Credit Corp

JANUARY 21, 2021

How Does the Law Protect Your Rights Regarding Credit Collections and Reporting? Numerous federal and state laws protect your rights to fair and accurate credit reporting. Some of those laws also cover your rights as a consumer to fair debt collection practices. How Do You Sue a Collection Agency or Other Creditor?

Collections 116

Collections Fair Debt Collection Creditors Law Firms 116

Credit Corp

SEPTEMBER 12, 2023

FAQ Consider Hiring a Credit Repair Company How Collection Accounts Impact Your Credit Collection accounts have a significantly damaging impact on your credit score because they’re negative marks that indicate to lenders you may not pay your bills on time—or ever. Does your account information seem accurate?

Collections 92

Collections Collection Agencies Collections Agency Credit Bureau 92

Credit Corp

JUNE 1, 2023

Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. How Does Collections Debt Affect Your Credit Score?

Collections 126

Collections Debt collector Collection Agencies Collections Agency 126

True Accord

NOVEMBER 20, 2023

Consumers Prefer Digital Debt Collection By and large, consumers prefer to communicate with their collection agencies digitally—they already predominantly communicate with their banks, creditors, and lenders digitally, so digital collection is a smooth transition when an account moves to collection.

Debt collector 70

Debt collector Creditors Lender Collection Agencies 70

Better Credit Blog

APRIL 4, 2022

Regardless of what a debt collector might tell you, you have a lot of rights when it comes to how debt can be collected. In fact, merely mentioning that you understand your rights will, many times, stop debt collectors in their tracks. Your rights come from the Fair Debt Collection Practices Act (FDCPA).

Debt collector 116

Debt collector Fair Debt Collection Collection Agencies Collections Agency 116

Credit Corp

JUNE 14, 2020

The most common cases of zombie debt involve collection activities. Here’s one example of how a zombie might rise with help from a collection agency. You default on a debt. The original lender or collection agency fails to collect within the statute of limitations. Zombie Debts and Judgments.

Debt collector 98

Debt collector Judgment Collection Agencies Collections Agency 98

True Accord

OCTOBER 11, 2022

Fortunately, the knowledgeable team at TrueAccord is here to help break down some of the top questions around compliance in the collections industry. The Questions: What are the major regulations lenders need to know about? What are the top challenges that you see ahead for compliance in collection?

Collections 85

Collections Debt collector Third-party Debt Collectors Fair Debt Collection 85

Better Credit Blog

APRIL 5, 2022

Then kindly ask the debt collector to remove collections from your credit report out of goodwill. With some newer scoring models of FICO and VantageScore, they ignore a collection marked as “paid”, though many lenders still utilize older formulas that will still weigh a paid collection account against you.

Collections 98

Collections Collection Agencies Collections Agency Original Creditor 98

Troutman Sanders

AUGUST 26, 2020

The plaintiff filed a lawsuit alleging that the debt collector violated the Fair Debt Collection Practices Act (FDCPA) because it was not allowed to charge interest on the unpaid debt or, alternatively, that it was using the wrong start date for the interest calculation.

Debt collector 52

Debt collector Fair Debt Collection Creditors Original Creditor 52

Credit Corp

NOVEMBER 1, 2020

That increases the likelihood of data being misconstrued and debts being assigned to the incorrect party. You also want to make sure the debt isn’t part of an identity theft issue because you didn’t know about it already. The process may start when you get a phone call from a debt collector.

Debt collector 98

Debt collector Collections Collection Agencies Collections Agency 98

Better Credit Blog

APRIL 1, 2022

They also might be charging you the full amount in order to make a profit, since credit collection agencies typically buy collection accounts at a discount from the original lender. Debt Validation. Provided by the Fair Debt Collection Practices Act, you have the right to demand debt validation from a collection agency.

Collection Agencies 77

Collection Agencies Collections Agency Garnishment Fair Debt Collection 77

Troutman Sanders

JULY 28, 2020

Does a judicial foreclosure action constitute “debt collection activity” under the Fair Debt Collection Practices Act (“FDCPA”)? The answer depends on whether the creditor attempts to recover the unpaid mortgage balance or just the property, according to the U.S. Routh Crabtree Olson, P.C.

Foreclosure 52

Foreclosure Judgment Collections Fair Debt Collection 52

Better Credit Blog

APRIL 3, 2022

Portfolio Recovery Associates, LLC, is a collection agency that buys old debts from lenders and companies that have been unable to collect the debt themselves. Portfolio Recovery buys multiple accounts with old debt from companies that have given up and “charged off” the accounts.

Debt collector 87

Debt collector Collection Agencies Collections Agency Garnishment 87

Troutman Sanders

JUNE 28, 2022

The creditor referred the account to a law firm, which served the consumer with a collection suit and obtained a default judgment for the balance. The law firm sent four post-judgment collection letters, demanding the $4,225.74 The consumer filed suit against the law firm that sent the collection letters in the U.S.

Law Firms 52

Law Firms Judgment Collections Debt collector 52

Better Credit Blog

OCTOBER 5, 2020

Has your credit score recently taken a dive as a result of a collections entry from Penn Credit? If you forgot to pay a bill or you’ve gotten behind on payments to a lender or service provider, it can have some nasty effects on your credit. Try out one of the approaches below, and you could be collections-free in a few weeks.

Third-party Debt Collectors 53

Third-party Debt Collectors Debt collector Collection Agencies Collections Agency 53

Debt RR

SEPTEMBER 9, 2020

Conversely, if your business is on the receiving end of this letter, we also discuss the nitty-gritty of the debt collection letter. The Basics of a Debt Collection Letter. Debt collection letters can be issued to both commercial and consumer debtors. The Purpose of a Debt Collection Letter.

Collections 40

Collections Debtor Fair Debt Collection Debt Recovery 40

Better Credit Blog

SEPTEMBER 21, 2020

Ask for Proof of the Debt. You could be contacted about a debt you’ve already paid or one that was never yours, to begin with. The Fair Debt Collection Practices Act safeguards you here, requiring collections agencies to verify your debt by providing documentation of it before they can collect.

Debt collector 52

Debt collector Collection Agencies Collections Agency Third-party Debt Collectors 52

True Accord

NOVEMBER 13, 2023

The result, not surprisingly, is that New York consumers who had already opted in to communicate via email about the account with the creditor would, after falling behind on payments and being referred to a debt collector, only receive phone calls and letters from debt collectors. Comments were due February 13, 2023.

Debt collector 89

Debt collector Creditors Collections Original Creditor 89

Credit Corp

AUGUST 31, 2021

How Long Can a Debt Collector Pursue an Old Debt? Each state has a law referred to as a statute of limitations that spells out the time period during which a creditor or collector may sue borrowers to collect debts. In most states, they run between four and six years after the last payment was made on the debt.

Debt collector 98

Debt collector Collections Collection Agencies Collections Agency 98

Credit Corp

DECEMBER 14, 2020

If a debt is 10 years old but you were making payments under an agreement with the lender until 3 years ago, the debt is likely still within the statute of limitations and can be pursued by a debt collector. How Long Can a Debt Collector Pursue an Old Debt? Can a Bill Collector Collect After Seven Years?

Debt collector 98

Debt collector Collections Judgment Collection Agencies 98

True Accord

SEPTEMBER 16, 2022

Trying to keep up with regulations in debt collection can feel overwhelming especially with new cases and federal guidance coming out regularly interpreting the law and states actively amending or creating new laws that impact debt collectors, original creditors, and current creditors.

Collections 67

Collections Debt collector Fair Debt Collection Creditors 67

True Accord

SEPTEMBER 28, 2022

Just as technology has evolved leaps and bounds, so have consumer communication preferences, especially when it comes to debt collection. Code-based compliance is a critical component for the debt collection industry.

Collections 85

Collections Fair Debt Collection Debt collector Lender 85

Better Credit Blog

OCTOBER 15, 2020

Agencies like ARstrat usually get access to you and your debts in one of two ways. They are employed by service providers/lenders to help collect on debts, earning a fee when you make a payment. Before you even think about paying ARstrat, you should ask to see some evidence of the debt they’re seeking payment for.

Debt collector 52

Debt collector Healthcare Collection Agencies Collections Agency 52

True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. Meet consumers where they are, compliantly.

Student loans 95

Student loans Student Loans Credit Card Debt Loans 95

Better Credit Blog

NOVEMBER 5, 2020

When you forget to pay a bill on a loan, credit card, or medical debt, and the original lender or provider is unsuccessful at getting you to pay your debt, they turn to debt collectors like RMS. Here are three methods that may work: Ask RMS for proof that the debt is yours. Ask RMS for Proof the Debt is Yours.

Debt collector 56

Debt collector Third-party Debt Collectors Collection Agencies Collections Agency 56

Collection Industry News

SEPTEMBER 12, 2022

The first half of 2022 has seen a flurry of state and federal activity attempting to reign in “convenience fees”—fees charged by a creditor, debt collector, or third party to a consumer for making a payment via some means other than a check or cash, such as over the phone, online, or in some other expedited manner. In January, the U.S.

Debt collector 40

Debt collector Creditors Collections Loans 40

Better Credit Blog

NOVEMBER 25, 2020

If you have had a bill go into collections, you may start hearing from a company called Advanced Collection Bureau Inc. They are a debt collector that has either been hired by your original creditor or has purchased the debt at a fraction of the price. What is Advanced Collection Bureau Inc?

Collections 52

Collections Fair Debt Collection Creditors Debt collector 52

Debt Free Colorado

APRIL 1, 2021

The payday lenders like Speedy Cash swear up and down that they don’t have anything to do with this, but somehow their customer lists keep getting into the hands of fraudsters. CREDITOR : SPEEDY CASH SERVICES. We will be forced to proceed legally against you and once it is processed the creditor has entire rights ?

Law Firms 75

Law Firms Third-party Debt Collectors Lawyers Loans 75

Better Credit Blog

JULY 13, 2020

Nationwide Recovery Service will appear on your credit report as a collection agency. This is because the original creditor of your debt has hired them to recover payments from you. You may find that the same debt is listed twice: once for the original creditor and once for Nationwide Recovery Service.

Debt collector 52

Debt collector Collection Agencies Collections Agency Fair Debt Collection 52

Better Credit Blog

SEPTEMBER 9, 2020

If you have been contacted by Sunrise Credit Services, you are probably being pursued for an old debt. Sunrise Credit Services is a debt collector that has been hired by your old creditor to collect payment on your debt. They may also have purchased the debt to profit off your payments.

Debt collector 101

Debt collector Collections Loans Creditors 101

Better Credit Blog

AUGUST 31, 2020

This is because they must open a collection account on your credit report before they can begin pursuing you for payment. Collection accounts on your credit report can influence your credit score for up to seven years, even if you pay off the debt. This legislation is called the Fair Debt Collection Practices Act.

Debt collector 52

Debt collector Fair Debt Collection Original Creditor Collections 52

Better Credit Blog

AUGUST 22, 2020

If you have a debt that you haven’t paid yet, you may have heard from a debt collector called CCS Offices. CCS Offices is a company that collects debts on behalf of original creditor. They do this by either purchasing the debt or collecting the payments and taking a portion for themselves.

Debt collector 53

Debt collector Creditors Original Creditor Collection Agencies 53

Better Credit Blog

AUGUST 17, 2020

Collection accounts can hurt your credit score even after you pay off the debt. These entries remain on your credit report for up to seven years, which means that they can be viewed by creditors and lenders. Request Debt Validation. The debt collection process is by no means perfect. Know Your Rights.

Debt collector 52

Debt collector Creditors Fair Debt Collection Acquisition 52

Better Credit Blog

AUGUST 31, 2020

They are a third-party debt collector, which means that they may be hired by your original creditor, or they may purchase your old debt on the chance that you pay them instead. Here are the essential steps to take to stop their harassment and prevent them from damaging your credit score for years to come: Validate the Debt.

Third-party Debt Collectors 52

Third-party Debt Collectors Debt collector Creditors Original Creditor 52

Better Credit Blog

NOVEMBER 24, 2020

Especially since the start of this year, many Americans have been struggling to manage their bills or make payments on existing debts. If you have had an overdue bill move to collections, you may begin hearing from a company called ACS Inc. A collections account on your credit report will cause your score to drop significantly.

Debt collector 52

Debt collector Collections Lender Creditors 52

Better Credit Blog

SEPTEMBER 30, 2020

If you forget to pay a bill, the original creditor may move the debt to collections. This means that you may start to get phone calls from a debt collector like AAA Collections, harassing you to repay the debt. Getting rid of them can help you regain your credibility in the eyes of lenders.

Collections 52

Collections Debt collector Fair Debt Collection Lender 52

Troutman Sanders

APRIL 26, 2021

On April 21, the Fair Debt Collection Practices for Servicemembers Act passed the House of Representatives under suspension of the rules. On April 14, Senators Sherrod Brown (D-OH) and Marco Rubio (R-FL) reintroduced the Small Business Lending Fairness Act. For more information, click here.

Financial services 52

Financial services Debt collector Loans Banks 52