Credit Corp

AUGUST 31, 2021

Getting calls from debt collectors can be frustrating and even confusing. That’s even truer when someone is contacting you about an old debt you forgot about, thought was long resolved, or didn’t know about in the first place. Can a debt collector collect after 10 years, for example?

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Credit Corp

JUNE 1, 2023

Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. In This Piece: What Is Collections Debt? ® or VantageScore 4.0®.

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Collection Industry News

APRIL 18, 2022

Annual report reveals scope of abuse in debt collection industry. The report came in response to the FTC’s mission as defined by Congress to protect consumers from abusive practices in the debt collection industry. million in refunds from debt collectors in 2021. The post FTC Action Results In $4.86

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Credit Corp

NOVEMBER 9, 2020

If you or someone you know has dealt with a collection agency, you know how trying it can be. Debt collection agencies have a long history of harassment and illegal practices. Can a collection agency report to a credit bureau without notifying you? It does not come into play for creditors collecting their own debts.

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Collection Industry News

MAY 18, 2021

The House Thursday passed legislation making a series of reforms to debt collection requirements. While NAFCU supports efforts to stop abusive debt collection practices, the association had raised concerns about language contained in the bill that would expand the definition of a “debt collector” and increase risks to lenders.

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True Accord

MAY 26, 2022

On May 23, 2022, the Consumer Financial Protection Bureau (CFPB), in partnership with the New York Attorney General, filed a proposed judgment against a debt collection enterprise with a history of deception and harassment to pay $4 million and be permanently banned from the debt collection industry.

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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. Preferred Collection and Management Services, Inc. Background on This Case.

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Troutman Sanders

NOVEMBER 20, 2023

On November 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Debt Collection Practices Act (FDCPA) Annual Report detailing the CFPB’s 2022 activities related to debt collection practices. Of these, approximately 8,500 (or 15%) pertained to attempts to collect a medical bill.

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Collection Industry News

OCTOBER 12, 2020

The CFPB is actively working to protect consumers from illegal actions of debt collectors,” CFPB Director Kathleen L. “The The CFPB is actively working to protect consumers from illegal actions of debt collectors,” CFPB Director Kathleen L. Kraninger said in a press release. “We In CFPB et al. In CFPB et al.

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Troutman Sanders

NOVEMBER 11, 2020

Recently, the Consumer Financial Protection Bureau filed an Amicus Curiae brief in the United States Court of Appeals for the Third Circuit addressing whether a debt collector violates the Fair Debt Collection Practices Act by accurately stating that it is seeking to collect $0.00 20- 1955, Document 36).

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Credit Corp

AUGUST 24, 2020

When you’re trying to conquer unpaid debts sent to collections, you’ll likely face some obstacles. Two of the most common are coming up with enough money to pay off the debt and negotiating a payment plan or settlement you can afford. Find out how to pay collections below. Creating a Debt Management Plan.

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Jimerson Firm

DECEMBER 14, 2021

Two important statutes for all businesses to be aware of are the Florida Consumer Collection Practices Act (FCCPA) and the Fair Debt Collection Practices Act (FDCPA). Fair Debt Collection Practices Act. For example, a debt collector cannot: use violence or make repetitive telephone calls (15 U.S.C.

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Better Credit Blog

APRIL 1, 2022

If you’re unable to pay your original creditor, your debt may pass to a debt recovery agency, earning a collection letter and possibly a stain on your credit report. Credit Collection Services, known as CCS for short, is one of the largest debt collection agencies in the United States, based in Massachusetts.

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Credit Management Company

AUGUST 9, 2022

While many consumers are able to manage their debt load and stay current on their accounts, many businesses are finding themselves with uncollected debt and no proven collection strategy. Before you can collect on any debt, you need to validate the debt in accordance with the Fair Debt Collection Practices Act.

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PDC Flow

SEPTEMBER 29, 2020

I went in-house as corporate counsel at a collection agency, where I oversaw legal, compliance, and training. I loved, loved, loved the synergy between compliance and training – it also gave me the opportunity to partner with the collection floor from a different perspective than just “compliance” and it was a lot of fun.

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Collection Industry News

DECEMBER 4, 2022

More than $1 million, or an average of $516 for each payment, is being returned to the victims either via PayPal or a mailed check, the Federal Trade Commission recently announced. ″ Consumers will be recovering all the money they lost to the scammers,” the FTC noted. Request a debt validation letter. Negotiate existing debts.

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Collection Industry News

DECEMBER 8, 2022

Debt collectors are now allowed to contact Americans on social media and by text message, according to new rules enacted by a US agency this week. Seven calls can be made each week for any particular debt, but people with multiple debts may still be called dozen of times each week.

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Collection Industry News

DECEMBER 1, 2022

Debt collectors are now allowed to contact Americans on social media and by text message, according to new rules enacted by a US agency this week. Seven calls can be made each week for any particular debt, but people with multiple debts may still be called dozen of times each week.

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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. Portfolio Recovery buys multiple accounts with old debt from companies that have given up and “charged off” the accounts. This is called a charge-off.

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National Service Bureau

DECEMBER 9, 2015

John Rossman and Mike Poncin of Moss and Barnett have a Debt Collection Drill podcast, and a recent episode was particularly relevant to our audience. Here, we share three mistakes gleaned from a study of Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) enforcement actions.

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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 million monetary judgment, under a stipulated order filed by the Federal Trade Commission (“FTC”) last week.

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National Service Bureau

SEPTEMBER 9, 2015

In any case, the huge amount of student debt is important information for consumers, debt collectors, and even the Consumer Financial Protection Bureau (CFPB) to know. If you’re one of the many trying to pay off student debt, it explains options like forbearance, consolidation, delinquency, and deferment.

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Troutman Sanders

FEBRUARY 8, 2021

Greenspoon Marder LLP , Judge Vazquez of the District Court for the District of New Jersey granted the defendant’s motion to dismiss the plaintiff’s Fair Debt Collection Practices Act (FDCPA) claim in part and dismissed it in part. ” The court analyzed each of the plaintiff’s contentions in turn.

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Troutman Sanders

JANUARY 9, 2024

On January 4, the Federal Trade Commission (FTC) and the State of Connecticut announced they are filing suit against an auto dealer for several of its business practices. On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” For more information, click here.

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Collection Industry News

OCTOBER 6, 2020

The New York City Department of Consumer and Worker Protection (“DCWP”) (formerly the Department of Consumer Affairs) promulgated new debt collection rules this spring to provide protections to consumers with limited English proficiency. Of particular concern are the requirements and restrictions in 6 R.C.N.Y. §

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Troutman Sanders

AUGUST 1, 2023

For example, the bill distinguishes a “digital asset” from a “digital commodity,” empowering the Securities and Exchange Commission (SEC) to regulate the former and the Commodity Futures Trading Commission (CFTC) to regulate the latter. On July 20, Federal Trade Commission (FTC) and the U.S. For more information, click here.

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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 other words, they are an aggressive company, and having them stalking you for a collection is never nice. Have a Professional Remove the Collection.

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Debt RR

SEPTEMBER 9, 2020

You can initiate a formal debt clearance process through debt collection letters, which we will look at in this article. Conversely, if your business is on the receiving end of this letter, we also discuss the nitty-gritty of the debt collection letter. The Basics of a Debt Collection Letter.

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National Service Bureau

AUGUST 28, 2015

The Fair Debt Collection Practices Act was first passed almost 40 years ago to govern the tactics used by debt collection agencies pursuing consumer debt. I t’s clear that debt collection practices are in the spotlight, so let’s take a look at FDCPA compliance and what it means for business.

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National Service Bureau

AUGUST 19, 2015

Like any industry, the debt collection and accounts receivable management industries have some bad apples. The latter are obviously people and organizations that you would want to avoid should your business need assistance with collecting on delinquent accounts. Or no legitimate debt buyer?

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Collection Industry News

SEPTEMBER 12, 2022

The first half of 2022 has seen a flurry of state and federal activity attempting to reign in “convenience fees”—fees charged by a creditor, debt collector, or third party to a consumer for making a payment via some means other than a check or cash, such as over the phone, online, or in some other expedited manner. In January, the U.S.

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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. In a second report, the CFPB states that overall mortgage complaints to the CFPB have risen to their highest level in three years.

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Collection Industry News

NOVEMBER 2, 2020

Mario Barboza was a resident of Collin County, Texas when Pharia, LLC, successor in interest to defendant Pallida LLC, filed a collections action in 2010 in Denton County, Texas to recover the balance due on Barboza’s credit card. In early 2011, a default judgment was obtained against Barboza.

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Troutman Sanders

OCTOBER 28, 2020

Mario Barboza was a resident of Collin County, Texas when Pharia, LLC, successor in interest to defendant Pallida LLC, filed a collections action in 2010 in Denton County, Texas to recover the balance due on Barboza’s credit card. In early 2011, a default judgment was obtained against Barboza.

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Troutman Sanders

APRIL 12, 2021

On April 7, the Consumer Financial Protection Bureau (CFPB) proposed extending the effective date of two recent debt collection rules to give affected parties more time to comply due to the ongoing COVID-19 pandemic. On April 6, New Mexico Governor Michelle Grisham signed SB 71 — a medical debt collection bill — into law.

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Troutman Sanders

DECEMBER 27, 2021

On December 22, the Federal Trade Commission (FTC) gave final approval to a settlement with a mortgage industry data analytics firm that will require the company to bolster its data security protections and oversight of its vendors to ensure third-party providers also comply with those safeguards. For more information, click here.

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Troutman Sanders

APRIL 26, 2021

million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt-collector’s outstanding debt to the federal and state governments.

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