NYDFS Issues Amendments to Debt Collection Rules; Comment Period Open Until Next Week

Account Recovery

The New York Department of Financial Services has issued a series of amendments to its debt collection rules for third-party debt collectors and debt buyers that could change how consumers are communicated with, including the information that must be provided after an initial communication is made.

What New Debt Collector Rules Mean for You

Nerd Wallet

Working with third-party debt collectors can be confusing and scary. adults with debt in collections, knowing their legal rights is crucial. The article What New Debt Collector Rules Mean for You originally appeared on NerdWallet.

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Bill Introduced in Congress to Expand FDCPA to Cover Small Businesses

Account Recovery

A bill has been introduced in Congress that would expand the Fair Debt Collection Practices Act to cover small business debts in order to protect those companies from “harassment” by third-party debt collectors, according to the bill’s sponsor.

Daily Digest – November 2. NYDFS Proposes Debt Collection Rule Changes; Judge Grants MTD in FDCPA Case Over Credit Reporting Language

Account Recovery

NYDFS Proposes Debt Collection Rule Changes; Judge Grants MTD in FDCPA Case Over Credit Reporting Language appeared first on AccountsRecovery.net.

What Is a Debt Collector?

Nerd Wallet

What is a debt collector? A debt collector is a person, agency or company responsible for collecting money owed, usually on a past-due account. The article What Is a Debt Collector? Paying Off Debt Personal Finance

The 4-1-1 on the Consumer Credit Fairness Act

Payment Savvy

A new NY law – the Consumer Credit Fairness Act – directly affecting debt collectors in the state starts to go into effect on April 7, 2022. It enhances consumer rights in the event of a debt collection dispute.

Supreme Court says Congress must expand debt collection law

Roths Child Law

Congress needs to enact laws expanding consumer protections against abusive debt collection, the U.S. Defendant debt collector Santander Consumer USA Holdings ultimately prevailed because it was not collecting money on behalf of a third party.

Texas A&M Journal of Property Law CFP for consumer law symposium

Public Citizen

  Topics Under Consideration: The Texas A&M Journal of Property Law is interested in broadly exploring recent changes and concerns in consumer law including consumer credit and debt practices, regulatory rollbacks by the Consumer Financial Bureau, consumer bankruptcy proceedings, credit reporting, data security, mortgage lending practices, and student-loan forgiveness.  We received the following CFP: Texas A&M Journal of Property Law: Spring Symposium Proposal.

CFPB Provides Some Hints as to First Party Debt Collection Rules

Consumer Financial Services Law

In prepared remarks to the National Association of Federal Credit Unions, the CFPB provided some hint as to what we can expect with regard to first party debt collection rules. In July, the CFPB released a debt collection proposal regarding traditional third party debt collectors. At the time, the CFPB stated that it would also be releasing a debt collection proposal addressed to first party debt collectors at a later date.

Selling your debt vs. hiring a debt collection agency

True Accord

In the wake of the COVID-19 pandemic, a recession is looming, and consumer debt is on the rise. Debt sales play a unique role in the collections industry, as choosing between selling to a debt buyer and placing accounts with a third-party debt collector can make or break a brand.

New York Significantly Changes Debt Collection Lawsuits

Collection Industry News

New York recently enacted Senate Bill (SB) 153 , the Consumer Credit Fairness Act, significantly impacting debt collection lawsuits filed by creditors or debt collectors. Extensions and revivals of statutes of limitations based on subsequent payment, written or oral affirmation, and other activity on the debt will now be prohibited. The post New York Significantly Changes Debt Collection Lawsuits appeared first on Collection Industry News. Source: site.

New York Enacts Consumer Credit Fairness Act, Amending Civil Practice Law and Rules and the Judiciary Law

Troutman Sanders

The Act amends provisions of New York’s Civil Practice Law and Rules, commonly referred to as the CPLR, and the Judiciary Law to require original creditors and third-party debt collectors to include certain information and documents when filing and prosecuting debt collection actions.

Digital Engagement Technology in Debt Collection: Consent, Compliance and Risk

PDC Flow

Spam calls and change in communication preferences from younger generations is making it harder than ever for debt collectors to get consumers on the phone. One main goal of the Bureau’s rule was to help consumers take control of their interactions with collectors.

What to Expect in New York Debt Collection Law in 2022

FFGN COLLECT NY

There are a number of new developments in New York State legislation that will change New York debt collection law and likely impact your receivables and collection claims, and ultimately your bottom line. Once the statute lapses, the on-account payment will no longer revive the debt.

Court Grants Partial Summary Judgment in FCRA Case Based on Statute of Limitations

Troutman Sanders

The defendant, Preferred Collection & Management Services (Preferred Collection), is a third-party debt collector. All Entries Debt Buyers + Collectors FCRAIn Fowler v. Preferred Collection & Mgmt. Servs. , 8:21-cv-1038-WFJ-AAS (M.D.

Modernizing Debt Collection During the Digital Age

Credit Management Company

Debt collection has been around for centuries, with many changes constantly taking place. However, from a digital perspective, the debt collection industry has been slow to evolve. The basic rules of debt collection still stand: Hours of contact are between 8 a.m.

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

Direct Recovery

In what is supposed to be an increase in protections offered to consumers, an updated version of the Fair Debt Collection Practices Act (FDCPA) was passed in the fall of 2020 that brings that iconic piece of legislation up to date with modern forms of communication.

Dealing with Debt Collectors

Debt Free Colorado

Debt Relief Attorney Serving Colorado. Dray Legal Office’s attorneys will endeavor to help you obtain a fresh start by eliminating debt and reorganizing your finances. In this article we will answer the question: What can debt collectors do to you?

How to Remove Capital One Collections From Your Credit Report

Better Credit Blog

To remove Capital One Collections from your credit report, you first need to know who currently owns the debt. In other words, has Capital One sold your unpaid credit card debt to another collection agency, or is the debt still with Capital One?

Common Myths About Using a Collection Agency

Credit Management Company

The word debt often fills people with anxiety, and not without reason. The average American has over $90,000 of debt , and many struggle to manage this number. Unfortunately, much of what people “know” about the debt collection industry relies more on myths than facts.

How To Remove Penn Credit from Your Credit Report

Better Credit Blog

Avoiding the problem won’t make it go away, but paying your debt won’t necessarily solve anything, either. Today, we’ll walk you through all the details you need to know about Penn Credit and debt collectors in general so you can have them taken off your report in no time.

Analysis of a Scam Email – “The Webster Law Firm” and Speedy Cash

Debt Free Colorado

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. and press legal charges against you You press charges in a criminal case, not a civil debt collection you silly goose. Are you trying to collect a debt or sign me up for a new loan?

How To Remove Credence Resource Management From Your Credit Report

Better Credit Blog

Is Credence Resource Management, LLC, contacting you about unpaid debts? The longer you avoid a debt collection agency like Credence, the more damage the agency can do to your credit score. Over the years, Credence has collected a lot of debt, earning a profit of $5 million last year.

Fair Debt Collection Practices Act (FDCPA)

Better Credit Blog

Having debt in collections can be downright overwhelming, especially when debt collectors bombard you with dozens of phone calls. What Is the Fair Debt Collection Practices Act (FDCPA)? How the Federal Debt Collection Practices Act Protects You.

Eleventh Circuit Holds Transmitting Consumer Information to Third Parties Exposes Debt Collectors to Liability under the FDCPA

Burr Forman

In a decision that could throw the debt-collection industry into turmoil, on April 21, 2021, the Eleventh Circuit Court of Appeals released its opinion in the case Hunstein v. The consumer brought suit against the debt collector, alleging violation of 15 U.S.C.

Collection Agency for Funeral Homes: Recover Unpaid Bills

Nexa Collect

Being a third-party debt collector, they are well-versed with dealing all those excuses and know exactly how to get your money back to you. Managing Debt. Debt RecoveryUnpaid bills are a huge problem for funeral homes.

How To Remove AMCOL Systems From Your Credit Report

Better Credit Blog

Debt collectors can be a nuisance, and their effects on your credit score are even worse than their constant calls. It might seem like paying off your debt is the best method for getting a collections agency like AMCOL off your report, but that could do more harm than good.

How to Remove ConServe from Your Credit Report

Better Credit Blog

ConServe is a debt collection agency that may contact you regarding unpaid debts. 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.

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

On December 22, the Federal Trade Commission (FTC) gave final approval to a settlement with a mortgage industry data analytics firm that will require the company to bolster its data security protections and oversight of its vendors to ensure third-party providers also comply with those safeguards.

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology. Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19).

Passive Debt Buyer May Delegate Dispute Communications to Third Party

Consumer Financial Services Law

A New York District Court recently addressed the issue of whether the FDCPA requires passive debt buyers to personally register disputes or whether they can delegate that obligation to their third party debt collector/servicer. Passive debt buyers purchase debt but retain third parties to service and collect the debt. Nunez’s accounts had been acquired by a passive debt buyer, Pinnacle Credit Services (“Pinnacle”).

How To Remove Ad Astra Recovery Services, Inc. From Your Credit Report

Better Credit Blog

Is Ad Astra Recovery Services stressing you out with calls about outstanding debts? The certified debt collection agency has been operating since 2007, with its headquarters in Wichita, Kansas. Send a debt validation letter. Send a Debt Validation Letter.

CFPB releases final rule to implement FDCPA

Collection Industry News

On Friday, the bureau issued its final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The regulator explained the rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts. WASHINGTON, D.C.

How To Remove MBA Law Offices/CAPIO from Your Credit Report

Better Credit Blog

If MBA Law Offices/Capio is calling you and sending letters claiming you owe them money, they’ve likely reported your debt to one or more of the credit bureaus. When that happens, your credit could suffer for as long as seven years, regardless of whether you pay your debt off or not.

How To Remove Americollect From Your Credit Report

Better Credit Blog

Instead, you’ll need to dispute the debt or negotiate a pay-for-delete agreement. Americollect, Inc has been in the debt collection business since 1964. Unpaid medical debts don’t have to hold you back from your financial goals. Mail Americollect a debt validation letter.