True Accord

SEPTEMBER 16, 2022

Trying to keep up with regulations in debt collection can feel overwhelming especially with new cases and federal guidance coming out regularly interpreting the law and states actively amending or creating new laws that impact debt collectors, original creditors, and current creditors.

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Collection Industry News

MAY 2, 2023

. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. A time-barred debt is one whose statute of limitations has expired.

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PDC Flow

AUGUST 18, 2020

This year has seen vast, unexpected change for the credit and collection industry. As many professionals work to navigate this new world of remote work and prepare for the months to come, attorney John Bedard has been a dominant voice, guiding collectors through the struggle. I’ve been representing debt collectors ever since.

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UK debt collections

DECEMBER 8, 2020

The Financial conduct authority has asked banks, lenders and debt collectors for advice on how to deal with the fall out from emergency Covid-19 loans given out during the pandemic. “The FCA has rules to support the fair treatment of customers through the collections and recoveries process,” the regulator said.

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Taurus Collect

JUNE 16, 2022

Having debts in the collection primarily means that a third party is pursuing you to retrieve payments for your debts on behalf of your creditors. Debt collection is a process that gives debtors certain rights that debt collection agencies must respect. What does it mean to have debt in collections?

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Better Credit Blog

AUGUST 31, 2020

Having debt in collections can be downright overwhelming, especially when debt collectors bombard you with dozens of phone calls. Debt collectors are notorious for harassing consumers when they seek repayment, calling excessively and threatening to take actions that may not be legal. Table of Contents.

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Taurus Collect

JANUARY 23, 2023

Tax season can be incredibly stressful for business owners, with many wondering how the financial decisions they make today could affect their future debt collection. In this article, we’ll explore what you need to know about taxes and debt collection to ensure that your organisation remains solvent as tax season approaches.

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Collection Industry News

MARCH 19, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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True Accord

JUNE 29, 2023

We see that with the express requirement in the Gramm-Leach-Bliley Act, or GLBA, Safeguards Rule —which went into effect on June 9, 2023—that organizations have one qualified individual to oversee the information security program, and that the qualified individual provides regular reports to the highest governing body of an organization.

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Better Credit Blog

FEBRUARY 15, 2021

Are collections accounts weighing heavily on your credit report? If you’ve fallen behind on any of your accounts, you could find Fairway Collections on your credit report. As long as the collections entry stays on your report, it’s hurting your score. About Fairway Collections. Self-pay collections.

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Fico Collections

JANUARY 6, 2021

Posts dealing with debt collection were among the most popular on the FICO Blog last year, for obvious reasons. Fortunately, our bloggers stepped up with timely analyses of the challenges facing lenders in an era of payment holidays, furloughs and higher unemployment. Debt Collection And Covid-19: What Past Crises Can Teach Us.

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Collection Industry News

JUNE 1, 2023

Introduction: The debt collection industry plays a vital role in the global economy, helping businesses recover outstanding debts and maintain financial stability. The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts.

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Collection Industry News

MAY 30, 2022

New Yorkers facing debt-collection lawsuits are poised to get a little extra help in the wake of a federal court’s ruling — and some observers say it could translate to a win for consumers across the country who have basic legal questions but can’t afford a lawyer. Source: site.

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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. These are important for debt collectors to avoid, especially because they’ve been emphasized recently. Enforcement actions involving servicemembers.

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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.

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Credits Inc

DECEMBER 11, 2018

Bankers, lenders, stockbrokers, and even economics scholars all face different disparaging beliefs about their character and the nature of their work. In the debt collection field specifically, professionals are trained to be caring, concerned, and tactful when it comes to retrieving payments. debt collection.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection.

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Better Credit Blog

OCTOBER 5, 2020

Has your credit score recently taken a dive as a result of a collections entry from Penn Credit? If you forgot to pay a bill or you’ve gotten behind on payments to a lender or service provider, it can have some nasty effects on your credit. It’s been in the business of collecting on consumer debts since 1987.

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Collection Industry News

JULY 28, 2020

Artificial Intelligence can make Consumer and Commercial debt collection more efficient, maximize ROI and improve customer experiences. Here are some of the thought processes, as we at CreditNiravana envisage, on how the debt collection industry is now panning out in the wake of this unprecedent global recession.

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Collection Industry News

JULY 20, 2020

DEBT COLLECTORS, facing growing demands to freeze the collection of debt across the country amid the economic hardship caused by the coronavirus pandemic, are mobilizing their lobbyists to push back. In New York, residents are receiving a 30-day reprieve from the collection of state-owned medical and student debt.

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Troutman Sanders

FEBRUARY 8, 2022

We have built one of the largest practices in the country focused on consumer financial services and have become a destination for clients facing high-stakes litigation, seeking regulatory and compliance guidance, and facing government investigations,” said Troutman Pepper Managing Partner Tom Cole.

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Fico Collections

DECEMBER 20, 2021

Debt Collectors and Service Providers Can Once Again Work Together Without the Fear of Violating the FDCPA. You would think the new CFPB debt collection rules , which took effect last month on November 30, would be the primary focus of the collections and recovery industry. The Hunstein v.

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Better Credit Blog

FEBRUARY 12, 2021

EPR may show up on your report if you’ve fallen behind on payments to a service provider or a lender. The longer you ignore a collections entry, the more damage it can do to your report. Evergreen Professional Recoveries is a legitimate debt collection agency and member of the American Collectors Association.

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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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Better Credit Blog

SEPTEMBER 8, 2020

It could only take one missed payment on your car loan, credit card, or phone bill to harm your credit score and wind up on a debt collector like Northland Group’s list. Fortunately, an entry from a debt collector is one of the most easily reversible marks, as long as you know how to confront them. Government.

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Better Credit Blog

AUGUST 31, 2020

If you have started hearing from a company called Convergent Outsourcing, it means that you are being pursued for a debt. Besides being annoying and aggressive, debt collectors like Convergent Outsourcing can have a major impact on your credit score. Validate the Debt. Request a Goodwill Deletion. Know Your Rights.

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Credit Corp

MAY 30, 2023

For example, if you fail to pay a debt, the lender can take you to court. Ultimately, if you don’t pay a debt , the lender or bill collector can file a lawsuit against you to recoup the money. These liens notify lenders of the creditor’s rights to your property. Sales proceeds are applied to your debt.

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Better Credit Blog

JULY 13, 2020

If you are, it is because they are trying to recover a debt that you have with another company. Nationwide Recovery Service will also appear on your credit report as a collection agency, which can damage your credit score. Nationwide Recovery Service will appear on your credit report as a collection agency. Validate the Debt.

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Better Credit Blog

AUGUST 31, 2020

ConServe is a debt collection agency that may contact you regarding unpaid debts. They are a third-party debt collector, which means that they may be hired by your original creditor, or they may purchase your old debt on the chance that you pay them instead. Validate the Debt. Negotiate a Settlement.

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Better Credit Blog

AUGUST 31, 2020

If you have an old debt hanging over your head, you may begin to hear from a debt collector called Covington Credit. Covington Credit is a third-party collector that collects payments from you on behalf of the original creditor or as the now-owner of the debt. What is Covington Credit?

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Troutman Sanders

MAY 5, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Debt Collection. Auto Servicing. The CFPB sees wrongful repossessions everywhere.

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Troutman Sanders

SEPTEMBER 7, 2021

If finalized, this rule would require lenders to disclose information about their lending to small businesses. Under the proposal, lenders must report the amount and type of small business credit applied for and extended, demographic information about small business credit applicants, and key elements of the price of the credit offered.

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True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. What Does This Mean for Debt Collection?

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CSA

FEBRUARY 21, 2020

s #heretohelp campaign : Intrum UK Managing Director Eddie Nott says the film tackles the issues that collections teams know worry customers. ?We The CSA campaign is useful in that it aims to encourage people that, if they are in difficulty and contact their lender, they should expect to be treated sympathetically and positively.?

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Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others.

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Better Credit Blog

AUGUST 7, 2020

If you have been contacted by a company called Professional Finance Company, you are probably being pursued for an old unpaid debt. Having a collection account on your credit report for an unpaid debt can damage your credit score for up to seven years, even after you pay it. Request Debt Validation. Hire a Professional.

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Collection Industry News

JANUARY 10, 2022

The CFPB recently issued its Fall 2021 Supervisory Highlights , discussing findings from its examinations in connection with credit card account management, debt collection, fair lending, mortgage servicing, deposits, prepaid accounts, and remittance transfers. Debt Collection. Source- site. Payday Lending.

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