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

Collection Industry News

JUNE 14, 2021

Jason Nocera anticipated law enforcement authorities might raid his debt collecting business. The government alleged that Nocera gave his debt collectors drugs to make them more aggressive. Consumer Financial Protection Bureau and the New York State Attorney General’s Office over his unlawful debt collection practices.

Debt collector 40

Debt collector Judgment Acquisition Collections 40

Hudson Weir

APRIL 12, 2024

Note that bailiffs, also known as enforcement officers, are not the same thing as debt collectors – they have different legal powers in terms of how they can seek repayment. excluding Sundays and bank holidays) to repay the debt before bailiffs will visit. Bailiffs are aiming to recover the debt.

Debt collector 52

Debt collector Creditors Manufacturing Trade 52

Taurus Collect

NOVEMBER 15, 2023

Dealing with a collection agency can often feel like navigating a maze, especially when there seems to be a change in your account’s open date. If you’ve found yourself in this situation, you’re likely asking, “Can a collection agency change an account’s open date?”

Collection Agencies 52

Collection Agencies Collections Agency Collections Debtor 52

Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

Student loans 52

Student loans Student Loans Bankruptcy Chapter 7 bankruptcy 52

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

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.

Debt collector 105

Debt collector Fair Debt Collection Consumer Collections Legal Rights 105

True Accord

FEBRUARY 3, 2022

With digital lending via neobanks and fintechs on the rise, consumers have more options than ever for obtaining loans. What are the economics of collections metrics for delinquent accounts? Many also look at the cost to collect a dollar or the cost per delinquent account. What is a roll rate in debt collections?

Lender 52

Lender Collections Collection Companies Loans 52

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.

Debt collector 64

Debt collector Trade Fair Debt Collection Judgment 64

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.

Debt collector 87

Debt collector Collection Agencies Collections Agency Garnishment 87

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.

Debt collector 40

Debt collector Creditors Collections Loans 40

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

OCTOBER 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On October 4, the CFPB announced that the deadline to request initial forbearance for loans backed by the U.S.

Financial services 52

Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

JUNE 13, 2022

On June 8, Office of the Comptroller of the Currency (OCC) proposed adding cannabis and digital currency activities to the list of business data it collects from banks in an attempt to better identify areas of risk in the financial system. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Loans 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

Better Credit Blog

APRIL 1, 2022

A good credit score allows you to get better rates on car or mortgage loans just to name a few. 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. Have a Professional Remove the Collection.

Collection Agencies 77

Collection Agencies Collections Agency Garnishment Fair Debt Collection 77

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?

Collections 40

Collections Accounts Receivables Management Collection Agencies Collections Agency 40

Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 22, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. As of March 18, the department intends to issue full loan discharges for borrowers with approved borrower defense claims.

Financial services 52

Financial services Garnishment Student loans Student Loans 52

Troutman Sanders

OCTOBER 30, 2023

District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing injunction against the CFPB’s enforcement of its final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) to cover all small business lenders nationwide.

Financial services 52

Financial services Financial Institution Trade Banks 52

Collection Industry News

APRIL 11, 2022

I want to make sure my credit report is accurate so I can at least qualify for loans.’. But a trade group that represents the credit reporting companies questioned the reliability of the CFPB’s complaint reports. This could cause credit scores to drop and subsequently endangers the possibility of obtaining a job or loan, he said.

Debt collector 40

Debt collector Loans Trade Consumer Credit 40

Troutman Sanders

AUGUST 9, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

FEBRUARY 8, 2022

He also counsels on compliance issues including UDAP/UDAAP, credit reporting, debt collection and fair lending, and defending them in individual and class action lawsuits brought by consumers and enforcement actions brought by government agencies. Stefanie H.

Financial services 52

Financial services Government Financial Institution Lender 52

FFGN COLLECT NY

JUNE 3, 2020

With both consumers and small businesses receiving funds from the Paycheck Protection Program (PPP) and CARES Act, questions have come up as to whether these amounts can be frozen or garnished by debt collectors or creditors. PPP allows entities to apply for low-interest private loans to pay for their payroll and certain other costs.

Garnishment 52

Garnishment Creditors Judgment Judgment Enforcement 52

Troutman Sanders

MAY 10, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Fair Debt Collection Foreclosure Debt collector 52

Troutman Sanders

APRIL 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The company was operating without registering as a debt settlement service provider as required by Minnesota law.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

MARCH 29, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On March 22, the CFPB released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA).

Financial services 52

Financial services Fair Debt Collection Lender Foreclosure 52

Troutman Sanders

JULY 7, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

National Service Bureau

JUNE 10, 2015

Debt collectors sometimes have a bad rap, but the truth is that they provide an important service to society so long as their practices are ethical in nature (i.e. Choosing the right debt collection agency is an important decision that can have both positive and negative repercussions for your business.

Collection Agencies 40

Collection Agencies Collections Agency Collections Collection Companies 40

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

OCTOBER 4, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On September 28, Federal Trade Commission (FTC) Chair Lina M. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

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

Credit Corp

MAY 3, 2023

According to the Federal Trade Commission , around 25% of people have errors on their report that could affect their credit score. Furnishers are banks, debt collectors, and others that report the information that shows up on your credit report. Furnisher errors. How Fast Can You Clean Up Your Credit Report?

Creditors 88

Creditors Bankruptcy Debt collector Original Creditor 88

Troutman Sanders

JUNE 14, 2023

On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. According to U.S.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

FEBRUARY 2, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. For more information, click here.

Financial services 40

Financial services Foreclosure Banks Debt collector 40

FFGN COLLECT NY

MAY 28, 2020

When money is tight, some seek out the last resort: a payday loan. These short-term, high-interest cash loans are offered in advance of a paycheck or some other form of cash injection. Critics call these loans predatory and warn that borrowers can fall into even greater debt. for a consultation. for a consultation. .”

Loans 52

Loans Lender Debt collector Trade 52

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. For more information, click here. The amendment, led by U.S. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52