Collection Industry News

FEBRUARY 21, 2022

Credit card balances grew to $856 billion in the fourth quarter of 2021, up $52 billion (6.5%) from the previous quarter. That’s the largest quarterly increase observed since the NY Fed began collecting this data 22 years ago. Outstanding credit card debt is still about 7.7% Signing you up for a debt management plan (DMP).

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Collection Industry News

DECEMBER 4, 2022

The phantom debt collection scheme — which used names including GAFS Group, Global Mediation Group and Mediation Services — pressured consumers to pay the false debts by threatening to take legal action against them. “If The letter will require the debt collector to prove they’re legally collecting the balances owed, he said. “If

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Fico Collections

JULY 15, 2021

Partnering together to demystify the credit journey for consumers and help them take control of their financial health, the program has collectively reached thousands of consumers to help them build personalized roadmaps to meet their financial goals.

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Debt Guru

AUGUST 30, 2021

When your voicemail is filled with messages from collection agencies and stacks of bills arrive in your mailbox that you have no chance of paying, it’s time for some serious debt relief help. If you have personal property that you want to keep, such as a valuable collection or a second home, you won’t be able to. Debt Settlement.

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Troutman Sanders

NOVEMBER 15, 2022

Financial institutions subject to the new requirements include mortgage lenders, mortgage brokers, motor vehicle dealers, payday lenders, finance companies, account servicers, check cashing companies, wire transferors, collection agencies, credit counselors and other financial advisors, tax preparation firms, non-federally insured credit unions, and (..)

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Taurus Collect

FEBRUARY 1, 2024

That’s where a debt collections service steps in—a critical intermediary that takes on the task of pursuing delinquent accounts to ensure that owed funds are recovered. At this juncture, the creditor may turn the account over to an internal collections department or an external debt collection agency.

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Collection Industry News

DECEMBER 1, 2022

Collections agencies buy your unpaid credit card debt from your card issuer when your balance lingers too long — but that doesn’t mean it goes away. When a collections representative from your credit card issuer calls you, it’s usually because you haven’t made at least the minimum payment for at least 30 days.

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The Kaplan Group

JUNE 23, 2020

If you or someone you know is struggling with their personal financial situation, we recently published blogs for dealing with collection agencies and lower credit card limits. You might receive calls from only one company or collection agency. If a creditor or collection agency does agree to a payment plan, get it in writing.

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Debt Free Colorado

MARCH 3, 2023

Meeting with a credit counselor should be your initial move if you indicated “yes” to a number of the aforementioned inquiries. Do not use credit consolidation businesses that are marketed on television or online. Department of Justice’s list of accredited credit counselors.

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Sawin & Shea

JANUARY 11, 2024

Qualified Instructors: Seek out courses that are led by certified credit counselors and financial educators, as this will translate to a more tailored and insightful course. Approvals are generally granted only to reputable agencies, so this helps weed out disreputable providers.

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Collection Industry News

AUGUST 25, 2020

The government established a centralized response involving not-for-profit counselors and lenders to create a smooth system for consumers, and it worked. Credit counselors navigate consumers through payments to multiple creditors, combining obligations into one payment.

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Debt Guru

MARCH 6, 2020

It does include things like credit card payments, auto loans, medical bills, personal and payday loans, and any other collections you’re being assessed. your high-interest credit card balances one at a time using “snowball” or “avalanche” tactics. Keep in mind that your ratio typically excludes mortgage and student loans.

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Collection Industry News

JANUARY 30, 2024

More: How to get out of credit card debt and remain debt free Consumers with weaker credit scores, who may not qualify for a zero-APR offer, might consider a nonprofit such as the Consumer Credit Counseling Service. Credit counselors can intervene with the card company. “A

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Burt and Associates

SEPTEMBER 23, 2019

The creditor may either use in-house debt collectors or hires an outside debt collection agency. This debt collector then will seek out to collect the past-due debt on the creditor’s behalf. This occurs when a debt collection agency buys out a past-due debt from a creditor at a discounted rate. Debt collector buys a debt.

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Better Credit Blog

APRIL 11, 2022

If you have a low credit score, it’s harder to borrow, and you could pay higher interest rates to counter the financial risk you pose to creditors and lenders. You may be sent to collections. If you’re past due on your card and loan payments and your grace period has ended, it may go to collections. damage to your credit score.

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Credit Corp

MARCH 16, 2021

Debt snowflake is a debt elimination method where small savings collected over time and extra income can make a big impact on your debt repayments. When you can’t control your debt spiral on your own, you should contact credit counseling agencies first. Credit counseling agencies offer this plan in exchange for a fee.

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Collection Industry News

JULY 25, 2022

It will also reduce your total payments, lower the interest rate, help you avoid negative credit report information. Connect with a certified credit counselor to get the help you need to get out of debt. Sources [1] 42 Million Americans Expect to Miss a Credit Card Due Date in 2022 (wallethub.com). [2]

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Better Credit Blog

APRIL 6, 2022

Tax liens : Whether local, state, or federal, a tax lien from the government can put a huge dent in your credit profile for the foreseeable future. Charge-offs : If a creditor has given up on collecting a debt from you and charged-off the debt, you can expect credit trouble for years without intervention.

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