Facebook Launches Commercial Collection Program. Is Consumer Collections Next?

Account Recovery

Facebook announced last week a new plan that it will launch in October to help small businesses collect on unpaid invoices, perhaps setting up an eventual entry into consumer debt collections as well. Is Consumer Collections Next?

Why it’s important for collection agencies to share what they do

American Profit

This work helps the overall economy, consumers that may be struggling with ongoing debt, and small businesses struggling to meet payroll and other expenses. The debt collection industry helps larger organizations keep costs down and keeps the workforce employed.

4 consumer myths about debt collections DEBUNKED

American Profit

To say there is endless misinformation about debt collections in the media and on the Internet would be a vast understatement. Just about everyone who works in the debt collection industry fully understands that it can be an uncomfortable situation as a consumer being sent to collections.

Connecticut Regulator Revokes License, Fines Agency $100k

Account Recovery

Conn. Regulator Fines Company $10k For Operating Without License

Account Recovery

The Connecticut Department of Banking has levied a $10,000 fine against a company for operating as a consumer collection agency in the state without obtaining the proper license.

Daily Digest – July 19. Class Action Accuses Collector of Violating FDCPA; State Honors Tom Haag

Account Recovery

Florida Supreme Court Rules Injured Worker Can Sue Under State Collection Law

Account Recovery

A copy of the ruling in the case of Sheridan … The post Florida Supreme Court Rules Injured Worker Can Sue Under State Collection Law appeared first on AccountsRecovery.net.

Judge Denies Defendant’s MSJ in FCCPA Case Over BK Filing, Attorney Representation

Account Recovery

Judge Denies MTD in FDCPA, TCPA Class Action Over Orally Made Cease Request

Account Recovery

Preferred Collection & Management Services Revoked Consent

Daily Digest – December 10. Judge Denies MTD in FDCPA, TCPA Class Action; Lawmakers Making Waves Over Student Loans

Account Recovery

Daily Digest – March 29. Judge Denies Defendant’s MSJ in FCCPA Case; Ignite! Attendees Share Best Ideas

Account Recovery

Collection Agency for Construction Equipment Rental

Nexa Collect

Construction equipment companies have an ongoing requirement for debt collection from businesses (and sometimes individuals) who do not pay the agreed-upon rental dues on time. An experienced collection agency that has extensive experience in commercial collections is a perfect choice.

Judge Partially Grants MSJ For Defendant in FDCPA Case Over Alleged Threats, Use of Obscene Language

Account Recovery

Appeals Court Upholds MSJ For Defendant in FDCPA Vicarious Liability Case

Account Recovery

The Eleventh Circuit Court of Appeals has upheld the summary judgment ruling in favor of a defendant that was sued for violating the Fair Debt Collection Practices Act and the Florida Consumer Collection Practices Act because of alleged misrepresentations made by another entity that was collecting on the defendant’s behalf.

What is the Difference Between the FDCPA and the FCCPA?

Jimerson Firm

Businesses throughout Florida should be aware of consumer statutes that provide remedies to consumers and impose liability to businesses, even for small technical violations. Fair Debt Collection Practices Act. Florida Consumer Collection Practices Act (FCCPA).

Who Should Use Commercial Debt (B2B) Collections?

Credit Management Company

Business to business debt collection can be hard to understand at first. Check out this guide on who should use commercial debt collections. Even when you try to send customer debt collection requests, they have fallen on black days. B2B Collection FDCPA and Regulations.

What Does the CFPB Have to Do With My Debt Collection Claim?

FFGN COLLECT NY

The Consumer Financial Protection Bureau (CFPB) has more to do with your debt collection claim than you might think. Professionally, your business may deal with consumers directly or indirectly. What is the Consumer Financial Protection Bureau? Debt Collection Tips

What Debt Collectors Can and Can’t do on Social Media

The Kaplan Group

Debt collectors can now contact consumers on social media. In November 2021, The CFPB made some long-awaited updates to the Fair Debt Collection Practices Act. Debt collectors can contact consumers on social media, but only through private messages. Yes, it’s true.

What to Expect in New York Debt Collection Law in 2022

FFGN COLLECT NY

There are a number of new developments in New York State legislation that will change New York debt collection law and likely impact your receivables and collection claims, and ultimately your bottom line. New York Collection Laws

Katabat Platform to Support SoFi Ominchannel Personal Loan Collections

Katabat

SoFi will leverage Katabat’s industry-leading Restore collections platform, to deliver an omnichannel experience for consumer collections. The post Katabat Platform to Support SoFi Ominchannel Personal Loan Collections appeared first on Katabat. WILMINGTON, Del.,

Jacqueline Simms-Petredis Sworn in as President-Elect of the Hillsborough County Bar Association

Burr Forman

She advises clients and in-house counsel in litigation arising under the Truth in Lending Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Florida Consumer Collections Practices Act, Fair Debt Collections Practices Act and the Telephone Consumer Protection Act, among others.

The Importance of Collection Agencies for Small Businesses Affected by Default Accounts

Debt RR

Collecting debts is time-consuming, especially if the debtor refuses to cooperate. Due to the frustration they encounter when collecting debts, they may resort to outsourcing the debt collection process to a collection agency for small businesses. Collection agencies for small businesses are third-party establishments that collect overdue payments or funds from default accounts. How Small Businesses Proceed with Collections.

Debt collection ensures proper access to consumer credit

American Profit

The debt collection industry is a necessary component of the US economy. Part of our economic machine here in this country is proper access to credit for consumers. Why is the debt collection industry so important? Nothing of this sort gets to a consumer without related expenses.

Connecticut Issues Cease and Desist Against Lead Generator

Troutman Sanders

SoLo) for allegedly engaging in unfair, deceptive, and abusive acts and practices (UDAAPs) in violation of the Consumer Financial Protection Act of 2010, as well as for operating in Connecticut without a small loan company license or a consumer collection agency license.

Loans 52

Properly Evaluating and Defending Class Action Complaints

Jimerson Firm

While consumer protection lawsuits already pose a risk to many businesses due to the consumer’s ability to recover actual damages, statutory damages and attorneys’ fees, adding the potential expose to a class of consumers significantly increases the risk.

Adjusting Policies and Procedures for the Dead Consumer

Consumer Financial Services Law

Enloe Section 1692a(3) defines a consumer as any natural person obligated or allegedly obligated to pay a consumer debt. The final debt collection rule interprets the definition of a consumer to include deceased natural consumers, as well. Collection agencies will therefore want to examine their skip trace policies and procedures to ascertain whether they adequately identify estates and the representatives of those estates wherever possible. By Caren D.

Eleventh Circuit Holds Transmitting Consumer Information to Third Parties Exposes Debt Collectors to Liability under the FDCPA

Burr Forman

In a decision that could throw the debt-collection industry into turmoil, on April 21, 2021, the Eleventh Circuit Court of Appeals released its opinion in the case Hunstein v. Preferred Collection & Mgmt.

How To Remove BYL Collection Services From Your Credit Report

Better Credit Blog

When your debt goes into collections, it’s important to straighten things out quickly. If BYL Collections has been contacting you, the information below can help you move forward. How Does BYL Collection Services Work? If their attempts fail, your debt will enter collections.

11th Cir. Reiterates That TILA Periodic Statements May Violate FDCPA

Collection Industry News

Court of Appeals for the Eleventh Circuit recently held that periodic statements required by the federal Truth in Lending Act may violate the federal Fair Debt Collection Practices Act if they are not truthful and fair. The appeal arose from a lawsuit brought by two Florida homeowners (“Debtors”) against their home loan servicer (“Servicer”) for alleged violations of the FDCPA and Florida’s Consumer Collection Practices Act. See Consumer Fin. Source: site. The U.S.

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors.

The CFPB's Plans For The Collection Industry

FDCPA Defense

If you are a collection professional working for a creditor, debt buyer, collection agency or collection law firm, and you have not yet added the website for the Consumer Financial Protection Bureau (CFPB) to the favorites on your web browser, it is high time that you do so. The CFPB has been publishing lots of information this year, and has laid out some details of how it plans to directly or indirectly regulate virtually all aspects of the collection industry.

District Courts Split on Convenience Fees Under Debt Collection Laws

Collection Industry News

A&B ABstract: In a number of recent decisions, district courts have split on the issue of whether a mortgage servicer violates the Fair Debt Collection Practices Act (“FDCPA”) and related state debt collection statutes by charging a borrower a convenience fee for making a mortgage payment over the phone, interactive voice recording system (“IVR”). Among other things, the term “debt collector” does not include “any person collecting or attempting to collect any debt owed or due.

Emerging Trends In FDCPA Litigation Against Community Association Attorneys

FDCPA Defense

Attorneys and other entities that regularly engage in collection work for community associations may be subject to the requirements of the Fair Debt Collection Practices Act, 15 U.S.C. as well as analogous state laws governing the consumer collection process. In fact, however, if interest is accruing daily, or if there are undisclosed late fees, a consumer who pays the “current balance” stated on the notice will not know whether the debt has been paid in full.

COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr Forman

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.

Can The CFPB Make Debt Collectors Reveal Their Attorney-Client Privileged Documents?

FDCPA Defense

Does the Consumer Financial Protection Bureau (CFPB) have the power to tell debt collectors to turn over their attorney-client privileged communications? The CFPB claims to have the right to obtain privileged documents from all “supervised institutions” as well as from any “service provider” (such as a law firm or collection agency) who performs material services for a supervised institution.