Collection Industry News

JANUARY 19, 2021

Those were just two of more than 1,800 loans that went to debt collectors and high-interest lenders through the Paycheck Protection Program, according to an analysis by The Washington Post. Twenty-five have been subject to legal enforcement or consumer alerts, many by the CFPB and the Federal Trade Commission. Andrew Harnik/AP).

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National Service Bureau

DECEMBER 9, 2015

John Rossman and Mike Poncin of Moss and Barnett have a Debt Collection Drill podcast, and a recent episode was particularly relevant to our audience. Here, we share three mistakes gleaned from a study of Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) enforcement actions. Conclusion.

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Credit Corp

NOVEMBER 9, 2020

It applies to only external or third-party debt collectors and only for personal debts. It does not come into play for creditors collecting their own debts. In 2019, the FTC received 75,200 complaints about debt collectors —down from 84,500 in 2018. Collectors also may not call before 8 a.m.

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Troutman Sanders

NOVEMBER 13, 2023

On November 7, the Commodity Futures Trading Commission (CFTC) announced that, in 2023 alone, the cumulative penalty amount stemming from consent orders it entered with digital asset-based companies totaled $4.3 For more information, click here. Annual report requirements will be adopted through a separate rulemaking.

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Better Credit Blog

AUGUST 31, 2020

Having debt in collections can be downright overwhelming, especially when debt collectors bombard you with dozens of phone calls. Debt collectors are notorious for harassing consumers when they seek repayment, calling excessively and threatening to take actions that may not be legal. Table of Contents.

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Debt Recoveries

APRIL 28, 2020

Recently we have been focussing on how to reduce your credit risks, promote cash flow deal with debtors during the COVID-19 crisis. However it remains a possibility that with some debtors, legal action may be the only the only course of action to secure your recovery. and we know the debtor or company have assets to satisfy the debt.

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Jimerson Firm

DECEMBER 14, 2021

To better understand the Fair Debt Collection Practices Act, I’ve broken it down into three discernable parts: 1) Elements of a cause of action under the FDCPA. The FDCPA prohibits debt collectors from making false or misleading representations and from engaging in various abusive and unfair practices. 3d 1175, 1205 (M.D.

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Debt RR

SEPTEMBER 9, 2020

Also known as a demand letter, a collection letter is an official notification drafted by a lender or debt collections agency and sent to a debtor to remind them of their delinquent payments. Debt collection letters can be issued to both commercial and consumer debtors. The Purpose of a Debt Collection Letter.

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Debt Recoveries

MAY 29, 2022

If traditional debt collection methods fail, legal action may be necessary. Only if the debt is greater than $5,000.00 and the debtor or company has assets to satisfy the debt would Debt Recoveries Australia propose legal action. Congratulations if the debtor pays the money owed!

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Credit Corp

MAY 3, 2023

According to the Federal Trade Commission , around 25% of people have errors on their report that could affect their credit score. Furnishers are banks, debt collectors, and others that report the information that shows up on your credit report. Furnisher errors. How Fast Can You Clean Up Your Credit Report?

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PDC Flow

OCTOBER 20, 2020

However, trade organizations – like the California Association of Collectors (CAC) – remain dedicated to providing resources and networking opportunities for members, just as in years past. Train your collectors to identify disputes early according to the guidelines your agency has in place. 6) The resurrected debtor.

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Sawin & Shea

JULY 13, 2022

Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position. As a result, the majority of debtors who file for Chapter 7 bankruptcy do not get their college loans dismissed.

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Burr Forman

DECEMBER 4, 2020

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. Colorado – On June 29, 2020, the Colorado legislature enacted Senate Bill 20-211.

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National Service Bureau

JUNE 10, 2015

Debt collectors sometimes have a bad rap, but the truth is that they provide an important service to society so long as their practices are ethical in nature (i.e. Choosing the right debt collection agency is an important decision that can have both positive and negative repercussions for your business.

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Troutman Sanders

MAY 17, 2021

On May 12, the Senate Commerce Committee (FTC) voted to proceed with Lina Khan’s nomination as commissioner of the Federal Trade Commission. 248, which limits a collection agency’s ability to collect on medical debt. Previously, Khan served as a legal advisor to former FTC Commissioner Rohit Chopra.

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FDCPA Defense

APRIL 17, 2019

Although this scenario may sound far-fetched, it is an everyday occurrence for creditors’ rights attorneys, who have been targeted by “meaningful attorney involvement” lawsuits for years. The CFPB is expected to announce proposed debt collection rules in the near future that may incorporate the theory. 1692, et seq. the “FDCPA”).

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AGA

OCTOBER 19, 2018

Trade references. Right to verify data on application from external sources (banks, trade references, credit bureaus, etc.). As a contract it specifies the rights and obligations of both the buyer and seller or debtor and creditor. At least three trade credit references should be contacted and all of their banks.

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