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. The post District Court Holds Letter Notifying Debtor of Change in Debt Ownership Can Fall Under FDCPA appeared first on Collection Industry News.

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Debt RR

SEPTEMBER 27, 2020

What are Business Debt Collection Laws? Although commercial debtors do not enjoy the same level of protection as consumer debtors do, this does not mean they are left at the mercy of creditors and debt collection agencies (DCAs). The business debt collection laws protect them.

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Taurus Collect

FEBRUARY 1, 2024

A debt collector is an entity, often a third-party agency, hired by creditors to recover funds that are past due or accounts that are in default. In the UK, debt collection companies operate under strict regulations set forth by the Financial Conduct Authority (FCA). Why Are They Contacting Me?

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Collection Industry News

AUGUST 18, 2020

The proposal would amend Regulation F to require debt collectors to make certain disclosures when collecting time-barred debts (debts for which the applicable statute of limitations has expired). “We The post Debt collection rules should not affect first-party collectors appeared first on Collection Industry News.

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Taurus Collect

MAY 11, 2023

Overview of The Credit Card Debt Collection Process Credit card debt collection can be a stressful experience for both the debtor and the creditor. The process begins when the debtor stops making payments on their credit card and goes into default. Make sure they offer a variety of collection methods; 4.

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Taurus Collect

NOVEMBER 15, 2023

Regulations around debt collection are strict, and experts from no cure no pay debt collection UK are here to help you navigate these waters. In this post, we will explore the rights and regulations governing debt collection in the UK.

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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. Wagner, Jr.

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Payment Savvy

NOVEMBER 30, 2021

In 2020, the Consumer Financial Protection Bureau (CFPB) published two rules which implement the Fair Debt Collection Practices Act (FDCPA). 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.

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Burr Forman

JUNE 15, 2021

Riexinger & Associates, LLC , the Second Circuit Court of Appeals held that an attempt to collect a debt that states the current balance owed but does not disclose whether interest and fees are accruing is misleading in violation of the Fair Debt Collection Practices Act (“FDCPA”) Section 1692e.

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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.

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Collection Industry News

JUNE 1, 2023

Regulatory Changes: The debt collection industry is heavily regulated, and changes in regulations often shape its landscape. Governments and regulatory bodies continually strive to strike a balance between consumer protection and enabling efficient debt recovery.

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The Kaplan Group

OCTOBER 19, 2020

FDCPA ( Fair Debt Collection Practices Act). The Fair Debt Collection Practices Act (FDCPA) is a federal law that restricts the behavior of collection agencies when they are attempting to collect money from individuals. The law does not apply to collecting from businesses.

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Collection Industry News

APRIL 2, 2024

Our rating: False There is nothing illegal about collection agencies buying debt from third parties and attempting to collect it. The post also misrepresents the protections in place to prevent harassment by debt collectors.

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Credit Corp

NOVEMBER 9, 2020

Can a collection agency report to a credit bureau without notifying you? Knowing illegal debt collection practices can help identify when you’re being treated unfairly. The Fair Debt Collection Practices Act is a federal law that protects consumers against certain unfair collection practices.

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Credit Management Company

FEBRUARY 22, 2022

Myth: The FDCPA Will Protect Any Debt Collector. The Fair Debt Collection Practices Act (FDCPA) is a law that limits a third-party debt collector’s actions and behavior when collecting debts. However, the FDCPA only protects consumer debtors. Myth: Small Debts Don’t Enter Collections.

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Sawin & Shea

JULY 20, 2022

The majority of lawyers who collect debts on behalf of their clients are also considered “debt collectors” under federal law. In this blog, we discuss what debt collectors in Indiana can and cannot do according to the law. When Are Debts Covered By the Law? False Statements. Unfairness.

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Collection Industry News

JULY 12, 2021

Preferred Collections and Management Services, Inc. , The court concluded that because an internal reference number embedded in a bar code is “a piece of information capable of identifying [Morales] as a debtor,” its disclosure was a concrete harm. The case now heads back to the District Court to continue the litigation.

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Payment Savvy

JULY 21, 2020

On top of federal adherence, each state also has differing requirements and rules governing agencies within their jurisdiction. The following acts are paramount to understand inside and out when opening a debt collection agency. Compliance within the ARM industry is not lacking.

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Better Credit Blog

JULY 7, 2020

They collect debt for businesses in multiple industries, including: Banking. Government. In addition to debt collection, the agency offers several additional services to its clients in the industries above. How Does Bonneville Collections Work? Validate your debt. Ask Bonneville to Validate Your Debt.

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Debt RR

SEPTEMBER 9, 2020

The settlement of debts acquired by either another company or an individual is one of the most common challenges that businesses experience. Collecting debts is time-consuming, especially if the debtor refuses to cooperate. What they can and cannot do when doing so are regulated by the Fair Debt Collection Practices Act.

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Collection Industry News

SEPTEMBER 23, 2020

Court of Appeals for the Second Circuit recently held that a debt collector did not violate the federal Fair Debt Collection Practices Act (FDCPA) where it unintentionally sent a valid debt collection communication to a non-debtor. Wagner” because the collection firm “believe[d] there is a William J.

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National Service Bureau

APRIL 15, 2015

Of these, 1,346 related to credit card collections and 1,057 had to do with healthcare collections. Per Section 809 of the FDCPA, debt collectors are required to disclose certain information. Disclosures can be verbal on first contact with the debtor or via written notice submitted within five days of that first contact.

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The McHughes Law Firm

AUGUST 29, 2016

Whether the debts are a few hundred dollars or tens of thousands, new business debt collection processes help countless companies recover debt in a timely manner. Myth No 3: If I Can Not Collect the Debt Myself, the Debtor Will Not Pay. 5: Debt Collectors Hound Debtors and Make Threats.

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Credit Management Company

DECEMBER 20, 2018

The keys to successful collections during this time of year call for increased flexibility, diplomacy and a few of the following tips. Collection agencies are well aware of the limitations governing their businesses via the Fair Debt Collection Practices Act. Timing is Everything. Active Listening.

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Collection Industry News

AUGUST 18, 2020

Does a judicial foreclosure action constitute “debt collection activity” under the Fair Debt Collection Practices Act (“FDCPA”)? The answer depends on whether the creditor attempts to recover the unpaid mortgage balance or just the property, according to the U.S. Court of Appeals for the Ninth Circuit in Barnes v.

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National Service Bureau

AUGUST 28, 2015

The Fair Debt Collection Practices Act was first passed almost 40 years ago to govern the tactics used by debt collection agencies pursuing consumer debt. I t’s clear that debt collection practices are in the spotlight, so let’s take a look at FDCPA compliance and what it means for business.

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National Service Bureau

AUGUST 19, 2015

There are those organizations who are licensed, professional, effective, and ethical, and then there are those who would take advantage of specialized knowledge or the opportunity to take money unlawfully from debtors. Let’s take a look at some of the miscreants in the debt collection industry.

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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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Troutman Sanders

JANUARY 20, 2022

Companies that try to collect on medical bills prohibited by the No Surprises Act, or who furnish information to credit bureaus about such invalid debts, may face significant legal liability under the Fair Debt Collection Practices Act and the Fair Credit Reporting Act. For more information, click here.

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National Service Bureau

JUNE 10, 2015

Surety bonds are legally enforceable contracts between three parties: typically the principal (the collection agency), the obligee (the state government), and the surety (the insurance company that issues the bond). If the collection agency violates the terms of their bond (e.g. Industries include commercial collections (e.g.

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Fico Collections

DECEMBER 20, 2021

Preferred Collection and Management Services, Inc. case involves an allegation that a debt collector violated the Fair Debt Collection Practices Act (FDCPA) by sending personal information about the debtor to a print vendor which prepared and sent a dunning letter on behalf of the debt collector.

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National Service Bureau

DECEMBER 9, 2015

Read on to learn about trending items, and the hosts recommendations for collection agencies to avoid these pitfalls! As you may or may not know, there are additional considerations that govern military members and debt collections. Enforcement actions involving servicemembers. Distinguishing and investigating disputes.

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Consumer Financial Services Law

MAY 16, 2017

Midland Funding, LLC, a debt buyer, filed a proof of claim which disclosed on its face that the claim was barred by the applicable statute of limitations, listing the date of last transaction as May 2003. Midland moved to dismiss asserting that Johnson’s FDCPA claims were precluded by the Bankruptcy Code.

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FDCPA Defense

MAY 11, 2017

If you have read the Fair Debt Collection Practices Act, 15 U.S.C. For example, in Clomon the defendant, an attorney, was a part-time general counsel of a collection agency. Jackson, Attorney at Law, General Counsel, NCB Collection Services” – and defendant attorney’s mechanically-reproduced “signature.”

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Collection Industry News

JANUARY 13, 2021

1692f(8), a provision of the Fair Debt Collection Practices Act (FDCPA) regulating what may be shown on an envelope when a debt collector communicates with a consumer by mail, does not include a “benign language” exception. Court of Appeals for the Sixth Circuit recently held that the plain language of 15 U.S.C.

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FDCPA Defense

APRIL 17, 2019

The “meaningful attorney involvement” doctrine evolved out of the Fair Debt Collection Practices Act, 15 U.S.C. Instead, the letters had been mailed by collection agencies that had used an attorney’s letterhead in a misleading fashion. How did everything go wrong for creditors’ rights attorneys? 1692, et seq. In Clomon v.

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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. Riexinger & Associates, LLC , 817 F.3d

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