Collection Industry News

MARCH 19, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

Collection Industry News

FEBRUARY 1, 2023

This decline, as well as insights from CFPB market monitoring, suggests that debt collectors are moving away from reporting (or furnishing) medical bills to credit reporting companies, resulting in fewer medical tradelines on consumer credit reports.

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Debt collector Healthcare Fair Debt Collection Collections 40

Account Recovery

FEBRUARY 15, 2023

CFPB SPOTLIGHTS TRENDS IN DEBT COLLECTION CREDIT REPORTING The Consumer Financial Protection Bureau yesterday released a report that looked at the volume of third-party debt collection tradelines being furnished on consumers’ credit reports, and found that the number of collection tradelines dropped by one-third between 2018 and 2022.

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Collections Debt collector Consumer Credit 130

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). A similar notice is required if a plaintiff files a motion for summary judgment.

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Third-party Debt Collectors Consumer Credit Original Creditor Debt collector 52

Consumer Finance

AUGUST 16, 2021

The CFPB alleges that Fair Collections & Outsourcing (FCO) violated federal law by failing to establish or implement reasonable written policies and procedures regarding the accuracy and integrity of the information it furnished to credit reporting agencies and failed to conduct reasonable investigations of indirect consumer disputes, resulting (..)

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Debt collector Consumer Credit Collections 103

Collection Industry News

JULY 20, 2020

If you’ve checked the news, odds are you’ve seen or heard the misleading reports about debt collectors targeting consumers during the ongoing Covid-19 pandemic. Our priority is to identify solutions that protect consumers’ credit, while ensuring our clients are able to continue successful business operations.

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Debt collector Collection Agencies Collections Agency Consumer Credit 40

Troutman Sanders

AUGUST 31, 2023

The complaint alleged that the defendants all provided written guidance to their debt collectors, including instructions on how to handle consumer complaints, whether to discipline collection employees, and how to change collection behavior.

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Debt collector Fair Debt Collection Collection Companies Consumer Credit 52

Collection Industry News

JUNE 14, 2023

Here are some important consumer laws that collectors should be familiar with: 1. Fair Debt Collection Practices Act (FDCPA): The FDCPA sets standards for debt collection practices in the United States. It prohibits debt collectors from engaging in abusive, deceptive, or unfair practices when collecting consumer debts.

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Debt collector Collections Fair Debt Collection Financial Institution 40

FFGN COLLECT NY

JANUARY 10, 2024

Debt Collection in 2024 The governor mentioned debt collectors and their interactions specifically regarding retired seniors, noting concerns that seniors are giving up retirement income. Medical Debt Medical debt was another topic addressed in the State of the State address.

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Garnishment Collections Debt collector Student loans 52

Troutman Sanders

FEBRUARY 15, 2023

On February 14, the Consumer Financial Protection Bureau (CFPB) released a report entitled Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting. The report sought to examine trends in the reporting of debt in collections from 2018 to 2022. This report updates a prior CFPB report released in July 2019.

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Debt collector Collections Consumer Credit Banks 52

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.

Consumer Credit 52

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Collection Industry News

MARCH 17, 2024

Debt Collection in 2024 The governor mentioned debt collectors and their interactions specifically regarding retired seniors, noting concerns that seniors are giving up retirement income. Medical Debt Medical debt was another topic addressed in the State of the State address.

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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. Source: site.

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Third-party Debt Collectors Collections Debt collector Original Creditor 40

Troutman Sanders

SEPTEMBER 18, 2023

The plaintiff appealed, arguing that the lower court erred in finding that his RFDCPA claim failed to allege a “consumer credit transaction” as that term is defined under the statute.

Fair Debt Collection 52

Fair Debt Collection Collections Consumer Credit Collection Agent 52

Troutman Sanders

APRIL 27, 2023

Jonathan helps businesses navigate and litigate the myriad consumer and financial services laws, particularly with the many “alphabet soup” federal consumer protection statutes, such as the Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and Fair Credit Reporting Act (FCRA).

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Fair Debt Collection Financial services Debt collector Judgment 52

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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Collection Agencies Collections Agency Collections Fair Debt Collection 40

Credit Corp

JANUARY 21, 2021

A collections notice shows up, a debt collector starts calling or you find a negative report on your credit history, but you know you paid the account in question. Find out more about what the law says about your rights when it comes to protecting your credit history. It happens.

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Collections Fair Debt Collection Creditors Law Firms 116

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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Financial services Debt collector Consumer Credit Credit Card Debt 52

Troutman Sanders

SEPTEMBER 7, 2023

The Seventh Circuit Court of Appeals recently affirmed a district court’s dismissal of a suit holding that the plaintiff had not suffered a concrete injury, and therefore, lacked standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA). et al , the lawsuit arose out of an unpaid consumer credit account with a bank.

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Lawyers Law Firms Fair Debt Collection Creditors 52

Collection Industry News

JANUARY 19, 2021

These practices include attempts to collect debts that do not exist, falsely reporting consumers to consumer credit agencies, and generally using threats or intimidation in an attempt to extract money from consumers. or after 9 p.m., unless you agree to it. or after 9 p.m., unless you agree to it.

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Collections Debt collector Consumer Credit 40

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.

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Law Firms Debt collector Credit Card Debt Consumer Credit 40

Public Citizen

OCTOBER 24, 2020

  In addition, the Symposium welcomes discussion over the recent decision by the Uniform Law Commission to address debt collection efforts by third-party debt collectors or buyers based on default judgments. 

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Third-party Debt Collectors Student loans Student Loans Law Firms 69

Better Credit Blog

FEBRUARY 15, 2021

Depending on other factors on your credit score and the extent of your debt, a collections account can drop your score significantly. Equally frustrating, debt collectors may communicate with you frequently, calling you regularly and sending letters in an attempt to collect payment. How to Deal with Fairway Collections.

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Collections Collection Agencies Collections Agency Debt collector 74

Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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Lender Foreclosure Collections Debt collector 40

National Service Bureau

JUNE 18, 2015

Most agencies are aware that consumers are protected by the FDCPA from abusive acts and practices , but there are other intricacies of the law to be aware of.such as when a debt collector may contact a debtor. First, who is a debt collector? Who is NOT a debt collector?

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Debtor Debt collector Collection Agencies Collections Agency 40

Troutman Sanders

NOVEMBER 13, 2023

Among other things, the updated draft includes the following: ○ Employees of debt collectors are not required to be licensed under the DCLA when acting within the scope of their employment by a licensed debt collector; ○ A creditor, including a provider of nonfinancial services, seeking repayment in its own name of consumer debt arising from a consumer (..)

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Financial services Manufacturing Debt Management Debtor 52

Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. The first change under the CCFPL was a new name for the Department which was formerly the Department of Business Oversight. For more information about the DFPI, visit their website at [link].

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Debt collector Education Credit Unions Credit Unions 40

The Kaplan Group

OCTOBER 19, 2020

Credit Counselor. A credit counselor is certified and trained in consumer credit, money and debt management, and budgeting. These companies can be very risky and using them can have a negative impact on your credit score. It is important to make sure you only see a licensed and reputable counselor.

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Credit Counselor Garnishment Fair Debt Collection Debt settlement 59

Collection Industry News

APRIL 11, 2022

“If a consumer discovers a potential error, the credit reporting agencies work to resolve it in advance of the legally required 30-day timeframe.”. Impact of medical debt on credit. Last month, a CFPB report estimated that $88 billion in medical bills appears on 43 million credit reports nationally.

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Debt collector Loans Trade Consumer Credit 40

Collection Industry News

MARCH 15, 2021

SACRAMENTO – More than a year into the COVID-19 pandemic, the California Department of Financial Protection and Innovation (DFPI) continues to expand efforts to protect consumers from financial impacts of the lethal virus that has ravaged the state’s economy and killed more than 53,000 Californians.

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Foreclosure Student loans Student Loans Debt collector 40

Collection Industry News

JULY 6, 2021

The CFPB will closely monitor their compliance, and we will use all the tools at our disposal including enforcement, to protect consumers during this critical time.”. As the nation begins moving people off financial assistance and onto their own two feet, accuracy in consumer credit reports will be essential to the process.

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Debt collector Government Consumer Credit Collections 40

Credit Corp

MAY 30, 2023

These payments are sent to the judgment creditor until your debt is paid. The Consumer Credit Protection Act caps these types of garnishments. These cases often pertain to a breach of contract, an unsettled debt or a lack of services. What if the loan company or debt collector has already started the lawsuit?

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Judgment Garnishment Creditors Law Firms 98

Credit Corp

JUNE 3, 2020

These payments are sent to the judgment creditor until your debt is paid. The Consumer Credit Protection Act caps these types of garnishments. Educate yourself on smart ways to pay debt collectors , and consider using the services of a debt management agency. The lessor of these two amounts applies.

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Judgment Garnishment Creditors Law Firms 98

Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Katabat

MARCH 30, 2021

insideARM also noted this from the 55-page report: “From January 1, 2020, through December 31, 2020, the CFPB received approximately 82,700 debt collection complaints, which increased roughly 10 percent compared to 2019. That’s one of the items insideARM pulled from the CFPB’s 2020 Report to Congress.

Student loans 52

Student loans Student Loans Garnishment Banks 52

True Accord

APRIL 5, 2023

On the regulatory front, the Consumer Financial Protection Bureau (CFPB) hit the ground running for 2023 with new guidance on subscription fees, proposed rulemaking on non-bank company terms and conditions, and issued an annual report sizing up the three credit reporting companies.

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Student loans Student Loans Credit Card Debt Loans 94

FDCPA Defense

MAY 27, 2014

Can a consumer be “harmed” if he voluntarily makes a payment on a debt that he admittedly owes? For example, in the February 2009 report issued by the FTC entitled “Collecting Consumer Debts: The Challenges Of Change ” the FTC reminded us: “ Consumer credit is a critical component of today’s economy.

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Creditors Debt collector Consumer Credit Collections 40