Collection Industry News

SEPTEMBER 8, 2020

Debt collection means requiring debtors to pay creditors outstanding due or overdue amount or property as obligated by a contract or by a decision of a competent State’s authority. In addition to debt collectors operating under Decree No.

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Troutman Sanders

DECEMBER 7, 2020

Midwest Recovery Systems (“Midwest Recovery”), a debt collection company, must cease its alleged debt-parking practices, delete all reported debts, and surrender its remaining assets in partial payment of a $24.3 Finally, the order included a judgment for $24.3

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Credit Management Company

JULY 14, 2021

Preferred Collection and Management Services, Inc. and what it could mean for the debt collection industry. The debt collection company electronically sent the following information to its third-party vendor: The consumer’s name and address. The debt concerned his son’s medical treatment.

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UK debt collections

JUNE 11, 2021

They also failed to deliver any accounts or trading records as requested. The high court saw fit to wind up Global Investigations and Recoveries on the grounds that it traded with a lack of transparency and commercial probity. It is understood, they were charging upfront fees in excess of £4,000 to engage their fraudulent services.

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Better Credit Blog

APRIL 3, 2022

Portfolio Recovery will buy old debt for pennies on the dollar. By purchasing old debt, Portfolio Recovery becomes the debt collector, gambling that it can collect on the debt and make a profit. The Fair Debt Collection Practices Act outlines your rights as a consumer.

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Taurus Collect

JULY 14, 2022

Here are a few primary resources that a debt collection agency uses to find people: Information on your credit application. One of the easiest ways a debt collection company can locate your debtors is by referring to the information on the credit application. Credit bureaus. Data aggregators.

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FDCPA Defense

FEBRUARY 20, 2012

Does the Consumer Financial Protection Bureau (CFPB) have the power to tell debt collectors to turn over their attorney-client privileged communications? Thus, the Bureau effectively believes it can obtain the privileged documents of any debt collector in the country. The answer may depend on who you ask.

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Better Credit Blog

APRIL 1, 2022

Harassing calls from a debt collection company tends to trigger a range of unpleasant emotions, from anxiety, fear, anger, frustration, and beyond. The truth is, debt collectors actually have a set of rules they have to follow when attempting to collect on a debt.

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Troutman Sanders

JANUARY 20, 2022

On January 13, the CFPB released a bulletin, reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. The defendants knew, or should have known, the collection companies made false threats and false statements to consumers.

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Troutman Sanders

MAY 2, 2023

On April 27, Federal Trade Commission (FTC) Chair Lina M. On April 26, the CFPB issued an advisory opinion, reminding the industry that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act.

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UK debt collections

NOVEMBER 13, 2020

As reported rises in late payment of invoices start to take their toll, Businesses are looking to source a cost effective solution to collect unpaid invoices. There is a darker side to the Debt Collection industry. Any Professional Debt Collection Agency will be: Professional and competent.

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True Accord

FEBRUARY 3, 2022

How do lenders and debt collectors use roll rates? Roll rates are primarily used to forecast future charge-off levels, to develop sophisticated risk scoring models to be used in underwriting or collection strategy, and to evaluate the effectiveness of a collection strategy or process. roll rate from buckets 1-2.

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National Service Bureau

JUNE 10, 2015

Debt collectors sometimes have a bad rap, but the truth is that they provide an important service to society so long as their practices are ethical in nature (i.e. Choosing the right debt collection agency is an important decision that can have both positive and negative repercussions for your business. Compare Costs.

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