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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Nexa Collect

JUNE 27, 2023

The agency will then take over the task of contacting the borrower and attempting to collect on the debt. the Department of Education may use the Treasury Offset Program to seize federal tax refunds or other government benefits to repay the debt. Offset Tax Refunds and Government Benefits : For federal student loans in the U.S.,

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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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Collection Industry News

MAY 2, 2023

. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. The prohibition applies even if the debt collector does not know that the debt is time barred.

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Troutman Sanders

MAY 2, 2023

CFS Associate Addison Morgan represents several of the nation’s preeminent financial institutions in litigation arising under the Fair Credit Reporting Act, Telephone Consumer Protection Act, Fair Debt Collection Practices Act, Federal Trade Commission Holder Rule, and other consumer protection state analogs.

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Credit Corp

FEBRUARY 23, 2024

It may be possible to settle zombie debt with your original creditor. The Fair Debt Collection Practices Act (FDCPA) helps protect you from harassment. How Does Zombie Debt Work? Collection activities are the most common causes of a zombie debt outbreak.

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Troutman Sanders

SEPTEMBER 6, 2023

District Court for the District of New Jersey found that the plaintiff had not suffered an injury in fact and therefore lacked standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA). The plaintiff incurred a debt to a bank, which sold the account to a new creditor.

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Credit Corp

JANUARY 21, 2021

How Does the Law Protect Your Rights Regarding Credit Collections and Reporting? Numerous federal and state laws protect your rights to fair and accurate credit reporting. Some of those laws also cover your rights as a consumer to fair debt collection practices. Credit law can be complex.

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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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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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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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Better Credit Blog

APRIL 1, 2022

When you stop making payments on an auto loan, the lender will take the vehicle back. Your first option is to start negotiating with your original auto lender. This could be a bank, an online lender like Capital One, or the in-house finance company at the dealership. It means your lender has lost money on your loan.

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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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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

NOVEMBER 1, 2020

That increases the likelihood of data being misconstrued and debts being assigned to the incorrect party. You also want to make sure the debt isn’t part of an identity theft issue because you didn’t know about it already. The process may start when you get a phone call from a debt collector.

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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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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. , 682.405(a)(1).

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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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Troutman Sanders

OCTOBER 26, 2020

October 26, 2020, marks the 50th anniversary of the Fair Credit Reporting Act (FCRA, 15 U.S.C. which along with the Fair Debt Collection Practices Act, Telephone Consumer Protection Act, Section 5 of the Federal Trade Commission Act, and the Truth in Lending Act, forms the foundation of federal consumer rights law in the United States.

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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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Better Credit Blog

APRIL 4, 2022

Regardless of what a debt collector might tell you, you have a lot of rights when it comes to how debt can be collected. In fact, merely mentioning that you understand your rights will, many times, stop debt collectors in their tracks. Your rights come from the Fair Debt Collection Practices Act (FDCPA).

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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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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

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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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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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. Try out one of the approaches below, and you could be collections-free in a few weeks.

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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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UK debt collections

JUNE 23, 2020

“We agree the time has come for comprehensive legislation to provide a clear, fair and coherent framework for government debt collection to match the practices of the regulated credit sector. “In Now is the perfect time to right that failure.”.

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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. Ask RMS for Proof the Debt is Yours.

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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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Collection Industry News

MAY 30, 2022

abusive acts or practices); (2) any of the 18 enumerated consumer laws listed within the CFPA ( e.g. , Equal Credit Opportunity Act, Fair Debt Collection Practices Act, Truth in Lending Act); or (3) any rule or order prescribed by the CFPB, such as consent orders. It Is Ok To Be Noteless Cadwalader, Wickersham & Taft LLP.

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Troutman Sanders

JUNE 28, 2022

The consumer filed suit against the law firm that sent the collection letters in the U.S. 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

FEBRUARY 17, 2021

Also frustrating, the collections agency has likely been sending letters and calling you regularly. Collections accounts appear on your credit report when you fall behind on payments to a lender or a service provider. Oftentimes, debt in collections is handled by third-party agencies like Bridgeport Financial.

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Burr Forman

AUGUST 24, 2020

As a member of the Financial Services Litigation Practice Group, Rachel Friedman specializes in defending financial institutions from alleged violations of state and federal consumer protection laws at both the trial and appellate levels.

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Better Credit Blog

OCTOBER 14, 2020

Legal collections. 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. Get the Debt Validated. This law is made to protect you and keep debt collectors in check.

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Better Credit Blog

FEBRUARY 12, 2021

EPR may show up on your report if you’ve fallen behind on payments to a service provider or a lender. The longer you ignore a collections entry, the more damage it can do to your report. Evergreen Professional Recoveries is a legitimate debt collection agency and member of the American Collectors Association. Commercial.

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Troutman Sanders

AUGUST 13, 2021

Several months later, an attorney representing Blackmon submitted a formal written dispute of the debt to AARC, which responded with the verification required by the Fair Debt Collection Practices Act (FDCPA). Blackmon then filed an action in the U.S.

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