Collection Industry News
OCTOBER 18, 2021
The session will feature a discussion of the Consumer Financial Protection Bureau’s debt collection rule, the Maryland Consumer Debt Collection Act, medical debt collection, debt buying, consumer privacy and data security, the State Examination System and the use of technology to improve operations and compliance.
FFGN COLLECT NY
DECEMBER 12, 2023
Here is an overview of the NYC law on debt collection: The consumer or debtor can ask the debt collector or attorney to verify the debt or show proof of verification upon collection. Consumers must be aware that the debt they are being collected for is valid. You must inform consumers about the debt specifics.
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Nexa Collect
JUNE 18, 2023
Since debt collectors are on the phone all day long, they know every tactic to get paid. Compliance with Laws and Regulations : Medical collection agencies must comply with various laws and regulations such as the Fair Debt Collection Practices Act (FDCPA) which sets standards for how debt collectors must conduct themselves.
Collection Industry News
DECEMBER 19, 2023
The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. Accordingly, the CFPB has taken numerous actions on the issue of medical debt.
Collection Industry News
OCTOBER 6, 2020
It was a great time to be a debt collector. In August, Encore Capital, the largest debt buyer in the country, announced that it had doubled its previous record for earnings in a quarter. Finding themselves with enough money to settle old debts, people responded to collectors’ calls and letters.
Credit Corp
MARCH 1, 2023
However, you can’t actually do this due to how debt buying works. Debts of this nature are sold in large bundles to debt collectors and other agencies. Learn more about how debt buying works, why it’s not an answer to your debt concerns, and what you can do to handle debt instead below.
Collection Industry News
DECEMBER 25, 2023
CFPB, which is charged with enforcing consumer protection laws, ordered the company to immediately shut down, banning it from “participating in or assisting others in any debt collection activities, debt buying, debt selling, and consumer reporting activities.”
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