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NCLC Petitions CFPB For Rule Regulating Credit Reporting by Collectors

Account Recovery

The National Consumer Law Center has submitted a petition to the Consumer Financial Protection Bureau requesting that original creditors be responsible for furnishing information related to debt collection activity undertaken by third-party debt collectors or debt buyers, and that collectors should be required to review documents like the original (..)

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What New Debt Collector Rules Mean for You

Nerd Wallet

Working with third-party debt collectors can be confusing and scary. adults with debt in collections, knowing their legal rights is crucial. The Fair Debt Collection Practices Act covers third-party debt collectors — those who buy a delinquent debt from an original creditor, like a credit card company.

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How Do Collections Accounts Affect Your Credit?

Taurus Collect

Collections have a negative effect on your credit score. If you fail to pay back your creditor or lender or miss out on instalments regularly, they may resort to a debt collection agency or sell your account to a debt buyer. What is the difference between a collection account and a charge-off account?

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New York Significantly Changes Debt Collection Lawsuits

Collection Industry News

New York recently enacted Senate Bill (SB) 153 , the Consumer Credit Fairness Act, significantly impacting debt collection lawsuits filed by creditors or debt collectors. The post New York Significantly Changes Debt Collection Lawsuits appeared first on Collection Industry News.

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CFPB receives FCRA rulemaking petition on debt collection

Collection Industry News

The post CFPB receives FCRA rulemaking petition on debt collection appeared first on Collection Industry News.

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New York Enacts Consumer Credit Fairness Act, Amending Civil Practice Law and Rules and the Judiciary Law

Troutman Sanders

The Act amends provisions of New York’s Civil Practice Law and Rules, commonly referred to as the CPLR, and the Judiciary Law to require original creditors and third-party debt collectors to include certain information and documents when filing and prosecuting debt collection actions.

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Can a Collection Agency Report to the Credit Bureau Without Notifying You?

Credit Corp

If you or someone you know has dealt with a collection agency, you know how trying it can be. Debt collection agencies have a long history of harassment and illegal practices. Can a collection agency report to a credit bureau without notifying you? It does not come into play for creditors collecting their own debts.