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. Numerous complaints state the company left over 25 voicemails on one customer’s phone alone in an attempt to collect a debt.

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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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True Accord

NOVEMBER 20, 2023

Consumers Prefer Digital Debt Collection By and large, consumers prefer to communicate with their collection agencies digitally—they already predominantly communicate with their banks, creditors, and lenders digitally, so digital collection is a smooth transition when an account moves to collection.

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Credit Corp

DECEMBER 14, 2020

The statute of limitations for most debts starts when you go into default. If a debt is 10 years old but you were making payments under an agreement with the lender until 3 years ago, the debt is likely still within the statute of limitations and can be pursued by a debt collector.

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Debt Free Colorado

APRIL 1, 2021

The payday lenders like Speedy Cash swear up and down that they don’t have anything to do with this, but somehow their customer lists keep getting into the hands of fraudsters. You can’t garnish wages because you don’t have a judgment. To: For privacy purposes I deleted the emails of 8 different people here.

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Credit Corp

AUGUST 31, 2021

Some debt buyers —companies that buy and try to collect very old debts—still go after borrowers and might even take them to court. If they do this knowing that the debt is past the statute of limitations, they may have violated the Fair Debt Collections Practices Act. What Is a Time-Barred Debt?

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Troutman Sanders

MARCH 29, 2021

On March 25, Senators Chris Van Hollen and Sherrod Brown, along with Representative Chuy Garcia, announced legislation to repeal the Office of the Comptroller of the Currency’s True Lender Rule through the use of the Congressional Review Act. For more information, click here.

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Better Credit Blog

AUGUST 17, 2020

That’s because Cavalry isn’t actually a lender or service provider. Instead, it’s an agency that purchases debts from companies, for pennies on the dollar, then collects payments from debtors. Cavalry SPV is one of the largest debt collection agencies in the nation. Send a debt validation letter.

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Better Credit Blog

SEPTEMBER 17, 2020

Demand Proof of the Debt. Demand Proof of the Debt. The Fair Debt Collection Practices Act provides you with yet another advantage, the ability to ask collections agencies to provide validation that you owe what they claim you do. They’ll take care of the basics, by validating debts and negotiating payments.

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Better Credit Blog

APRIL 1, 2022

This method works because the Fair Credit Reporting Act requires the credit bureaus and lenders to report only accurate information about your credit accounts. You don’t have to endure this kind of hassle just because you’ve run up some consumer debt or have gotten behind on your credit card payments.

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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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Better Credit Blog

AUGUST 31, 2020

Debt collectors either purchase debts at a discount from lenders and service providers, or they work for the company to collect the debt, earning a percentage of the payment. In some states, they may try to garnish your wages. This act restricts debt collectors from overstepping and harassing debtors.

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Better Credit Blog

SEPTEMBER 8, 2020

Companies like LVNV Funding specialize in purchasing debts from lenders and service providers. After a debt has gone unpaid for a month or longer, your service provider or creditor may sell it to a debt buyer. These companies swoop in to purchase your debt at discounted rates, profiting when you make a payment.

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FDCPA Defense

FEBRUARY 3, 2019

Attorneys who regularly engage in collection work for community associations have increasingly become targets for lawsuits filed by professional consumer attorneys under the Fair Debt Collection Practices Act (“FDCPA” or “the Act”), 15 U.S.C. You should look to your state’s garnishment laws for guidance.

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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.

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