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. This presents a substantial opportunity for debt collection agencies to assist lenders in recovering unpaid debts and managing default risks.

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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. This is known as wage garnishment. The Consumer Credit Protection Act caps these types of garnishments. Nonwage garnishment.

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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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Troutman Sanders

MARCH 11, 2024

Drawing on expertise from key governmental bodies, the proposed legislation seeks to establish a comprehensive framework for stablecoin governance. toward the plaintiff’s litigation expenses and will publish a new Federal Register notice for proposed information collection. For more information, click here. On March 1, the U.S.

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Troutman Sanders

JANUARY 19, 2021

On January 13, the Small Business Administration reopened the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 a.m. For more information, click here. For more information, click here. For more information, click here.

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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. What you may not know is that you are protected by the Fair Debt Collection Practices Act (FDCPA), a law designed to keep third-party debt collectors in check when they contact you. Table of Contents.

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Sawin & Shea

JUNE 9, 2021

You may feel as if no one is on your side, but you do have some protection from collection agencies. The FTC (Federal Trade Commission) is an arm of the United States government that enforces consumer protection and antitrust laws. The FTC makes sure that the FDCPA (Fair Debt Consumer Protection Act) is followed by collection agencies.

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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

MARCH 4, 2024

On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. s Municipal Regulations.

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Debt Free Colorado

APRIL 9, 2020

Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. Unlike mortgage lenders, most landlords are simply not in a financial position to weather the loss of rental income due to the high expenses associated with the rental property itself.

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Collection Industry News

APRIL 11, 2022

Treasury money to buy government-backed student loans from banks, so they could lend more. But in 2004, Sallie Mae privatized , which meant it can now make student loans not guaranteed by the federal government and carry much higher interest rates. Federal loans, which are government-backed loans with lower interest rates.

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Titan Consulting

JUNE 7, 2020

Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Stopped Involuntary Collection Activity : The Department of Education suspended wage garnishments, Social Security garnishments, and tax refund offsets on federally held student loans.

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Troutman Sanders

AUGUST 9, 2021

On August 3, Federal Reserve Board announced that it will extend the comment period for its proposal to govern funds transfers over the Federal Reserve Banks’ FedNow Service until September 9. s emergency debt collection bill. For more information, click here. For more information, click here. On August 3, the Washington, D.C.

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Debt Free Colorado

DECEMBER 9, 2021

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Complete protection from creditors – This includes wage garnishment and debt collection. The lender protects the borrower against foreclosure. A mortgage or car loan secures the lender’s interest in your house.

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Better Credit Blog

SEPTEMBER 8, 2020

Since your payment history constitutes 35% of your credit profile, and the longer a debt goes unpaid the more damage it does, a collections account can be devastating to your score. While they aren’t a household name, they collect for some well-known service providers. Government. collecting on debts that the company buys.

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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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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. On July 23, 2020, the Senate unanimously passed S.

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Troutman Sanders

NOVEMBER 7, 2023

Small Business Administration (SBA) announced that it has granted three new Small Business Lending Company (SBLC) licenses to lenders focused on historically underserved markets — the first expansion of the SBLC program in more than 40 years. For more information, click here. On November 1, the U.S.

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Troutman Sanders

APRIL 18, 2022

New third-party collections during the pandemic. State Activities: On April 11, Virginia Governor Glen Youngkin vetoed Virginia House Bill 573, which would lower the statute of limitations for collecting medical debt from five to three years. Pre-pandemic payment assistance on student loans. Multiple student loan servicers.

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Debt Free Colorado

NOVEMBER 13, 2017

government agency that makes sure banks, lenders, and other financial companies treat you fairly”, Freedom Debt Relief’s offers actually were too-good-to-be-true. Providers cannot stop collection activity, including collection calls, wage garnishment, judgments, and litigation.

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Troutman Sanders

OCTOBER 26, 2020

Federal Activities: On October 23, the Financial Action Task Force concluded its 32nd plenary meeting and continued to focus on the impact of the COVID-19 pandemic on detecting and countering fraud, including attempts to defraud government-backed stimulus programs. For more information, click here. For more information, click here.

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Debt Free Colorado

MARCH 3, 2023

For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. Through a legal process called bankruptcy, some people who are unable to pay their debts can start over financially, either temporarily or permanently.

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