Troutman Sanders

AUGUST 26, 2020

The plaintiff incurred a debt to a medical provider who placed the debt with a debt collector. The collection letter from the debt collector included a request for repayment of principal and interest.

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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. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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Credit Corp

FEBRUARY 23, 2024

Dealing with zombie debt can be extremely complicated as debt collectors may repeatedly contact you about an account that belonged to you years ago. Much like the characters in a post-apocalyptic story, it’s possible to overcome zombie debt with the right know-how. How Does Zombie Debt Work?

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Consumer Finance Watch

MARCH 21, 2019

The United States Supreme Court holds businesses conducting nonjudicial foreclosures are not “debt collectors” under the FDCPA, but lenders and foreclosure firms should take note that the Court specifically chose to leave open the question of whether businesses that conduct judicial foreclosures are “debt collectors” under the statute. .

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Credit Corp

JUNE 1, 2023

Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. ® and VantageScore 4.0®.

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Credit Corp

NOVEMBER 1, 2020

For many people, a call from a debt collector about a past due or delinquent account with no prior communication may signal that they’re dealing with a debt collection scammer. You also want to make sure the debt isn’t part of an identity theft issue because you didn’t know about it already.

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True Accord

NOVEMBER 20, 2023

Both the federal and DC laws permit debt collectors to communicate digitally about a consumer’s account as long as the digital communications contain clear and conspicuous opt-out language with strict penalties for failing to abide by the opt-out provisions.

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Troutman Sanders

NOVEMBER 11, 2020

Recently, the Consumer Financial Protection Bureau filed an Amicus Curiae brief in the United States Court of Appeals for the Third Circuit addressing whether a debt collector violates the Fair Debt Collection Practices Act by accurately stating that it is seeking to collect $0.00

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True Accord

NOVEMBER 13, 2023

While attempting to provide additional protections for consumers when debt collectors reach out using digital channels, these NYDFS and NYC DCWP restrictions create unintended consequences that raise barriers for NY consumers to correspond with collection agencies in their channel of preference and hinder communication efforts.

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Troutman Sanders

APRIL 2, 2021

The Sixth Circuit recently confirmed student loan servicers, who begin servicing debts after default and resale, are not liable to borrowers under the Fair Debt Collection Practices Act (FDCPA) because the servicers are not acting as “debt collectors.”. On March 25, in Willison v. Nelnet, Inc. ,

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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?

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

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.

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Credit Corp

JANUARY 21, 2021

A collections notice shows up, a debt collector starts calling or you find a negative report on your credit history, but you know you paid the account in question. Can you sue a company for sending you to collections for money you didn’t owe? It happens. Credit law can be complex.

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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. Read on to learn about trending items, and the hosts recommendations for collection agencies to avoid these pitfalls! One important piece of legislation to be aware of is the Servicemembers Civil Relief Act.

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Better Credit Blog

APRIL 1, 2022

Instead, you now owe the money to the third-party debt collector. If the entry is listed as a “collection” or it’s simply listed as “delinquent,” you’re more than likely going to have to deal with Capital One as the debt collector. Why would this kind of debt settlement work?

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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.

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Collection Industry News

MAY 18, 2021

While NAFCU supports efforts to stop abusive debt collection practices, the association had raised concerns about language contained in the bill that would expand the definition of a “debt collector” and increase risks to lenders. It now heads to the Senate for consideration.

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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. It’s been in the business of collecting on consumer debts since 1987.

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True Accord

OCTOBER 20, 2022

Just as technology has evolved leaps and bounds, so have consumer communication preferences with that technology, especially when it comes to debt collection. So in 2021, the Consumer Financial Protection Bureau (CFPB) rolled out Regulation F under the existing Fair Debt Collection Practices Act (FDCPA).

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Better Credit Blog

OCTOBER 30, 2020

Send a Debt Validation Letter. The FDCPA gives you 30 days to get your debt validated, a benefit you should absolutely take advantage of. The law states that debt collectors cannot seek repayment for a debt without providing evidence if it is requested. Work with a credit repair company. Bankruptcy. Identity fraud.

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Debt collector Third-party Debt Collectors Collection Agencies Collections Agency 86

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.

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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. You go for the headshot.

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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.

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Better Credit Blog

AUGUST 12, 2020

Often times, companies and debt collectors do not have sufficient documentation of customers’ debts. The Fair Debt Collection Practices Act requires debt collectors to provide valid proof of debts if you submit a validation letter within 30 days of being contacted by a company.

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True Accord

MARCH 25, 2021

In this blog post, Kelly Knepper-Stephens, TrueAccord’s VP Legal & Compliance, highlights the recent laws and regulations designed to protect consumer preferences in debt collection. At least one carrier, T-Mobile, has gone as far as to ban debt collection text messages as reported by InsideARM.

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Better Credit Blog

OCTOBER 14, 2020

Wondering exactly how the debt collection process works? When you miss a payment, your service provider or lender will attempt to collect on the debt you owe them on their own for a time. If their attempts are unsuccessful, they may employ the services of a debt collector like AFS or sell them your debts.

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Better Credit Blog

OCTOBER 16, 2020

With the pointers below, getting a collections entry off your credit report should be no trouble at all. A nifty feature of the FDCPA : debt collectors can’t actively pursue payment for a debt without proof of its existence, assuming you ask them to furnish this proof within 30 days of their first contact.

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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. Use a credit repair company.

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

Better Credit Blog

AUGUST 25, 2020

Unlike more recognizable names on your credit report like your credit card lender or student loan servicer, Global Crossing is a debt collection agency. Whenever a payment falls through the cracks, it may be turned over to a debt collection agency. Send the Agency a Debt Validation Letter.

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Troutman Sanders

JUNE 28, 2022

District Court for the Southern District of New York, alleging violations of the Fair Debt Collection Practices Act (FDCPA).

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Better Credit Blog

SEPTEMBER 23, 2020

When debt reaches collections, it can hurt your credit score and leave you on the receiving end of seemingly nonstop phone calls and letters. If the name on your credit report and voicemails is Allied Collection Service, we can help. What Is Allied Collection Service? Medical debt. Retail debt.

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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. Debt Validation. Provided by the Fair Debt Collection Practices Act, you have the right to demand debt validation from a collection agency.

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Better Credit Blog

FEBRUARY 4, 2021

Here’s a quick breakdown of how debt collection works. When you fall behind on payments, your lender or service provider will make multiple attempts to contact you. If they don’t receive a payment from you, your debt will enter the collections stage. These agencies either: Buy your debt at pennies on the dollar.

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Fico Collections

DECEMBER 20, 2021

Debt Collectors and Service Providers Can Once Again Work Together Without the Fear of Violating the FDCPA. You would think the new CFPB debt collection rules , which took effect last month on November 30, would be the primary focus of the collections and recovery industry.

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Better Credit Blog

OCTOBER 15, 2020

Confronting a debt collector can seem like a daunting task, but getting a collections entry off your credit report is actually quite simple. So how exactly do debt collectors operate? After several unsuccessful attempts at collecting payments, companies employ the services of debt collection agencies.

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Troutman Sanders

NOVEMBER 28, 2020

Enhanced Recovery Company , the plaintiff received two letters from a debt collector concerning the same debt, about 40 days apart. The plaintiff sued the debt collector in the U.S. The debt collector filed a motion to dismiss all claims, which the court granted.

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Collection Industry News

JUNE 1, 2023

The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts. This presents a substantial opportunity for debt collection agencies to assist lenders in recovering unpaid debts and managing default risks.

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