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Compliance Digest – December 30

Account Recovery

A pro se consumer had managed to get a 3-judge panel of the Court of Appeals to reverse (in a 2-1 decision) lower court rulings finding that PRA had established its standing to sue and its ownership of the debtors account in the underlying collection action, and judgment in its favor on the debt. More details here.

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Impact of Collection Agency Letters on Debtors

Nexa Collect

Collection agency letters can impact debtors, depending on factors such as the debtor’s financial situation, emotional state, and knowledge of their rights and responsibilities. Urgency to Pay : The letters can create a sense of urgency to pay off the debt.

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Supreme Court says Congress must expand debt collection law

Roths Child Law

Defendant debt collector Santander Consumer USA Holdings ultimately prevailed because it was not collecting money on behalf of a third party. Debt obtained from bankrupted finance company. Santander bought the debt from a financier going through bankruptcy, which made Santander the owner of the debt.

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What are some common mistakes that businesses make when trying to collect unpaid debts?

Collections Law

Time is of the essence when collecting debts. Debtors may dissipate assets or file for bankruptcy, leaving you with little recourse. Mistake #2: Lack of proper documentation Proper documentation is essential in debt collection. The longer you wait, the harder it can be to recover what you’re owed.

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2024 FDCPA: Key Updates to the Fair Debt Collection Practices Act

Burt and Associates

The Fair Debt Collection Practices Act ( FDCPA ) is a cornerstone of consumer protection laws in the United States. It ensures that debt collectors adhere to specific ethical and legal standards when pursuing debts. The Act aims to curb these practices and protect consumers.

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2024 FDCPA: Key Updates to the Fair Debt Collection Practices Act

Burt and Associates

The Fair Debt Collection Practices Act ( FDCPA ) is a cornerstone of consumer protection laws in the United States. It ensures that debt collectors adhere to specific ethical and legal standards when pursuing debts. The Act aims to curb these practices and protect consumers.

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Best Practices for Call Baiting in Debt Collection

PDC Flow

The term call baiting may seem self-explanatorybaiting a debt recovery professional during a phone call. Call baiting is when the debtor attempts to trick you into breaking a law. This can be a Fair Debt Collection Practices Act violation, or violation of other laws or regulations which pertain to debt collectors.