Troutman Sanders

NOVEMBER 16, 2021

On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382). The Act also requires the plaintiff in a debt collection action to provide a completed “additional notice of lawsuit” to the clerk when filing the proof of service for the complaint.

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Account Recovery

AUGUST 10, 2020

Logicoll represents creditors in the resolution of outstanding consumer credit accounts. Our company provides compliant recovery solutions for organizations with outstanding receivables including major banks, credit card issuers, auto financing companies, fintech lenders, and more.

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Troutman Sanders

MAY 26, 2021

On March 18, the West Virginia legislature passed Senate Bill 5 , amending the West Virginia Consumer Credit and Protection Act (WVCCPA). The amendments provide more clarity to creditors and debt collectors, as well as tools to avoid litigation.

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Debt Free Colorado

FEBRUARY 21, 2022

The Fair Debt Collection Practices Act (FDCPA) applies to collection firms and debt collectors attempting to recover consumer debts. Consumer debts include credit card debts, vehicle loans, medical costs, and school loans. What is Colorado Uniform Consumer Credit Code (Colorado UCCC).

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Credit Corp

JANUARY 21, 2021

A few of the laws that might come into play are as follows: The Fair Credit Report Act ensures your right to an accurate consumer credit profile. It obligates companies to report truthful information on your credit report. The Truth in Lending Act is part of the Consumer Credit Protection Act.

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Collection Industry News

DECEMBER 14, 2021

New York recently enacted Senate Bill (SB) 153 , the Consumer Credit Fairness Act, significantly impacting debt collection lawsuits filed by creditors or debt collectors. Complaints must include the name of the original creditor, the date and amount of last payment and the last four digits of the account number.

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Troutman Sanders

DECEMBER 6, 2023

TILA] and its implementing Regulation Z, which generally applies to extensions of consumer credit and provides that a finance charge ‘includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit,’ with certain limited exceptions.”

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Troutman Sanders

SEPTEMBER 7, 2023

et al , the lawsuit arose out of an unpaid consumer credit account with a bank. The bank sold the debt to the defendant creditor. The creditor then placed the account with the defendant law firm for collection. In Choice v. Kohn Law Firm, S.C.

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Credit Corp

JUNE 8, 2023

The bureaus collect and store your credit information in your credit file for future reference. The three national credit reporting agencies don’t share information with each other and not all lenders or creditors report to each. Learn more about how to dispute an error on your credit reports.

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FFGN COLLECT NY

JANUARY 10, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. In 2023, Hochul signed laws scrubbing all medical debt from consumer credit reports and prohibited wage garnishments for medical debt and liens on primary residences.

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FFGN COLLECT NY

JANUARY 6, 2023

Prohibiting a creditor from entering or enforcing a medical judgment by placing a lien against a debtor’s primary residence.

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FFGN COLLECT NY

MAY 17, 2023

Legislative changes affecting consumer collections for tuition recovery went into effect in 2022 largely as a result of the Consumer Credit Fairness Act (CCFA). As a result, the law specifies documents required to file a consumer debt collection case in New York. Instead, you can list them as zero balance.

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Credit Corp

SEPTEMBER 27, 2023

Below are two instances where you’ll see THD/CBNA show up on your credit report. You Applied for One of The Home Depot Credit Cards There are a few retail credit cards offered by The Home Depot: The Home Depot Consumer Credit Card, The Home Depot Commercial Revolving Charge Card, and The Home Depot Commercial Account.

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Sawin & Shea

NOVEMBER 1, 2023

In fact, medical debt is one of the most common types of debt reported on consumer credit reports. According to the Consumer Financial Protection Bureau, consumer credit reports show $88 billion in medical debt as of June 2021. Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors.

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Debt Collection Answers

FEBRUARY 21, 2024

A Pre-Screen Firm Offer of Credit, often referred to as pre-approved credit, is a marketing strategy employed by creditors to identify potential customers for their financial products. This process involves a preliminary screening of consumer credit reports to determine if individuals meet specific criteria set by the lender.

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Credit Corp

MAY 30, 2023

That means judgment creditors can seek debt payment from more than your wages and bank accounts. Creditors must follow the law when applying a judgment to take, or seize, your property. Your creditor can take or leverage these possessions in the following ways: Wage attachments. What Property Can Be Taken to Settle a Judgment?

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Collection Industry News

MARCH 17, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. In 2023, Hochul signed laws scrubbing all medical debt from consumer credit reports and prohibited wage garnishments for medical debt and liens on primary residences.

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Credit Corp

JUNE 3, 2020

The company, creditor or collection agency has legal ways to pursue payment. The court enters a judgment against you if your creditor wins their claim or you fail to show up to court. The judgment creditor can then use that court judgment to try to collect money from you. One of those options is to sue you. These laws vary.

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Collection Industry News

DECEMBER 25, 2023

CFPB and some states aim to remove medical bills from credit reports In September, the agency announced it would seek to remove medical bills from credit reports altogether, and it told CNN this week it expects to propose a rule doing just that next year.

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Troutman Sanders

JULY 28, 2023

On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post , positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings accounts, may provide lenders with a better picture of a consumer’s ability to repay their loans than using a credit score.

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Credit Corp

FEBRUARY 9, 2024

You make one monthly payment to that agency, and the agency disburses that payment among your creditors. This debt management program can affect your credit in several ways—mostly positively. While individual lenders may care that a credit counseling agency is repaying your accounts, FICO does not.

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Collection Industry News

JUNE 14, 2023

Fair Credit Reporting Act (FCRA): The FCRA governs the accuracy, privacy, and use of consumer credit information. It outlines requirements for providing consumers with access to their credit reports, investigating disputes, and reporting accurate information to credit reporting agencies.

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FFGN COLLECT NY

MAY 24, 2022

If worded correctly, an affidavit of confession of judgment will allow a creditor to enter judgment without further notice and/or without the necessity of providing any evidence or proof of the debt or default in order for the clerk of the court to enter judgment. The law is applicable in commercial and consumer arenas.

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Collection Industry News

JANUARY 25, 2021

The HPML provisions in Regulation Z require that a creditor establish an escrow account for certain first lien HPMLs. For applications received before April 1 of the current calendar year, this condition is met if the insured creditor’s assets do not exceed the threshold on December 31 st of either of the two preceding calendar years.

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FFGN COLLECT NY

MARCH 15, 2022

The order expired a few years ago and now, probably due to the overwhelming number of lawsuits being filed against consumers for delinquent accounts, six senators have renewed the inquiry into Chase’s collection activities. Do your due diligence, especially if your company files a large volume of lawsuits.

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Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. One of the conditions for lowering your interest rate and waiving penalty fees is that you lose access to the affected credit cards.

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The Kaplan Group

OCTOBER 19, 2020

You may also be responsible for paying the costs of the creditor hiring a collection agency or legal costs. Credit Counselor. A credit counselor is certified and trained in consumer credit, money and debt management, and budgeting. One of the clauses in a contract might be about interest and collection costs.

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Troutman Sanders

APRIL 24, 2023

As summarized by the court, § 1681s-2(b) imposes a duty on furnishers to ensure that their reporting of consumer credit information to credit reporting agencies is accurate. Again, no inaccuracy.

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FFGN COLLECT NY

JUNE 11, 2020

Back in 2013, we reported the New York State General Assembly’s passage of the Consumer Credit Fairness Act , which introduced new requirements for debt collection litigation against consumers. There are certain actions that will extend (or toll) the statute of limitations thereby giving the creditor additional time to sue.

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CSA

NOVEMBER 29, 2019

Take, for example, the statutory, written communication between a creditor (or debt purchaser) and the customer, required to be sent under the Consumer Credit Act. Failure to do so could render the creditor or debt purchaser non-compliant, and the debt unenforceable. These formal communications ? business as usual?

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Troutman Sanders

DECEMBER 7, 2021

On December 1, the Federal Reserve Board and the CFPB announced the dollar thresholds that determine exemption of certain consumer credit and lease transactions in 2022, from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). For more information, click here. For more information, click here.

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Troutman Sanders

JANUARY 26, 2023

On January 20, 2023, California Attorney General Rob Bonta submitted a letter to the CFPB agreeing with its preliminary determination that California’s Commercial Financing Disclosures Law (CFDL) is not preempted by TILA because the CFDL only applies to commercial financing and not to consumer credit transactions within the scope of TILA.

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CSA

OCTOBER 9, 2020

An overhaul of the rules governing the precise sentences that creditors are forced to use in these formal letters was long overdue and it?s Creditors would welcome the flexibility to be able to convey similar information but in a more nuanced and relevant way. has been prescribed in old legislation for decades ? Chris adds. ?The

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Titan Consulting

MAY 3, 2020

All three for-profit credit reporting agencies, Experian, Equifax and Transunion compile and report consumer credit and debt payment activity and sell this consumer information to lenders seeking to grant credit. Which credit bureau is the most important? Key Takeaways. About Titan Consulting Group.

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Fico Collections

JUNE 16, 2022

Prior to the 2008 global financial crisis, the average RtFG of consumer credit customers having reached charge-off was 2.5 But they may also suffer so-called debt shock, process confusion and significant irritation – especially when creditors show a lack of knowledge or relative indifference to the customer they’re dealing with.

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CSA

DECEMBER 14, 2022

Government launches consultation on reform of Consumer Credit Act. HM Treasury has issued a consultation seeking stakeholder views on reform of the Consumer Credit Act 1974 (CCA). Views are also sought on how reform can make the consumer credit market fairer, increase access to credit and enhance financial inclusion.

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Collection Industry News

JULY 19, 2021

Circuit Court of Appeals ruled that the Fair Credit Reporting Act does not require consumer credit agencies to further investigate when a borrower disputes a debt collector’s ownership of their debt. Attorneys for the borrowers and credit agencies did not immediately reply to requests for comment on Friday. ’”. “We

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