Jimerson Firm
FEBRUARY 10, 2022
When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Lenders that charge off a debt trigger issuance of the 1099-C when their defined policy leads the lender to discontinue collection activity and discharge a debt.
Credit Corp
JUNE 1, 2023
Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. In This Piece: What Is Collections Debt?
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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?”
Debt Free Colorado
FEBRUARY 21, 2022
When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. You have rights to help you gain control over your debt collection interactions. Call or text you to collect a debt between 8 a.m.
Troutman Sanders
OCTOBER 17, 2023
In 2010, the defendant purchased the account and placed it with a law firm for collection. The trial court granted summary judgment to the defendant on all claims finding that because the defendant was not a consumer lender it was not required to obtain the license at issue.
Credit Corp
JUNE 14, 2023
Many lenders give borrowers a grace period before they technically consider the payment late. Lenders consider any payment not made within this allotted time frame a late payment. Since each lender has its own terms and conditions, it’s important to read the terms of your auto loan. So, how late can you be on a car payment?
FFGN COLLECT NY
AUGUST 16, 2020
In addition to non-payment of the interest or principal owed, there are other ways to trigger repayment of the loan, This may include defaulting on other loan agreements with the lender, winding down business operations, litigation, and more. . There are plenty of situations where a lender may accept less than the amount owed.
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