Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. The bill, H.R. 2547 was sponsored by House Financial Services Committee Chairwoman Rep. Maxine Waters (D-Calif.),

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Better Credit Blog

MARCH 2, 2021

They collect on debts for both smaller doctors’ offices and clinics and hospitals. When your healthcare provider is unsuccessful at collecting your debt, they could contact a third-party agency such as H&R Accounts. It is always wise to limit your communication with debt collectors to letters rather than phone calls.

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Better Credit Blog

FEBRUARY 2, 2021

If they are unsuccessful, your debt will go into collections, which can have a significant impact on your credit report. Some companies sell their debts to third-party debt collectors , while others, like BGE, have their own collections department. Foreclosure. The best part? Owe BGE $250?

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Better Credit Blog

FEBRUARY 4, 2021

Are hired to help the original lender collect the debt. When a collections agency gets ahold of your debt, it can mean lots of phone calls and letters for you. Many consumers looking to cut ties with debt collectors simply pay off their debt, assuming it will get removed from their credit report.

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Better Credit Blog

MARCH 1, 2021

Third-party collections agencies may also purchase your debts from institutions like BOA for pennies on the dollar. Debt collectors can send you letters and call and leave messages when debt reaches collections. For example, it restricts debt collectors from contacting you before 8 a.m.

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Better Credit Blog

MARCH 1, 2021

Third-party collections agencies may also purchase your debts from institutions like BOA for pennies on the dollar. Debt collectors can send you letters and call and leave messages when debt reaches collections. For example, it restricts debt collectors from contacting you before 8 a.m.

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Better Credit Blog

FEBRUARY 5, 2021

When you get behind on payments, the person lending you money or providing services may turn your debt over to a debt collector. Collections entry added to your report for 7 years. Calls and letters from collections agencies. Some businesses have their own collections department that handles delinquent accounts.

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Better Credit Blog

FEBRUARY 15, 2021

Collections entries will stay on your report for a total of 7 years, even if you pay up your account. Depending on other factors on your credit score and the extent of your debt, a collections account can drop your score significantly. How to Deal with Fairway Collections. Foreclosure. Charge-offs. Hard inquiries.

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Better Credit Blog

FEBRUARY 24, 2021

They have been collecting on consumer debt since it was founded in 1983. Some third-party debt collectors buy debts for pennies on the dollar. But FNCB is hired by businesses to collect on debts. Fortunately, you have rights under the Fair Debt Collection Practices Act.

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Better Credit Blog

NOVEMBER 23, 2020

Whether it’s for a $50 cable bill or a $5,000 hospital bill, a collections entry will stay on your credit report for seven years. But getting an entry from FMS Collections off your report could be easier than you think. Using the strategies outlined below, you can say goodbye to debt collectors and get your score back on track.

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Collection Industry News

DECEMBER 21, 2020

Court of Appeals for the Ninth Circuit recently reversed an award of summary judgment in favor of a defendant debt collector against claims that it violated the federal Fair Debt Collection Practices Act (FDCPA) by attempting to collect a debt that was discharged in bankruptcy and no longer owed.

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Better Credit Blog

FEBRUARY 24, 2021

They have been collecting on consumer debt since it was founded in 1983. Some third-party debt collectors buy debts for pennies on the dollar. But FNCB is hired by businesses to collect on debts. Fortunately, you have rights under the Fair Debt Collection Practices Act.

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Better Credit Blog

FEBRUARY 5, 2021

You should also read up on the Fair Debt Collection Practices Act. This act was written to protect consumers from abusive debt collection practices and to ensure accurate reporting. Among other guidelines, it states that: Debt collectors are only allowed to call from 8 a.m. Foreclosures.

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Troutman Sanders

JANUARY 11, 2021

On December 15, 2020, the Seventh Circuit Court of Appeals decided four cases which all dealt with the issue of standing within the context of the Fair Debt Collection Practices Act (“FDCPA”). In Brunett v. Convergent Outsourcing, Inc. Darlene Brunett (“Brunett”) received a letter from Convergent Outsourcing, Inc.

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Better Credit Blog

FEBRUARY 25, 2021

Either way, once a debt hits the collections stage, an entry is added to your report, staying for 7 years. A debt collector may also contact you frequently until you make a satisfactory payment. Collections agencies are held to a set of standards set forth by the Fair Debt Collection Practices Act.

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Better Credit Blog

FEBRUARY 12, 2021

Oftentimes, these complaints have to do with the agency’s aggressive collection attempts, failure to validate debt, and inaccurate reporting. To see what customers think of EZ Pass and other debt collectors, take a look at the Better Business Bureau and the Consumer Financial Protection Bureau. Foreclosure.

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Better Credit Blog

FEBRUARY 15, 2021

While some companies have their own collections team, most outsource to agencies like FCO, who either buy your debt for pennies on the dollar or earn a fee for collecting debts for businesses. How to Deal with FCO Collections. It is always wisest to chat with debt collectors via mail rather than by phone.

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Better Credit Blog

FEBRUARY 18, 2021

To get an understanding of how debt collectors are, and aren’t, allowed to treat you, you need to read up on the Fair Debt Collection Practices Act. The FDCPA is your shield against abusive debt collection practices and inaccurate reporting. Foreclosures. and 9 p.m. Charge-offs. Repossessions.

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Better Credit Blog

FEBRUARY 12, 2021

When your debt enters the collections stage, it will: Lower your credit score. Lead to constant letters and calls from debt collectors. While some businesses have a collections department, others get assistance from agencies like EPR. These agencies could: Purchase your debts for pennies on the dollar, or.

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Better Credit Blog

SEPTEMBER 4, 2020

If you have forgotten to pay a bill, you may begin to hear from a debt collector called TrueAccord. They will appear on your credit report as a collection agency, and this entry can cause problems for your credit score. A goodwill deletion is when a debt collector agrees to stop reporting your debt out of benevolence.

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Better Credit Blog

DECEMBER 2, 2020

Is your credit score suffering because of debt in collections? Debt collectors can add stress to your everyday routine, calling constantly, sending letters, and even worse, damaging your credit. But if their attempts don’t work, they will eventually turn your debt over to a debt collector. Bankruptcy.

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FDCPA Defense

FEBRUARY 1, 2018

Attorneys and other entities that regularly engage in collection work for community associations may be subject to the requirements of the Fair Debt Collection Practices Act, 15 U.S.C. as well as analogous state laws governing the consumer collection process. See Avila , 817 F.3d 3d at 76-77. The issue in Ho v.

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Troutman Sanders

AUGUST 1, 2023

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. The OAG initially filed the lawsuit in June 2021, and as part of the judgment, between $450,000 and $2.5 The amendment, led by U.S. For more information, click here.

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Collection Industry News

SEPTEMBER 23, 2020

. • Debt collection cases have claimed an increasing share of the civil docket, making up about 30% of the civil court caseload in the one state where comprehensive data was available. • The dollar value of claims filed annually by debt buyers increased from $6 billion in 1993 to $98 billion in 2013. That is 20 years!

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FDCPA Defense

AUGUST 19, 2013

291 (1995), lawyers have known that if they seek to collect consumer debts for clients – even when doing so through litigation – they might qualify as a "debt collector" under the Fair Debt Collection Practices Act, 15 U.S.C. Other factors also weigh against a finding that Wadas is a "debt collector."

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Troutman Sanders

APRIL 26, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. For more information, click here.

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Troutman Sanders

MAY 2, 2023

On April 26, the CFPB issued an advisory opinion, reminding the industry that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act. For more information, click here.

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