Tue.Mar 22, 2022

article thumbnail

FTC Gets Order Halting Credit Repair Scheme Using Fake ID Theft Reports to Remove Negative Tradelines

Account Recovery

This was something that was discussed on last week’s webinar on identity theft trends … a credit repair organization has been ordered by a federal judge — at the request of the Federal Trade Commission — to halt operating after allegedly bilking consumer out of millions of dollars by promising to remove negative information from … The post FTC Gets Order Halting Credit Repair Scheme Using Fake ID Theft Reports to Remove Negative Tradelines appeared first on Accounts

Trade 246
article thumbnail

Debt Validation Notice Format Recommended by CFPB

Nexa Collect

By law, all debt collectors are required to provide at least 30 days to the debtor/consumer to dispute the debt, after the consumer receives (or is assumed to receive) the validation information. Most collection agencies will add about additional 2 weeks to account for mailing delays and holidays. This format is located here: CFPB Debt Collection Validation Notice R19 ( as of Nov 2021).

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Daily Digest – March 22. FTC Halts Credit Repair ID Theft Scam; Judge Lowers Attorney’s Fees in FDCPA Settlement

Account Recovery

FTC GETS ORDER HALTING CREDIT REPAIR SCAM USING FAKE ID THEFT REPORTS TO REMOVE NEGATIVE TRADELINES This was something that was discussed on last week’s webinar on identity theft trends … a credit repair organization has been ordered by a federal judge — at the request of the Federal Trade Commission — to halt operating … The post Daily Digest – March 22.

Trade 246
article thumbnail

CFPB Director Chopra Statement on Appraisal Task Force Report

Consumer Finance

Consumer Financial Protection Bureau Director Rohit Chopra issued a statement regarding the final report of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE).

101
101
article thumbnail

From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

article thumbnail

Judge Lowers Attorney’s Fees by 30% in FDCPA Settlement

Account Recovery

A Magistrate Court judge in New York has awarded the attorneys representing a plaintiff in a Fair Debt Collection Practices Act $11,297 in fees, after the plaintiff accepted an offer of judgment in the amount of $1,050 over a $59 debt that was owed to the original creditor. A copy of the ruling in the … The post Judge Lowers Attorney’s Fees by 30% in FDCPA Settlement appeared first on AccountsRecovery.net.

More Trending

article thumbnail

Supreme Court Declines to Hear Arguments in TCPA ATDS Case

Account Recovery

The Supreme Court yesterday denied a petition to hear arguments in a Telephone Consumer Protection Act case that sought to overturn an Appeals Court ruling issued last year over whether the entire statute was unenforceable because it contained a provision for five years that was found to be unconstitutional. The Sixth Circuit Court of Appeals … The post Supreme Court Declines to Hear Arguments in TCPA ATDS Case appeared first on AccountsRecovery.net.

245
245
article thumbnail

How to Book American Airlines Flights to Vegas With Miles

Nerd Wallet

Everyone has a different Vegas style. All-you-can eat buffet or Michelin-starred chef experience? World-class shows or out-of-this-world people watching? No matter how you Vegas, it’s always nice to have some extra cash. So if you can pay for your flight using miles, you’ll have more to spend once you’re there. American Airlines flyers don’t have. June Casagrande writes for NerdWallet.

90
article thumbnail

Medical Debt Webinar Recording; How the Mainstream Media is Covering the News

Account Recovery

Many mainstream media outlets from across the country have picked up the announcement from the three major credit reporting agencies about the changes that they are making to how medical debts are going to be reported on consumers’ credit histories. This is likely to lead to a lot of publicity for medical debt collection in … The post Medical Debt Webinar Recording; How the Mainstream Media is Covering the News appeared first on AccountsRecovery.net.

article thumbnail

22% of Savers Opened Online Savings Account Amid Pandemic

Nerd Wallet

The pandemic has impacted the financial lives of millions, including where they choose to house their savings. According to a new survey by NerdWallet and Marcus by Goldman Sachs, 39% of Americans who say they’re currently saving money — referred to as “savers” throughout this report — have opened a savings account since the pandemic. Erin El Issa writes for NerdWallet.

Banks 83
article thumbnail

When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.

article thumbnail

Chapter 7 Bankruptcy can give you a fresh start

Roths Child Law

The thought of filing for bankruptcy can be overwhelming. Oftentimes, people are embarrassed that their debt has gotten so out of control. It can be a painful realization once you know that you're broke, but there is another way to look at the situation. . Chapter 7 bankruptcy is also known as the “fresh start” bankruptcy. It can help you put a stop to harassing phone calls from bill collectors and allow you to get back on your feet again.

article thumbnail

Don’t Redeem Your Points in Delta’s SkyMiles Marketplace

Nerd Wallet

Many of us are good at earning airline miles and hotel points, but aren’t sure about the best ways to redeem them. One of the many redemption options available for your Delta Air Lines SkyMiles is to use them like cash to make purchases in the SkyMiles Marketplace. But while Delta SkyMiles Marketplace is an. Lee Huffman writes for NerdWallet. Email: travel@nerdwallet.com.

73
article thumbnail

Better SME Lending Systems Key To Winning Back Businesses Post-pandemic

Fico Collections

The Impact of COVID-19 on SMEs. The pandemic impacted the financial situation of SME’s in various ways, including the need to suddenly adopt digital banking channels, arrange repayment deferrals and of course an increased need for lending; a need which is increasingly being targeted by new lenders offering a simplified digital lending process. To better understand what was happening in the small business market FICO examined research conducted in 2019 and 2021 to provide a before and after compa

article thumbnail

Blue Cross Blue Shield Medicare Supplement Insurance 2022 Review

Nerd Wallet

Blue Cross Blue Shield is a collective of 34 companies. Together, BCBS companies make up about 42% of the U.S. health insurance market. BCBS companies offer Medicare Supplement Insurance, or Medigap, in all 50 states and Washington, D.C. Some companies, such as Anthem, offer policies in many states, while other BCBS companies have smaller service. Alex Rosenberg writes for NerdWallet.

article thumbnail

ERM Program Fundamentals for Success in the Banking Industry

Speaker: William Hord, Senior VP of Risk & Professional Services

Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?

article thumbnail

Tips for Effective Credit Control

Taurus Collect

Collecting your debts on time is one of the most crucial yet challenging tasks for every business. Unless your business involves an upfront payment of goods and services, collecting debts should always be done proactively. This enables you to ensure adequate credit control, helping your business stay afloat during critical times. Moreover, it is advisable to avoid bank overdrafts as they gradually cost you more money.

article thumbnail

9 Best Stripe Competitors for Small Businesses

Nerd Wallet

Stripe is a payment processor for online sales, but it’s not necessarily right for every small business. Although Stripe has a simple pricing structure, accepts many types of payments and is customizable, it can be expensive, complicated and overly focused on online payments for some merchants. Here are nine solid Stripe competitors that may be. Tina Orem writes for NerdWallet.

70
article thumbnail

Equifax, Experian, And TransUnion Are Removing Most Medical Debt From Consumer Credit Reports

Collection Industry News

Source- site. The three major credit bureaus said nearly 70 percent of paid medical debt, which can drag down people’s credit scores, will be removed from consumer credit reports by July 1. Additionally, the bureaus — Equifax, Experian and TransUnion — said they would extend the time period before unpaid medical collection debt would be reported on a consumer’s credit file to one year, up from six months.

article thumbnail

Can the Chase Sapphire Reserve Travel Credit Be Used on Any Travel Purchase?

Nerd Wallet

Fans of the frequently-lauded Chase Sapphire Reserve® card know that being a cardmember comes with a host of perks and benefits: bonus miles, travel insurance, extreme point earning potential and, maybe most tempting of all, an annual travel credit. But, if you’re a new cardholder (or are considering becoming one), you likely want to know. Alisha McDarris writes for NerdWallet.

69
article thumbnail

You Put in a Full Work Week. Shouldn’t Your Collections Software Do the Same?

Discover a modern, cloud-based collection system that never takes a rest day. MeridianLink® Collect is an intuitive platform with advanced customization options developed to simplify the collections process. Here are four ways MeridianLink Collect can support your team: Omnichannel communications Compliance rules & checklists Workflows & queues One interface with supporting integrations And that’s just the start.

article thumbnail

Equifax, Experian & TransUnion Want to Add BNPL to Credit Reports

Collection Industry News

Source- site. Buy Now Pay Later (BNPL) deferred payment options are becoming increasingly popular with 56% of consumers using them, up from 38 % in July of 2020 — an increase of almost 50% in less than one year, according to a Motley Fool survey. Now, several credit bureaus are seeking to include these in credit reports. See: 7 Buy Now Pay Later Apps and Their Participating Retailers.

article thumbnail

What Is Account Takeover Fraud?

Fico Collections

Account takeover fraud (ATO) occurs when an unauthorized person takes control of an account. The fraudster takes steps to actively control the account, for example by applying for a new card or changing the account contact information or password. In this post I’ll talk specifically about account takeover in financial services and the steps that can be taken to detect, prevent and mitigate against it. .

article thumbnail

TransUnion cyber attack – hackers demand R225 million ransom

Collection Industry News

Source- site. Credit reporting agency TransUnion South Africa is currently in an ongoing battle with a hacker group demanding a $15 million (R225 million) ransom over four terabytes of compromised data. The hacker group, going by the name N4aughtysecTU, which claims to be based in Brazil, is alleging it breached TransUnion South Africa and accessed 54 million personal records of South Africans.

article thumbnail

What Is a Bad Credit Score for a Car Loan?

Nerd Wallet

No single credit score determines whether you will qualify for a car loan, because lenders consider many factors when approving loans. In general, if your credit score is below the mid-600s, you can expect higher interest rates and more difficulty getting a loan. But people with bad credit scores do get auto loans every day. Shannon Bradley writes for NerdWallet.

Loans 67
article thumbnail

The Power of Storytelling in Risk Management

Speaker: Dr. Karen Hardy, CEO and Chief Risk Officer of Strategic Leadership Advisors LLC

Communication is a core component of a resilient organization's risk management framework. However, risk communication involves more than just reporting information and populating dashboards, and we may be limiting our skillset. Storytelling is the ability to express ideas and convey messages to others, including stakeholders. When done effectively, it can help interpret complex risk environments for leaders and inform their decision-making.

article thumbnail

U.S. bankruptcy filings creep up in February, but stay lower than prepandemic

Collection Industry News

Source- site. The total number of new U.S. bankruptcy filings were 26,985 in February, up 3.2% from January, driven by individual filings, according to data from Epiq Bankruptcy Technology. New Chapter 7 individual bankruptcies’ filings were 15,196 in February, up 1.1% over the previous month, while total commercial filings across all chapters of 1,420 dipped 5.4% M/M in February.

article thumbnail

Déjà Vu? Outcomes of Privacy Legislation in 2022 State Legislative Sessions

Troutman Sanders

Introduction. As of March 22, 11 states have wrapped up their 2022 legislative sessions. In these early sessions, privacy legislation was considered in seven of the 11 states that have completed their 2022 sessions, namely Florida, Washington, Indiana, Virginia (amendments to enacted regime), West Virginia, Wisconsin, and Utah. Privacy bills passed out of at least one house in Utah, Florida, Indiana, and Wisconsin.

article thumbnail

Private lenders lobby to restart federal student loan payments

Collection Industry News

Source- site. SoFi is one of the private student lenders lobbying to stop, or at least curtail, the pandemic-related moratorium on federal student loan payments that is now stretching into a third year. | Justin Sullivan/Getty Images. Private student lenders are vigorously lobbying to get the Biden administration to restart federal student loan payments as the pandemic-related moratorium continues to hurt their bottom line.