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Collection Industry News
DECEMBER 19, 2023
The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. WASHINGTON, D.C. – Read today’s order. Along with the U.S.
Credit Management Company
JANUARY 25, 2022
Agencies work on a contingency basis - they only get paid when the debt has been collected. However, a commercial collection agency is unlike a consumer collection agency. You might be wondering which restrictions apply to commercial collection firms and agents. The end-target is different.
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Debt RR
SEPTEMBER 9, 2020
Collection agencies for small businesses are third-party establishments that collect overdue payments or funds from default accounts. What they can and cannot do when doing so are regulated by the Fair Debt Collection Practices Act. How Small Businesses Proceed with Collections. The industry served.
FDCPA Defense
AUGUST 16, 2012
On February 17, 2012, the CFPB published its Proposed Rule Defining Larger Participants in Certain Consumer Financial Product and Service Markets. Entities in the debt collection market that generate $10 million in annual receipts from consumer collection activities would be deemed a “larger participant” in the market.
FDCPA Defense
FEBRUARY 1, 2018
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. See Avila , 817 F.3d 3d at 76-77.
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