AUGUST 31, 2023

According to the CFPB, the defendants employed the same business model, i.e., purchasing portfolios of defaulted consumer debt and then placing the portfolios with other debt collection companies. The complaint went on to allege that the debt collection companies used unlawful tactics to collect the unpaid debt.

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Collection Industry News

MARCH 7, 2022

More than half of the debt that appears on credit reports as being in collection stems from medical bills, the agency found. Unpaid medical bills became a bigger concern during the pandemic, and now, a federal consumer agency is considering whether those debts should be banned from consumer credit reports.

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Troutman Sanders

MAY 2, 2023

Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Chairman Sherrod Brown (D-OH) described consumer credit reports as “riddled with errors.” Brown argued that medical debt “correlates with illness,” not with credit risk. On April 27, the U.S.

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Troutman Sanders

SEPTEMBER 7, 2021

According to the complaint, “FCO and Sobota operate the largest debt collection company in the multiunit housing industry, and they collect debt on behalf of large apartment complexes, including student and military housing, and assisted-living facilities.” District Court for the District of Maryland.

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Troutman Sanders

JULY 11, 2023

The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates. The defendants also pitched a credit card debt elimination service, and alleged that they could access funds from the government or from a lawsuit against the credit card industry to pay off consumers’ credit card debt.

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Taurus Collect

JANUARY 20, 2023

In addition, checking credit reports also provides insight into whether or not a particular consumer is likely to take legal action against them if they are having trouble repaying their debts. This means that any debt collector who contacts you must first request your written consent to view your credit report.

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