Sawin & Shea

JULY 20, 2022

Many individuals experience unwanted contact from debt collectors and are unsure how to approach the situation. Businesses or individuals who collect debts on behalf of others are known as debt collectors. The majority of debt collectors work for reputable collection companies. False Statements.

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Nexa Collect

JUNE 10, 2023

Here are some ways AI can be used in debt collections: Automated Communication: AI-powered chatbots can handle initial interactions with debtors, engage in conversations, and answer frequently asked questions. Lowering Collection Costs: Human debt collectors take a significant percentage of all money recovered by them.

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Troutman Sanders

JANUARY 9, 2023

LLC , the district court for the Northern District of Illinois confirmed the long-standing principle that not all communications sent from a debt collector to a debtor are governed by the Fair Debt Collection Practices Act (FDCPA). ARI acquired a debt owed by the plaintiff. Absolute Resolutions Investments.,

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Nexa Collect

JANUARY 19, 2022

A debt collector has several ways to find your latest address, phone number, and employer information. If you do not dispute the debt within 30 days of the first contact made to you (through phone or letter or other permissible means), the debt is considered valid, and the debt collector can continue to contact you.

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Nexa Collect

SEPTEMBER 23, 2021

Several collection agencies have been using electronic mediums like emails, social media platforms, and SMS to contact debtors. To a standard person, it may appear that contacting a debtor either way (traditional or electronic) is the same, a contact made is a contact made regardless of the medium.

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Nexa Collect

JANUARY 25, 2023

Following Federal and State laws: A collection agency that violates government laws will get sued or penalized sooner or later. Asking your happy customers or satisfied debtors can improve your online reputation by many folds. Asking your happy customers or satisfied debtors can improve your online reputation by many folds.

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Nexa Collect

FEBRUARY 3, 2022

They must know how to recover the debt diplomatically instead of forcefully. Debtors are less likely to pay when they feel threatened. Since all collection calls are recorded, it is important for the management/supervisor to randomly examine at least a few collection calls daily and discuss shortcomings with their debt collectors.

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Collection Industry News

AUGUST 11, 2020

American Association of Political Consultants , petitioners argued that the government debt collection exemption to the TCPA’s Automatic Telephone Dialing System (ATDS) provision violated the First Amendment by impermissibly favoring government speech. Therefore, if you use skip tracing to find debtor numbers, be careful.

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Burr Forman

JUNE 15, 2021

In Cortez, the Second Circuit reiterated that there are two safe harbors from liability under Section 1692e for failing to make an interest disclosure in an attempt to collect a debt that describes the balance due.

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Taurus Collect

AUGUST 15, 2023

Discuss How an Experienced Debt Collector Can Increase a Business’s Chances of Recovering Unpaid Debts Having an experienced debt collector on your team can drastically increase your chances of recovering unpaid debts. Experienced collectors are well-versed with these laws, ensuring compliance at all times.

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Collection Industry News

JUNE 14, 2021

Ciffa’s offices in Niagara Falls and Kenmore, debt collectors intimidated their victims with illegal threats of arrests and lawsuits. According to federal prosecutors, an elderly cancer patient in Texas was so rattled by the threats that she borrowed $500 from her sister to help pay off a debt of $1,285. Source: site.

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Collection Industry News

JULY 12, 2021

A recent decision in the 3rd Circuit should prompt debt collectors to review their inclusion of viewable bar codes, QR codes or other technologies when sending debt collection letters. Morales is the latest significant addition to a body of case law addressing debt collection-related information that is protected by the FDCPA.

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Nexa Collect

MARCH 12, 2021

Debt collection agencies in PR include Kinum , TSI , CICA, ILCA and Professional recoveries. Spanish and English-speaking debt collectors are required for Puerto Rico debt collection. Local debt collectors ). Need a Collection Agency in PR? Contact us. 981p (12)). of the inhabitants unemployed.

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Collection Industry News

DECEMBER 21, 2020

According to the Bureau’s Consent Order, the Agency began purchasing and collecting on consumer debt beginning in 2012, and hired debt collection law firms to assist in their collection efforts by suing debtors in 2014.

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Collection Industry News

JUNE 14, 2021

In 2018, Homeland Security Investigations agents got a search warrant and seized $242,088 from Nocera’s business and personal bank accounts, after convincing a judge there was probable cause to believe the funds were derived from unlawful debt collecting and wire fraud. Nocera is fighting in court to get his money returned, Greenman said.

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Collection Industry News

MARCH 23, 2021

Court of Appeals for the Third Circuit recently held that a debt collector did not violate the federal Fair Debt Collection Practices Act (FDCPA) when it sent a consumer a collection letter inviting her to “eliminate further collection action” by calling the company, when in fact only written communication could legally stop collection activity.

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Taurus Collect

DECEMBER 18, 2023

When a business owes another business, the owed entity may engage a commercial debt collection agency to recover the debt on their behalf. These agencies employ various strategies to recover the debt, including negotiation, mediation, or legal action. No Win, No Fee: This model offers risk-free debt recovery.

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Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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FFGN COLLECT NY

JUNE 14, 2023

When a debtor owes a creditor money and the creditor is seeking assistance collecting the amount owed, the creditor can either use a collection law firm or a collection agency. Both can send a demand letter and call the debtor to request the outstanding amount owed. Law firms and collection agencies serve the same purpose initially.

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Collection Industry News

OCTOBER 27, 2020

Axiom Acquisition Ventures, LLC (“Axiom”) bought Robert Valenzuela’s consumer debt from a bank after he allegedly defaulted on his personal loan payments. Court of Appeals for the Eleventh Circuit, that a communication from a debt collector can have dual purposes, such as giving notice and demanding payment.

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Troutman Sanders

JUNE 23, 2023

In doing so, the court found the bill neither ran afoul of the First Amendment, nor was preempted by the federal Fair Debt Collection Practices Act (FDCPA) or Fair Credit Reporting Act (FCRA). 248 amended chapter 649 of the Nevada Revised Statutes governing debt collection agencies. Read on for further analysis.

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Payment Savvy

NOVEMBER 30, 2021

Suppose your company works in the field of debt collecting, such as third-party debt collection firms , collection attorneys, debt buyers, or defaulted mortgage servicers. Regulation F affects everything from debtor communication to multi-state compliance. Debt Validation. Unethical Practices. Legal Consequences.

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FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Collection Industry News

AUGUST 18, 2020

The Consumer Financial Protection Bureau (CFPB) should ensure its debt collection rulemakings do not extend unwarranted regulatory requirements to first-party debt collectors, CUNA wrote Tuesday in response to a CFPB proposal.

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Taurus Collect

MAY 11, 2023

If you have ever had to deal with credit card debt, you know it can be stressful. Debt collectors call at all hours of the day and pressure is put on borrowers to quickly make payments in full. The process begins when the debtor stops making payments on their credit card and goes into default.

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Troutman Sanders

SEPTEMBER 15, 2020

On September 4, 2020, the Second Circuit Court of Appeals overturned summary judgment granted to a debt collector who had sent collection documents to the wrong person, ruling that it was not entitled to the bona fide error defense because it lacked procedures governing the factual mistake.

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Nexa Collect

AUGUST 8, 2020

It falls to 74% collectible at three months, and by six months, only 58% of debts remain viable. At a year, there’s only a 27% chance of recovering the debt. These percentages assume skilled debt collectors with modern collection tools at their disposal, like those found at agencies. Most creditors are unaware of these.

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Nexa Collect

JULY 28, 2020

It falls to 74% collectible at three months, and by six months, only 58% of debts remain viable. At a year, there’s only a 27% chance of recovering the debt. These percentages assume skilled debt collectors with modern collection tools at their disposal, like those found at agencies. Most creditors are unaware of these.

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Taurus Collect

JUNE 16, 2022

Debt collection is a process that gives debtors certain rights that debt collection agencies must respect. While the debt shown in the collection can negatively impact your credit score, the severity of the impact reduces over time. What does it mean to have debt in collections? Taurus Collections (UK) Ltd.

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National Service Bureau

DECEMBER 9, 2015

These are important for debt collectors to avoid, especially because they’ve been emphasized recently. As you may or may not know, there are additional considerations that govern military members and debt collections. Poncin and Rossman both advocate for better education from the CFPB, geared particularly towards debtors.

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Taurus Collect

OCTOBER 30, 2023

Bailiffs: In certain jurisdictions, bailiffs may be employed to seize assets if a debt remains unpaid. Establishing Contact with the Debtor The first step in the debt collection process is establishing contact with the debtor. Debt Verification: If requested by the debtor, you must verify the debt.

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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. The company is currently not seeking new orders to seize debtors’ wages or bank account funds, she said. And you’ve got to think, ‘Why?’

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Troutman Sanders

APRIL 6, 2023

After May 3, the only collection agency statute that will remain from Title 12 of the Utah Code governs the limitations and terms of collection fees and convenience fees imposed by creditors or third-party debt collection agencies. See Utah Code Ann. § As a consequence of the repeal, such lawsuits may no longer be viable in Utah.

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Credit Management Company

FEBRUARY 22, 2022

Companies hire debt collection agencies to collect debts on their behalf. Sometimes, businesses may even sell their debt to collection agencies. In that case, those businesses no longer own the debt you’re paying. Regardless of why the debt collectors pursue the debt, the agency contacts you for a reason.

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Taurus Collect

JANUARY 10, 2024

Avoiding Communication : If a debtor consistently ignores your calls, letters, or emails, it might indicate they have no intention of paying. A debt collection agency can use its expertise to break this communication barrier. They can use proven strategies to encourage debtors to pay their dues promptly.

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Credits Inc

OCTOBER 26, 2019

Creditors give loans to millions of citizens, and thus credit companies are too busy to follow up on the debtors. For this reason, creditors are hiring debt collection agencies to collect debts that are 60 days past the agreed period. Debt collection agencies communicate to debtors via calls, letters, or emails.

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Nexa Collect

OCTOBER 2, 2020

Their customers can be a small business, government, large corporates as well as private homeowners. Debtors pay directly to you, no other fees and a low-cost option. A debt collector calls the debtor many times. For snow removal companies overdue accounts receivable is an ongoing issue. Collection Calls Service.

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