Collection Industry News

MARCH 15, 2021

A woman who claimed “stress and confusion” as injuries after she was contacted by a debt collector without her permission could not convince the 7 th Circuit Court of Appeals that the company had violated the Fair Debt Collection Practices Act. 1692c(a)(2) and (c) of the Fair Debt Collection Practices Act.

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Debt Free Colorado

FEBRUARY 21, 2022

Does Colorado Law Protect Me From Debt Collectors? When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. What is the Federal Fair Debt Collection Practices Act (FDCPA)?

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Credit Corp

FEBRUARY 23, 2024

Zombie debt is a broad term that refers to past debts that are still affecting you. An example of zombie debt is a three-year-old loan that should be paid off. The term “zombie debt” refers to a past debt that shouldn’t affect you anymore yet continues to appear on your credit report.

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BN Lawyers

FEBRUARY 20, 2024

On February 7, 2024, the Third Circuit Court of Appeals affirmed a district court holding that the Pennsylvania Consumer Discount Company Act (“CDCA”) did not apply to a charged-off debt that was later sold and could not form the basis for a lawsuit brought under the federal Fair Debt Collection Practices Act. See Lutz v.

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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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Troutman Sanders

FEBRUARY 6, 2023

the plaintiff received a letter from the defendant attempting to collect on an unpaid debt. The plaintiff provided notice to the defendant that the debt was disputed. The following year, when the plaintiff attempted to obtain a home equity loan the dispute flag on her consumer report caused her application to be denied.

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Sawin & Shea

SEPTEMBER 27, 2023

In some cases, debt collectors may take legal action by filing a lawsuit against you to obtain a court judgment. If the court grants a judgment in favor of the creditor, they have additional collection options, such as wage garnishment, bank account levies, or placing liens on the debtor’s property.

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Burr Forman

NOVEMBER 9, 2022

Specialized Loan Servicing, LLC , 2022 WL 16727611 (2d Cir. In Macris v.

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Troutman Sanders

OCTOBER 12, 2021

district judge in Arkansas recently granted the defendant McKendra Adams’s (Adams) motion to dismiss for lack of standing involving an alleged violation of the Fair Debt Collection Practices Act (FDCPA). The case began when Cheatham defaulted on a car loan and surrendered the vehicle, which was sold at auction.

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Collection Industry News

APRIL 25, 2023

In many states, statues of limitations are in place to prevent creditors and debt collectors from using legal action to collect on an older debt. Some debts, though, such as federal student loans don’t have a statute of limitations. When does the statute of limitations period begin?

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Consumer Finance Watch

DECEMBER 12, 2019

The Supreme Court of the United States (“Supreme Court”) recently affirmed the Third Circuit’s decision holding Fair Debt Collection Practices Act (“FDCPA”) claims are subject to a one-year statute of limitations from the date of an alleged violation and rejecting the Fourth and Ninth Circuit’s adoption of a broad “discovery rule.”

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Burr Forman

MAY 20, 2021

Prohibiting servicers of private education loans from reporting an adverse item of information relating to the nonpayment of the loan for an established period of time. Prohibiting servicers of private education loans from reporting an adverse item of information relating to the nonpayment of the loan for an established period of time.

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Collection Industry News

JUNE 1, 2023

Expanding Debt Markets: Debt markets have witnessed significant expansion in recent years, both in developed and emerging economies. The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts.

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Troutman Sanders

AUGUST 13, 2021

Ad Astra Recovery Services , an individual claiming to be Brittney Blackmon obtained a payday loan in her name and then never made a payment. The debt was subsequently assigned to defendant collection firm Ad Astra Recovery Services, Inc. Years later, Blackmon contacted AARC by telephone to dispute the debt.

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FFGN COLLECT NY

DECEMBER 12, 2023

The attorney or debt collector must explicitly identify the debt collection activities allowed by the Fair Debt Collection Practices Act. In addition, the attorney must provide a list of income types protected from collection should the court grant the debt collector a judgment on the case.

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Troutman Sanders

OCTOBER 15, 2020

Axiom Acquisition Ventures, LLC (“Axiom”) bought Robert Valenzuela’s consumer debt from a bank after he allegedly defaulted on his personal loan payments. Axiom sent Valenzuela a letter informing him that his debt had been reassigned and instructing him to remit future payments to Axiom.

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Troutman Sanders

JULY 17, 2023

According to the FTC, the agency is empowered to enforce the provisions of the GLBA “in the same manner and with the same power and authority as the [FTC] has under the Fair Debt Collections Practices Act [FDCPA] ….” Further, the stipulated consent order holds Celsius liable for a $4.72

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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. Axiom sent Valenzuela a letter informing him that his debt had been reassigned and instructing him to remit future payments to Axiom.

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Troutman Sanders

DECEMBER 7, 2020

Midwest Recovery Systems (“Midwest Recovery”), a debt collection company, must cease its alleged debt-parking practices, delete all reported debts, and surrender its remaining assets in partial payment of a $24.3 million monetary judgment, under a stipulated order filed by the Federal Trade Commission (“FTC”) last week.

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Collection Industry News

MARCH 23, 2021

CFPB submits 2020 report to Congress on the administration of the Fair Debt Collection Practices Act. The Consumer Financial Protection Bureau (CFPB) released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The two judgments ordered nearly $15.2

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Debt Free Colorado

APRIL 1, 2021

If you’ve ever taken out a payday loan, chances are that you’ve received an email like the following, regardless of whether you paid off the loan or not. Also, it’s a violation of the Fair Debt Collection Practices Act (FDCPA) for a third party debt collector to disclose information about your debts to others.

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Credit Corp

DECEMBER 14, 2020

Whether you have medical debt, credit card debt or unpaid student loans , getting calls or letters from debt collection companies can be frustrating. But it’s especially frustrating if your debt is several years old. Ask the creditor to send you written notice of the debt.

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Better Credit Blog

APRIL 1, 2022

A good credit score allows you to get better rates on car or mortgage loans just to name a few. If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. Debt Validation.

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Collection Industry News

MAY 18, 2021

In a letter sent to the leaders of the House and Senate , CUNA President/CEO Jim Nussle stated his objections to section 403 of the bill, which would amend the Fair Credit Reporting Act to prohibit credit scoring models from treating certain medical debt information on consumers’ credit report as a negative factor.

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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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Credit Corp

AUGUST 31, 2021

If they do this knowing that the debt is past the statute of limitations, they may have violated the Fair Debt Collections Practices Act. But they also know that most borrowers who are sued for old debts won’t show up in court, and the judge will issue a default judgment. You default on that debt.

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Better Credit Blog

APRIL 3, 2022

If you’re hearing from this Norfolk, Virginia-based collection agency, you owe the agency money, and it has a strong incentive to collect on your debt. When you hear from Portfolio Recovery (or any other debt collector), let the agency know that you know your rights. Make Them Prove the Debt is Yours.

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Troutman Sanders

DECEMBER 20, 2022

On December 15, the Office of the Comptroller of the Currency, along with the Federal Financial Institutions Examination Council, released revised procedures for how its examiners will investigate financial institutions for Fair Debt Collection Practices Act compliance, incorporating Regulation F changes into their review.

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Better Credit Blog

FEBRUARY 15, 2021

Though you may be unfamiliar with Fairway, the agency collects on a wide range of consumer debts, including the following: Health insurance billing and follow-up. Self-pay collections. Education loans, tuition, fines and fees. Mortgages and loans. Parking tickets. Government fines and fees. Utility bills.

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Better Credit Blog

DECEMBER 29, 2020

is their collection tactics. They have been known to neglect the Fair Debt Collection Practices Act (FDCPA) when contacting customers for payment. Their infractions include failing to validate debts, calling multiple times a day, and reporting inaccurate information to credit bureaus. deleting the account.

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Better Credit Blog

FEBRUARY 24, 2021

If you’ve fallen behind on payments in an industry like one of the ones listed below, it could be to blame for the collections entry on your report: Bank credit cards. Whenever a lender or company like your phone or internet provider doesn’t receive a payment from you, they may eventually hire a collections agency for assistance.

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National Service Bureau

NOVEMBER 20, 2015

The CFPB found Discover Bank to be in violation of the Consumer Financial Protection Act in three instances and in violation of the Fair Debt Collection Practices Act in one.for a mistake that might catch other debt collectors unaware. He then continued to receive phone calls from the collection agency.

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National Service Bureau

OCTOBER 21, 2015

While many medical collection agencies may think this means they are not subject to CFPB oversight, that is simply not the case. If a medical collection agency of any size is found to have violated the FDCPA (Fair Debt Collection Practices Act) or FCRA (Fair Credit Reporting Act), then the CFPB may appropriately enforce punishment.

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Better Credit Blog

FEBRUARY 24, 2021

If you’ve fallen behind on payments in an industry like one of the ones listed below, it could be to blame for the collections entry on your report: Bank credit cards. Whenever a lender or company like your phone or internet provider doesn’t receive a payment from you, they may eventually hire a collections agency for assistance.

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Better Credit Blog

OCTOBER 30, 2020

AARS doesn’t provide too many specifics about its services, but it’s clear that the agency offers third-party and in-house debt collections, as well as check recovery services. While it may collect for other industries, AARS most notably collects on payday loans and cash advance debts. Bankruptcy.

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Better Credit Blog

FEBRUARY 5, 2021

As long as it’s there, a collections account can lower your credit score and hold you back from getting approved for credit cards, loans, jobs, and leases. Collections agencies are often the subject of complaints surrounding their faulty reporting and aggressive tactics. About BCA Financial Services. BCA Financial Services, Inc.

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Better Credit Blog

MARCH 1, 2021

A collections account could result from unpaid fees, an overdrawn account, a credit card balance, or a defaulted loan. However, after some time passes, they may turn to a collections agency for assistance. The FDCPA keeps debt collectors from being abusive or threatening, and it encourages accurate reporting. Foreclosure.

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