Consumer Financial Services Law

FEBRUARY 17, 2021

Enloe While it remains to be seen what, if any, changes a change in leadership in the CFPB will bring to the Debt Collection Rule, for now collection agencies should begin readying themselves for a November 30 th effective date. By: Caren D. Section 1006.34(c)(2)(i) What’s Next?

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True Accord

NOVEMBER 13, 2023

The New York City Department of Consumer and Worker Protection (NYC DCWP) just released an updated proposed amendment to its rules relating to debt collection. New York’s First Proposed Amendment December 2022 NYDFS released its first proposed amendment to its debt collection rules. Comments were due February 13, 2023.

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Katabat

JANUARY 24, 2020

January 23, 2020 (Sacramento, CA) – Katabat, a leading cloud-based debt-collection software provider, will serve as a Gold Sponsor of this year’s RMAI Annual Conference. The session will discuss how technology and innovation have been transforming consumer financial services.

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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. They recently acquired Alltran Financial Services in 2020. Have a Professional Remove the Collection. Table of Contents: Know Your Rights with Transworld.

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BN Lawyers

JANUARY 14, 2019

A debt collector is free to collect during the thirty-day period as long as it does not overshadow or contradict the consumer’s thirty-day rights. Whether easy or difficult, the Act mandates that the debt collector cease its collection efforts until the required information has been mailed to the consumer.

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Better Credit Blog

AUGUST 22, 2020

CCS Offices is a company that collects debts on behalf of original creditor. They do this by either purchasing the debt or collecting the payments and taking a portion for themselves. To do this, they must first open an account on your credit report that shows that they are authorized to collect on the debt.

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Better Credit Blog

AUGUST 21, 2020

If you have failed to pay a bill, you may begin to hear from a collection agency known as Radius Global Solutions. This means that Radius Global Solutions has acquired your debt from the original creditor and has opened a collection account on your credit report. What is Radius Global Solutions? Verify the Debt.

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Better Credit Blog

JULY 13, 2020

Nationwide Recovery Service will also appear on your credit report as a collection agency, which can damage your credit score. Nationwide Recovery Service and other collection agencies are notoriously unpleasant to deal with, but their impact on your credit score is far worse than a stern letter.

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Consumer Financial Services Law

APRIL 23, 2021

District Court for the District of New Jersey recently expressed “judicial displeasure” with the language in a collection letter when it granted in part and denied in part a debt collector’s motion to dismiss a putative FDCPA class action for failure to state a claim. By: Landon G. Van Winkle The U.S. Advanced Call Ctr.

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Better Credit Blog

APRIL 5, 2022

A collection account will lower your credit score and can generally stay on your credit report for up to seven years. Often, a collection entry will even keep you from getting a mortgage or securing an auto loan, which is why it’s important to do all you can to remove collections from your credit report quickly.

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Better Credit Blog

FEBRUARY 19, 2021

This will result in a collections account being opened under FMA Alliance’s name on your credit report. FMA Alliance is a medium-sized debt collection agency that is headquartered in Houston, TX. Originally founded in 1983, FMA Alliance serves clients across a variety of industries. health care. education industries.

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Consumer Financial Services Law

JANUARY 3, 2018

By Zachary Dunn The FDCPA prohibits a debt collector from using “any false, deceptive, or misleading representation” in connection with the collection of a debt. and Bank of America responded by placing Islam’s account with American Recovery Service (“ARS”) for collection. See 15 U.S.C. In Islam v.

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Consumer Financial Services Law

MAY 25, 2021

Preferred Collection and Management Services, Inc., While the case will continue to be contested in the Eleventh Circuit, collection agencies and others who rely upon third party vendors have been left to contemplate what comes next. What Does this Mean Regarding Collection Agencies’ Current Use of Third Party Vendors?

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Troutman Sanders

MAY 17, 2021

House of Representatives passed the Comprehensive Debt Collection Improvement Act, a collection of bills intended to reform how debts are collected. On May 13, the Nevada Financial Institutions Division (NFID) extended its temporary guidance allowing employees of licensed collection agencies to work from home through July 31.

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Troutman Sanders

NOVEMBER 16, 2021

Department of Education terminated its contracts with private debt collection agencies. Through public records requests, the EFF found that device identifiers, timestamps, and GPS data for hundreds of thousands of devices were collected between April and September of last year. For more information, click here. On November 8, the U.S.

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FDCPA Defense

MARCH 2, 2014

The Dodd-Frank Act gave the Consumer Financial Protection Bureau (“CFPB”) sweeping authority to prohibit the use of “unfair, deceptive or abusive” acts or practices (“UDAAPs”) in connection with the collection of consumer debts. The Asset Consent Decree also reflects the FTC’s hostility to collecting time-barred debts.

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Troutman Sanders

MARCH 22, 2023

An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency.

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Consumer Financial Services Law

MARCH 15, 2019

In those cases, the Sixth Circuit concluded that foreclosure proceedings are debt collection. If you request in writing within 30 days after receiving this notice, this office will provide you with the name and address of the original creditor if different from the current creditor. LLC, 704 F.3d 3d 453 (6th Cir.

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Consumer Financial Services Law

AUGUST 14, 2017

The juxtaposition of Sections 1692e and 1692g continues to be a battle ground for the consumer bar and collection industry. Section 1692e prohibits false, deceptive or misleading representations in connection with the collection of a debt. In Powers v.

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PDC Flow

JANUARY 12, 2021

Agencies across the country found themselves making the shift to remote workers , trying to keep up with state-by-state collection restrictions and dealing with other logistical issues caused by running a business during a pandemic. . How do you predict the industry regulations initiated in the past year will impact the future of collections?

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