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.

Fair Debt Collection 53

Fair Debt Collection Third-party Debt Collectors Collections Debt collector 53

National Service Bureau

SEPTEMBER 9, 2015

It’s no secret that student debt is at an all-time high. According to the US Department of Education, there are more than 40 million student loan borrowers who owe more than $1.2 Unfortunately, this means student loans (unless you have access to scholarships, independent wealth, grants, or other resources).

Debt collector 40

Debt collector Student loans Student Loans Collection Agencies 40

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. If successful, many consumers will see their overall debt burden decrease.

Student loans 95

Student loans Student Loans Credit Card Debt Loans 95

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.

Collections 40

Collections Collection Agencies Collections Agency Debt collector 40

True Accord

JULY 13, 2023

The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. Read on for our take on what’s impacting consumer finances and our industry, how consumers are reacting, and what else you should be considering as it relates to debt collection in 2023.

Financial Institution 66

Financial Institution Student loans Student Loans Loans 66

Credits Inc

OCTOBER 26, 2019

Creditors give loans to millions of citizens, and thus credit companies are too busy to follow up on the debtors. For this reason, creditors are hiring debt collection agencies to collect debts that are 60 days past the agreed period. Therefore, the agencies act as middlemen collecting any delinquent loans.

Collection Agencies 40

Collection Agencies Collections Agency Collections Debtor 40

Katabat

MAY 3, 2021

Student Loan Program Facing a $500 Billion Hole? government’s $1.6 trillion student loan portfolio could be defaulted on. The article notes that the half trillion dollars of default would exceed what taxpayers lost on the saving-and-loan crisis 30 years ago. “Is the U.S. One Banker Thinks So.”. But the U.S.

Student loans 52

Student loans Student Loans Debt collector Loans 52

Collection Industry News

OCTOBER 6, 2020

It was a great time to be a debt collector. In August, Encore Capital, the largest debt buyer in the country, announced that it had doubled its previous record for earnings in a quarter. There was no ban on collections of old credit card bills, Encore’s specialty. But now even that hiccup is over. Elizabeth A.

Debt collector 40

Debt collector Garnishment Banks Foreclosure 40

Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. 2547, the Non-Judicial Foreclosure Debt Collection Clarification Act, which would reverse the unanimous decision made by the Supreme Court of the United States (SCOTUS) in 2019.

Lender 40

Lender Foreclosure Collections Debt collector 40

Public Citizen

OCTOBER 24, 2020

  In addition, the Symposium welcomes discussion over the recent decision by the Uniform Law Commission to address debt collection efforts by third-party debt collectors or buyers based on default judgments.    Selected papers are due after the Symposium on June 4, 2021.   

Third-party Debt Collectors 69

Third-party Debt Collectors Student loans Student Loans Law Firms 69

National Service Bureau

APRIL 6, 2015

Debt collection companies walk a fine line between business efficiency in their primary function (accounts receivable management), while at the same time needing to respect the fact that the debtor is a valuable client to the business for whom they are running collections. 5: Improper contact or sharing of information.

Collection Companies 40

Collection Companies Collections Collection Agent Collection Agencies 40

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.

Garnishment 40

Garnishment Collections Debt collector Accounts Receivables Management 40

Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” For more information, click here. competitiveness and national security ….” On May 4, Colorado Governor Jared Polis signed SB93 into law. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Loans 52

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.

Debt collector 52

Debt collector Collection Agencies Collections Agency Collections 52

Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Manufacturing Debt Management Debtor 52

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.

Financial Institution 52

Financial Institution Garnishment Collections Foreclosure 52

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.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Better Credit Blog

AUGUST 31, 2020

If you’ve been contacted by GC Services, they are probably pursuing you for an old debt. Dealing with debt collectors is stressful, but the harassing phone calls are only the tip of the iceberg. Being pursued for an old debt means that GC Services has opened up a collections account on your credit report.

Debt collector 52

Debt collector Collections Student loans Student Loans 52

Troutman Sanders

AUGUST 9, 2021

On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022. Income-share agreements are a type of student loan, where the borrower receives a loan and then pays a percentage of his/her income after graduation.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

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.

Collection Agencies 40

Collection Agencies Collections Agency Credit Card Debt Collections 40

Troutman Sanders

APRIL 19, 2021

Federal Activities: On April 19, the Consumer Financial Protection Bureau (CFPB) announced that the 30-day comment period on the CFPB’s proposal to delay the effective date of Regulation F, its Debt Collection Rule, is open. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Better Credit Blog

SEPTEMBER 9, 2020

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. You may even be turned down for loans and credit cards because of it. What is Phoenix Financial Services?

Financial services 52

Financial services Debt collector Collection Agencies Collections Agency 52

Sawin & Shea

OCTOBER 5, 2022

Student loan debt is a serious problem in the United States, and it’s an issue that impacts millions of Americans. As of January 2022, around 45 million people have student loan debt, which is 13.5% The total collective amount of federal and private student debt is around $1.75

Student loans 93

Student loans Student Loans Loans Garnishment 93

National Service Bureau

JUNE 23, 2015

Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies. These debts are familiar to most Americans; there was a $117 billion increase in household debt during 2014: Q4.

Student loans 40

Student loans Student Loans Credit Card Debt Collection Agencies 40

Debt RR

AUGUST 3, 2020

Bank account garnishment is a collection procedure that is authorized by a court. When a creditor or a government authority sues a business or individual for an unpaid debt, one of the options for settling is for the court to give the creditor the right to pull the funds from a bank account. Student loans.

Garnishment 40

Garnishment Banks Student loans Student Loans 40

Sawin & Shea

JANUARY 18, 2023

Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. What Happens After You File Chapter 7 Bankruptcy? Additionally, your creditors will not be allowed to contact you.

Chapter 7 bankruptcy 81

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 81

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.

Foreclosure 40

Foreclosure Student loans Student Loans Debt collector 40

Troutman Sanders

DECEMBER 21, 2021

Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. State Activities: On December 15, the New York Department of Financial Services released a notice of proposed rulemaking (NPRM) for third-party debt collectors and debt buyers.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

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. The CARES Act offers relief for those with federal student loans.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

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. Student Loan Servicing. Auto Servicing.

Financial Institution 52

Financial Institution Repossession Debt collector Lender 52

Credit Corp

MAY 30, 2023

Law enforcement may seize things like valuable collections or jewelry to be sold at auction. Sales proceeds are applied to your debt. The judgment creditor can then use that court judgment to try to collect money from you. State laws determine how much money and what types of property a judgment creditor can collect from you.

Judgment 98

Judgment Garnishment Creditors Law Firms 98

Consumer Financial Services Law

OCTOBER 16, 2017

By Zachary Dunn October 16, 2017 The FDCPA, through section 1692d(6), prohibits a debt collector from placing telephone calls to a debtor “without meaningful disclosure of the caller’s identity.” 11 2017), the debtor, Berry, defaulted on student loans he had taken out with the US Department of Education. In Berry v.

Debt collector 40

Debt collector Education Student loans Student Loans 40

Troutman Sanders

OCTOBER 30, 2023

This bill would instruct the Consumer Financial Protection Bureau (CFPB) and the Government Accountability Office to conduct a study on BNPL and EWA services to help determine the degree to which consumers are utilizing both services for retail purchases. For more information, click here. The letter asks the GAO to examine the role U.S.

Financial services 52

Financial services Financial Institution Trade Banks 52

Collection Industry News

MAY 9, 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. Student Loan Servicing. Auto Servicing.

Financial Institution 40

Financial Institution Repossession Debt collector Student loans 40

Troutman Sanders

APRIL 4, 2022

The bill requires stablecoins to be backed by government securities with maturities less than 12 months or domestic dollars, while requiring stablecoin issuers to publicly release audited reports of reserves executed by third-party auditors. All three affect debt collection in D.C.; For more information, click here.

Financial services 52

Financial services Loans Banks Student loans 52

Debt Free Colorado

MARCH 3, 2023

However, how can you tell if your debt issue calls for such a drastic measure? The following are some indications that you might be a good bankruptcy applicant: Are debt collectors following you around? Unsecured debts , including credit card and medical bills, as well as some judgments or past taxes, may be discharged.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. government.

Financial services 52

Financial services Student loans Student Loans Loans 52