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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Collection Industry News

MARCH 17, 2024

Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying. 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.

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Troutman Sanders

DECEMBER 7, 2021

On December 1, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. For more information, click here. For more information, click here.

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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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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.    Selected papers are due after the Symposium on June 4, 2021.   

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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. A ruling is expected sometime in Q2 2023.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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Better Credit Blog

FEBRUARY 15, 2021

Though you may be unfamiliar with Fairway, the agency collects on a wide range of consumer debts, including the following: Health insurance billing and follow-up. Education loans, tuition, fines and fees. Mortgages and loans. Credit cards. Likewise, it lets you decide how you communicate with debt collectors.

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Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

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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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Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others. Consumers can reach the DFPI at (866) 275-2677 or Ask.DFPI@dfpi.ca.gov.

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Collection Industry News

APRIL 11, 2022

I want to make sure my credit report is accurate so I can at least qualify for loans.’. So they started looking at their credit report more, and they found more mistakes,” he said. But a trade group that represents the credit reporting companies questioned the reliability of the CFPB’s complaint reports.

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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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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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Katabat

MARCH 30, 2021

That’s the headline from a recent NBC News story about the millions of Americans who have deferred payment on mortgages, rent, student loans and utility bills. 26% of Consumers Have a Third-Party Collection Tradeline on Their Credit Report. “Payment deferrals were a lifeline for millions during Covid.

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Troutman Sanders

APRIL 4, 2022

On March 30, the Consumer Financial Protection Bureau (CFPB) sanctioned Edfinancial for deceiving student loan borrowers about their eligibility for Public Service Loan Forgiveness, and the steps they could have taken to obtain loan cancellation.

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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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Better Credit Blog

JANUARY 29, 2021

Soft inquiries happen when you pre-qualify for a credit card or loan, compare quotes, check your score, or get vetted for a job or apartment application. HARD CREDIT CHECK. A hard inquiry can be prompted by an application for a credit card or loan, or in some cases a rental application. Debt collectors.

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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.

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Troutman Sanders

OCTOBER 4, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability.

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National Service Bureau

OCTOBER 21, 2015

As a medical debt collection agency, the CFPB asserted oversight because SOS had violated both the FDCPA and FCRA by not sending debt validation notices and mishandling consumer credit report complaints.

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Troutman Sanders

OCTOBER 30, 2023

On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. For more information, click here. For more information, click here.

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Better Credit Blog

JANUARY 27, 2021

RentGrow On Your Credit Report. RentGrow is an agency that obtains consumer credit reports for landlords. Soft inquiries can be prompted by: Credit score check. Pre-qualification for a loan or credit card. These inquiries don’t do any damage to your score and don’t get added to your credit report.

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Collection Industry News

AUGUST 30, 2021

of Americans had medical debt in collections as of June 2020, according to a study from the Journal of the American Medical Association (JAMA), which analyzed consumer credit reports between January 2009 and June 2020. We ended up refinancing our mortgage to combine our credit card debt that was significantly over $10,000.

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Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt.

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True Accord

JULY 5, 2022

While the markets are pricing these into forecasts , consumers will feel them more acutely in a number of ways. And opening a new credit card line may prove difficult – many lenders are or will be changing their strategies to stave off the looming threat of…. Missed payments on certain loans are already on the rise.

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Better Credit Blog

APRIL 5, 2022

A collection account will lower your credit score and can generally stay on your credit report for up to seven years. Often, a collection entry will even keep you from getting a mortgage or securing an auto loan, which is why it’s important to do all you can to remove collections from your credit report quickly.

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Better Credit Blog

MAY 12, 2022

Just like with consumer credit, debt from a civil judgment must be validated under the Fair Credit Reporting Act. To validate your debt, you’d have to write a letter to the court that ruled against you which may or may not be in your state. How Long Do Judgments Stay on My Credit Report?

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Troutman Sanders

AUGUST 1, 2023

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. Examiners found that debt collectors continued collection attempts for work-related medical debt after receiving sufficient information to render the debt uncollectible under state worker’s compensation law.

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Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.

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Troutman Sanders

JUNE 21, 2022

On June 15, the Consumer Financial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumer credit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.

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Credit Corp

MAY 9, 2023

Renting a home, apartment or town house can affect your credit in a number of ways. It’s increasingly common for credit reporting agencies to include positive rental history in consumer credit reports. Having good credit can help you rent an apartment, and paying rent on time can help you build good credit.

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FDCPA Defense

JUNE 9, 2012

The Credit Recovery Co. , 1998) (section 1692e(8) "requires a debt collector who knows or should know that a given debt is disputed to disclose its disputed status to persons inquiring about a consumer's credit history.") (emphasis added); Sunga v. Midland Credit Mgmt., Id; see also Brady v.

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Troutman Sanders

APRIL 15, 2022

The Consumer Financial Protection Bureau (CFPB) will investigate credit reporting companies and debt collectors that violate patients’ and families’ rights and hold violators accountable. The CFPB has been vocal about medical debt and consumers’ credit reports recently too. It can happen to anyone.”.

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Better Credit Blog

JANUARY 20, 2022

It was for a PMSI loan for an outdoor wood burning furnace. I had to make my own payment arrangements with the debt collector so that we could keep our furnace. I came to learn that FDR mainly only works with credit cards. What to Know About the Debt Solution Industry. I was not told that by my consultant.

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Fico Collections

JULY 6, 2020

billion increase on impaired loans. We expect an increased need for digital-led payment plans and a higher demand for loan modification, so the longer-term financial impacts can be worked through. Can you protect consumers’ credit ratings during a crisis to enable access to credit?

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Collection Industry News

JANUARY 25, 2021

Uejio has been with the CFPB since 2011 and worked with Chopra, who served as the bureau’s student loan ombudsman during the Obama administration. The CFPB under Biden is expected to more closely scrutinize how lenders, consumer credit reporting bureaus, debt collectors, and others implement mandated Covid-19 consumer relief measures.

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