Troutman Sanders

AUGUST 26, 2020

The defendant argued that it relied on information provided by the original creditor, based on which it should be entitled to the bona fide error (BFE) defense. The district court agreed and granted summary judgment to the defendant.

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Credit Corp

AUGUST 31, 2021

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. But they also know that most borrowers who are sued for old debts won’t show up in court, and the judge will issue a default judgment. Always respond to legal summons.

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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. In other words, when the original creditor has been unsuccessful in collecting on a debt, it will write off the debt as a loss. How Portfolio Recovery Associates Works.

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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. If you can, try to settle with the original creditor. The credit bureaus have 30 days to investigate the dispute. Debt Validation.

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Debt RR

DECEMBER 13, 2019

Creditors usually send several notices prior to filing a complaint with the court. In fact, the creditor will need to show the court its attempts at collecting the debt and its notice of intent to sue in order to prove its case. There are two other conditions that must be met for a creditor to serve papers on a debtor.

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Troutman Sanders

MARCH 22, 2023

An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency.

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Troutman Sanders

OCTOBER 13, 2023

The joint statement warns lenders that “unnecessary or overbroad” reliance on immigration status in the credit decisioning process may violate the Equal Credit Opportunity Act (ECOA) and other federal laws. A creditor who requires documentation, identification, or in-person applications only from certain groups of noncitizens.

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