Better Credit Blog

SEPTEMBER 9, 2020

Have you noticed a company called Phoenix Financial Services on your credit report? If you have, this has probably been accompanied by calls from them to collect on a debt. This is because collection accounts on your credit report can have a significant impact on your score for up to seven years. That is not the case.

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Troutman Sanders

MAY 31, 2022

Federal Activities: On May 26, the Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying a credit application or taking other adverse actions, even if the creditor relies on credit models using complex algorithms.

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Troutman Sanders

FEBRUARY 13, 2024

Join us for an enlightening episode of The Consumer Finance Podcast, where we dissect the intricate world of debt collection, reflecting on the past year and forecasting future trends. Stefanie and Jonathan share their perspectives on emerging trends and potential challenges in the collections industry.

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Troutman Sanders

DECEMBER 20, 2022

On December 15, the Office of the Comptroller of the Currency, along with the Federal Financial Institutions Examination Council, released revised procedures for how its examiners will investigate financial institutions for Fair Debt Collection Practices Act compliance, incorporating Regulation F changes into their review.

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Jimerson Firm

APRIL 9, 2024

Collecting on Judgment Liens in Florida Acquiring a money judgment through the litigation process in the State of Florida can be tough, arduous, and expensive. When a court enters a civil money judgment, it creates a judgment debtor and a judgment creditor. on one’s vehicle.

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Jimerson Firm

NOVEMBER 16, 2020

In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. The quickest and cheapest way for a secured creditor to take possession of the collateral is by self-help repossession. 679.609, Fla. What Does it Mean to “Breach the Peace”? 2d at 625 (Fla.

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FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Troutman Sanders

DECEMBER 7, 2021

The research notes that, despite a drop in fees collected, many of the fee practices persisted during the COVID-19 pandemic. On November 30, Regulation F of the Fair Debt Collection Practices Act became effective. For more information, click here. For more information, click here. For more information, click here.

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Troutman Sanders

NOVEMBER 8, 2023

Ultimately, the plaintiff filed for chapter 7 bankruptcy protection, listed the defendant as an unsecured creditor, and obtained a discharge of her debt. After receiving notice of representation, the defendant sent five billing notifications to the plaintiff and made six telephone calls attempting to collect on the $5 monthly payment.

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Consumer Financial Services Law

OCTOBER 31, 2021

With the CFPB having decided to leave the effective date of the Debt Collection Rule as November 30 th , the push is on for debt collectors to ensure their compliance with the Rule by that date. Referral of the Account. As we all know by now, the Rule introduces as a new concept the “itemization date.” Section 1006.34(b) Section 1006.34(b)

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Troutman Sanders

NOVEMBER 2, 2020

State Activities: On October 30, Virginia Governor Ralph Northam signed House Bill 568, which automatically exempts emergency relief payments, as defined in the bill, from the creditor process, including garnishments and liens. For more information, click here. To read the full statement, click here.

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Troutman Sanders

SEPTEMBER 7, 2021

State Activities: On September 3, New York Attorney General Letitia James announced that her office is assessing ways to overhaul the collection of unpaid student loans, especially those incurred by individuals attending State University of New York (SUNY) schools. For more information, click here. For more information, click here.

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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law.

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Troutman Sanders

FEBRUARY 28, 2022

State Activities: On February 23, the Wisconsin State Legislature passed a consumer data privacy measure that would give consumers the right to know what personal data is being collected about them and to request that the data be correct or deleted. For more information, click here. For more information, click here.

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FFGN COLLECT NY

JANUARY 6, 2023

The New York legislature passed many new laws in 2022, some of which directly affect New York debt collection. We reported on many of these laws including: Cutting the statute of limitations in half to collect medical and consumer debt from six years to three years. Interested in learning more about debt collection in New York?

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Troutman Sanders

MAY 10, 2021

On May 6, the House of Representatives indicated that it plans to vote on eight bills, collectively referred to as the Comprehensive Debt Collection Improvement Act. For more information, click here. For more information, click here. A similar bill was previously introduced in the House of Representatives.

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Troutman Sanders

JULY 7, 2021

The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. The California commissioner of financial protection and innovation recently issued proposed changes to the notice of rulemaking for acquiring a debt collection license under the Debt Collection Licensing Act.

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PDC Flow

AUGUST 17, 2021

It takes attention, time and patience to find the right system for the type of debt you’re collecting. In a recent webinar, “Developing the Optimal Workflow for Your Collection Process,” by Accountsrecovery.net , three debt collection experts discussed ways to adjust your systems, where to look for improvements and how to analyze the results.

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Troutman Sanders

AUGUST 9, 2021

s emergency debt collection bill. On August 2, the Supreme Court of the State of New Mexico ordered the gradual lifting of the stay of writs of garnishment and execution in consumer debt collection cases. For more information, click here. On August 3, the Washington, D.C.

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Qualco

NOVEMBER 30, 2021

The debt collections sector is facing several challenges, like many other sectors across Europe. Changing customer behavior due to the deterioration of their financial circumstances have led to an uptick in debt and collections activities as well. To navigate through uncertainty, creditors need to adapt their strategy quickly.

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Jimerson Firm

FEBRUARY 10, 2022

At the same time, however, the account owner/debtor is still responsible for the balance, and the lender/creditor can still make an effort to collect what is owed, with obvious exceptions being discharged or dischargeable bankruptcy filings. Collecting Debts After 1099-C Issuance. Charging Off” Uncollectable Debt.

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Troutman Sanders

APRIL 6, 2023

In a significant boost to the financial services industry, Utah has taken major steps to streamline its debt collection bureaucracy — including the removal of criminal penalties for failure to comply with technical requirements. See Utah Code Ann. §

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Qualco

DECEMBER 7, 2021

Challenging the status quo for debt collection. Beyond doubt, the old-style debt collections approach has long been outdated. How can the collections approaches stay the same when the customers have drastically changed? How can the collections approaches stay the same when the customers have drastically changed?

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Fico Collections

SEPTEMBER 7, 2022

Even in a Crisis, the Best Collections Strategy Is to Avoid Collections. With as much as 50% of consumers experiencing financial difficulty soon, it's time to review your early and pre-collections strategy and processes. IFRS 9 marked the latest in a long line of International Financial Reporting Standards.

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Qualco

NOVEMBER 30, 2021

The debt collections sector is facing several challenges, like many other sectors across Europe. Changing customer behavior due to the deterioration of their financial circumstances have led to an uptick in debt and collections activities as well. To navigate through uncertainty, creditors need to adapt their strategy quickly.

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Troutman Sanders

MARCH 22, 2021

The bill also would require such payments to be encoded, and would extend other restrictions on collection of such funds. HB 5068, passed during special session after the first round of federal support payments, makes the first $1,200 of any COVID-19-related economic relief payments exempt from garnishment by debt collectors and creditors.

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Troutman Sanders

JULY 27, 2020

3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debt collectors, similar to how Social Security payments are exempt from being garnished. On July 23, 2020, the Senate unanimously passed S. For more information, click here.

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Fico Collections

JUNE 16, 2022

Meeting Debt Collection Challenges Amid a Squeeze on Income. In order to deal with the rising cost of living and other challenges, anyone managing collections portfolios and effective debt recovery strategies needs these capabilities. As with most walks of life it also applies to effective debt collection. by Bruce Curry.

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Fico Collections

NOVEMBER 3, 2022

Debt Collection: Have We Learned the Lessons of the Last Crises? While the current series of economic shocks may seem "unprecedented", there are clear lessons from past crises that should shape our collections strategies today. Four Key Collections Factors Shaping Analytic Insights, Strategy, Policy and Execution. FICO Admin.

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PDC Flow

AUGUST 18, 2020

This year has seen vast, unexpected change for the credit and collection industry. Since the early 2000s I’ve been representing debt collectors, debt buyers, creditors, and attorneys. What made you decide to focus your practice in financial services and more specifically in the debt collection industry?

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Consumer Financial Services Law

DECEMBER 12, 2016

Creditors and debt collectors who utilize pre-collect practices should pay close attention to a recent opinion from the Eastern District of Michigan. 1, 2016), the collection agency agreed to provide the creditor with demand letter services which involved a series of three letters per debt account.

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Fico Collections

JANUARY 3, 2023

Agile Collections Strategies Can Protect Loyalty in Tough Times. As economic victims swell the collections queue, do you have the tools you need to differentiate them and apply the correct treatments to different cohorts? Intuitive And Smart Collections Strategies to Offer Customer Safeguards. FICO Admin. by Bruce Curry.

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Better Credit Blog

APRIL 1, 2022

Within your lifetime, you may have a period of financial distress. Especially in the current pandemic, COVID 19, medical bills, credit card bills, and other financial service bills may start to pile up. How to Remove Credit Collection Services From Your Credit Report. Now, let’s get into the details.

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Qualco

DECEMBER 7, 2021

Challenging the status quo for debt collection. Beyond doubt, the old-style debt collections approach has long been outdated. How can the collections approaches stay the same when the customers have drastically changed? How can the collections approaches stay the same when the customers have drastically changed?

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CSA

DECEMBER 16, 2021

Chris Leslie is CEO of Credit Services Association. s now 18 months since I took over as chief executive of the collections and debt purchase sector?s I have been constantly impressed by the willingness of collections agencies to go above and beyond to offer favourable repayment plan terms and forbearance to customers ?

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Troutman Sanders

JANUARY 17, 2024

As discussed here , § 1071 amended the Equal Credit Opportunity Act (ECOA) to impose significant data collection and reporting requirements on small business creditors. Supreme Court in Community Financial Services Association v CFPB (CFSA case). Constitution, a claim that is currently pending before the U.S.

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