Calif. Senate Passes Bill Requiring Additional Disclosures for Collectors, Debt Buyers

Account Recovery

The California state Senate yesterday passed SB 531, a bill that would require the original creditor or owner of a debt to notify a consumer within five days of the sale or assignment of the debt to someone else, while also giving consumers the right to request certain information about a debt from debt collectors, … The post Calif.

NDCA Judge Grants MTD in FDCPA Case Over Creditor ID in Letter

Account Recovery

Compliance FDCPA 1692g Creditor Identification District Court for the Northern District of California Judge Yvonne Gonzalez Rogers Lenzini v.

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Daily Digest – June 1. NDCA Judge Grants MTD in FDCPA Case Over Creditor ID in Letter; Sixth Circuit Jumps on Standing Bandwagon

Account Recovery

NDCA Judge Grants MTD in FDCPA Case Over Creditor ID in Letter; Sixth Circuit Jumps on Standing Bandwagon appeared first on AccountsRecovery.net.

Appeals Court Affirms Ruling Compelling Arbitration in Debt Buying FDCPA Class Action

Account Recovery

Judge Denies Motion to Compel Arbitration in FDCPA, TCPA Class Action

Account Recovery

Appeals Court Affirms Ruling for Defendant in FDCPA Case Over Healthcare Debt

Account Recovery

What New Debt Collector Rules Mean for You

Nerd Wallet

The Fair Debt Collection Practices Act covers third-party debt collectors — those who buy a delinquent debt from an original creditor, like a credit card company. The article What New Debt Collector Rules Mean for You originally appeared on NerdWallet.

New York Issues New Consumer Debt Collection Requirements for Creditors Pursuing Legal Action

FFGN COLLECT NY

After New York Governor Andrew Cuomo signs the Consumer Credit Fairness Act (S.153/Thomas) into law, many creditors will need to provide significant documentation in order to file a debt collection action against their non-paying consumers. Creditors must provide specific information identifying the amount owed as well as proof that the consumer owes that debt.

How Effective Are Collection Agencies?

Nexa Collect

When a debt passes from the original creditor to a collection agency, this escalation often makes debtors pay attention. There’s an implied threat when an agency gets involved that doesn’t exist with the original creditor. Most creditors are unaware of these.

How Effective Are Collection Agencies?

Nexa Collect

When a debt passes from the original creditor to a collection agency, this escalation often makes debtors pay attention. There’s an implied threat when an agency gets involved that doesn’t exist with the original creditor. Most creditors are unaware of these.

Can Debt Collectors Contact Consumers by Email or Text Message in 2021?

Direct Recovery

The original version of the FDCPA is notoriously exclusive to contact by phone, which left all of the other forms of communication available to collection agents in 2021 open to interpretation. The Type of Creditor Still Matters. Remember the Original FDCPA Rights.

How to Handle Collection Calls

Sawin & Shea

After you retain the firm, creditors must stop calling you once they have notice of our representation. There are also a few important things you should keep in mind about talking to collection companies and creditors.

FDCPA: 6 Things to Know About Regulation F

The Kaplan Group

Keep in mind, the FDCPA gives you the right to ask any collection agency to provide you with a detailed account of how the total debt amount was calculated and the name of the original creditor. You may still find the original law and the new regulation complicated and lengthy.

Things Debt Collectors Are Forbidden to Do

Sawin & Shea

Approximately one third of consumers with a credit bureau file were contacted by at least one creditor or debt collector each year, according to a CFPB (Consumer Financial Protection Bureau) survey.

Phoenix Company: What Does It Mean And What Are The Rules?

Hudson Weir

They can begin to trade while formal insolvency proceedings relating to the original insolvent company are launched. Transparency and the highest standards of professionalism can minimise friction between creditors and directors.

Trade 52

3rd Cir. Holds No FDCPA Violation When Debt Collector Invited Phone Calls To ‘Eliminate Further Collection Action’

Collection Industry News

Further, if you make a written request upon this office within THIRTY (30) days of receiving this notice, this office will provide you with the name and address of the original creditor, if different from the current creditor. a statement that, upon the consumer’s written request within the thirty-day period, the debt collector will provide the consumer with the name and address of the original creditor, if different from the current creditor.

Hiring the right collection agency has its advantages

American Profit

Many times, those laws can extend to the original creditor which would be you. Violating any of these laws can cost your business much more than the original debt owed to you so it is wise to hire a third party that knows all these laws.

Selling your debt vs. hiring a debt collection agency

True Accord

Original creditors forfeit control over the methods of communication with their consumers when the sale of debt is complete. In the wake of the COVID-19 pandemic, a recession is looming, and consumer debt is on the rise.

How to Remove MRS BPO LLC From Your Credit Report

Better Credit Blog

MRS BPO LLC is contacting you because they are now responsible for collecting a debt on behalf of your original creditor. They have either been hired by the original creditor to get you to make payments, or they purchased the debt for pennies on the dollar.

How to Remove CCS Offices From Your Credit Report

Better Credit Blog

CCS Offices is a company that collects debts on behalf of original creditor. They were founded in 1969 in Delaware and make their money by collecting debts on behalf of creditors or by purchasing debts from creditors.

Top Two Complaints in Medical Collections

National Service Bureau

Medical collections are a particularly difficult field - they demand tact, human dignity, and effective collection tactics all at the same time. We’ve got an entire blog post detailing how medical collections are distinguished from other debts, but in this one, we’ll focus on the top two complaints generated as a result of collection agencies pursuing medical debt. These statistics are taken directly from the raw data that the Consumer Financial Protection Bureau (CFPB) receives every year.

Can a Collection Agency Report to the Credit Bureau Without Notifying You?

Credit Corp

It does not come into play for creditors collecting their own debts. The name of the original creditor to whom the debt is owed. Unfortunately, the FDCPA doesn’t cover business debt or debt that is owed to the original creditor rather than a collection agency.

FTC Cracks Down On Corrupt Debt Collectors

Collection Industry News

Within 5 days of first contacting you, debt collectors must “validate” or tell you the amount of the debt, the name of the current creditor, and how to get the name of the original creditor. Check with the original creditor. This article originally appeared on Jackson Sun: FTC cracks down on corrupt debt collectors. Source: site.

How to Remove Radius Global Solutions LLC From Your Credit Report

Better Credit Blog

This means that Radius Global Solutions has acquired your debt from the original creditor and has opened a collection account on your credit report. Originally founded in Minnesota in 1982, Radius Global Solutions collects on behalf of a variety of industries.

How to Remove Nationwide Recovery Service from Your Credit Report

Better Credit Blog

They are currently headquartered in Norcross, Georgia, but they were originally founded in 1979 in Texas. This is because the original creditor of your debt has hired them to recover payments from you.

How to Remove National Credit Services from Your Credit Report

Better Credit Blog

If National Credit Services contacts you, it means that they have either been hired by your original creditor or have acquired the debt from your original creditor. Failing to pay a debt may culminate into being pursued by a debt collector.

How to Remove CMRE Financial Services From Your Credit Report

Better Credit Blog

They make their money by coercing payments from you on behalf of original creditors. This kind of information includes the name tied to the debt, the date of debt acquisition, the total amount, and the original creditor.

Katabat Supports RMAI’s 2020 Annual Conference with Gold Sponsorship

Katabat

The conference, occurring February 3–6, 2020, brings together key participants in the receivables management industry, including debt buying companies, collection agencies, collection law firms, brokers, originating creditors, and affiliates.

How to Remove 11 Charter Bright House from Your Credit Report

Better Credit Blog

They were originally Bright House Network, which was purchased by Charter Communications. The information about your debt can get lost as it is passed from the original creditor to the debt collector.

How to Remove AR Resources Inc. from Your Credit Report

Better Credit Blog

AR Resources is a debt collector that has been hired on behalf of the original creditor. It is not uncommon for information about debts to get lost or misconstrued in the transfer from the original creditor to the debt collector.

How to Remove Covington Credit from Your Credit Report Outline

Better Credit Blog

Covington Credit is a third-party collector that collects payments from you on behalf of the original creditor or as the now-owner of the debt. Originally founded in 2002, Covington Credit is a small debt collection agency headquartered in Greenville, SC.

How to Remove National Credit Systems From Your Credit Report

Better Credit Blog

National Credit Systems is a third-party debt collector that has been hired on behalf of the original creditor to collect the debt from you. This is because it is not uncommon for information about debts to get lost when it moves from the original creditor to the third-party collector.

How to Remove ConServe from Your Credit Report

Better Credit Blog

They are a third-party debt collector, which means that they may be hired by your original creditor, or they may purchase your old debt on the chance that you pay them instead. Originally founded in 1985, ConServe is a medium-sized debt collector that is headquartered in Fairport, NY.

Yes, Debt Collectors Can Still Call Numbers Supplied to Creditors as Part of Underlying Transaction

Collection Industry News

Here’s some bedrock—debt collectors can call numbers supplied by the consumer to an original creditor as part of a credit transaction. Things can get dicey where the consumer switches number or the collector doesn’t have access to the original data supplied to the creditor, so watch out if that’s the case. Either way, it never hurts to have a court decide that consent passed from a creditor to a debt collector. Really quick one for you.

Picking Apart the Validation Notice Requirements Under the Debt Collection Rule

Consumer Financial Services Law

c)(2)(i) of the Rule requires the debt collector disclose as part of its validation information the mailing address at which the debt collector accepts disputes and requests for original-creditor information. The Rule allows for some flexibility by allowing a debt collector to disclose a vendor’s mailing address if that is an address at which the debt collector accepts disputes and original-creditor requests. By: Caren D.