Nexa Collect

FEBRUARY 3, 2022

An average collection agency will recover about 20% of the total debt assigned. Here are the most important factors which decide how much a collection agency will collect for you: 1. Some clients may get a 100% recovery rate, for others it could very well be 0%. Social Services Misc.,

Collection Agencies 130

Collection Agencies Collections Agency Collections Debt collector 130

Account Recovery

AUGUST 29, 2022

The Connecticut Department of Banking has revoked the consumer collection agency license and imposed a fine of $100,000 on a collection agency for failing to provide information requested during an examination, which rendered the state unable to determine the financial responsibility and general fitness of the operation that it could operate soundly (..)

Collection Agencies 244

Collection Agencies Collections Agency Consumer Collections Banks 244

Nexa Collect

NOVEMBER 26, 2022

As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. Failure to comply with GLBA can have severe consequences for the collection agency, especially the owners and/or the CEO.

Collection Agencies 130

Collection Agencies Collections Agency Financial Institution Collections 130

Account Recovery

NOVEMBER 5, 2024

The Federal Trade Commission has filed a lawsuit and received a temporary restraining order freezing the assets and taking control over a Georgia-based debt collection agency, Global Circulation, Inc., after it was accused of using deceptive and abusive tactics to collect debts from consumers.

Debt collector 130

Debt collector Fair Debt Collection Collection Agencies Collections Agency 130

Account Recovery

DECEMBER 5, 2024

of the booklet brings several important updates for banks under OCC supervision, but these changes also carry implications for entities beyond traditional OCC-regulated institutions, such as debt collection agencies and fintech firms. Version 1.1

Collection Agencies 130

Collection Agencies Collections Agency Trade Banks 130

Account Recovery

MARCH 11, 2025

Why it matters: For professionals in debt collection agencies, debt buying companies, fintechs, banks, credit unions, and consumer finance firms, these findings underscore a growing vulnerability among older borrowers.

Credit Card Debt 130

Credit Card Debt Credit Unions Credit Unions Debt Buying 130

Account Recovery

JULY 6, 2022

The Connecticut Department of Banking has levied a $10,000 fine against a company for operating as a consumer collection agency in the state without obtaining the proper license. A copy of the ruling in the matter against Lockhart, Morris & Montgomery can be accessed by clicking here.

Collection Agencies 246

Collection Agencies Collections Agency Consumer Collections Banks 246

Account Recovery

NOVEMBER 30, 2021

The Connecticut Department of Banking has ordered a collection agency to refund all charges, fees, and amounts received from consumers in the state for the past five years while also announcing a hearing has been scheduled to revoke and refuse to renew a license for the company to collect in the state and possibly impose … The post Conn.

Collection Agencies 246

Collection Agencies Collections Agency Banks Collections 246

Nexa Collect

SEPTEMBER 15, 2020

Need a Collection Agency – Serving Nationwide? Before the 2008 financial crisis, CRE’s made up nearly 50% of many smaller banks’ portfolios, and that number remains elevated above comfortable levels today. Other banks are following suit. It wasn’t until September of 2008 that the first bank failure occurred.

Collection Agencies 130

Collection Agencies Collections Agency Lender Collections 130

Account Recovery

JULY 27, 2021

A collection agency has agreed to pay a $10,000 fine as well as nearly $3,000 in back licensing fees in a consent order entered into with the Connecticut Department of Banking after the agency was alleged to have operated in the state for seven years without the proper license.

Collections 246

Collections Collection Agencies Collections Agency Banks 246

Account Recovery

JANUARY 19, 2022

The Connecticut Department of Banking has revoked a collection agency’s license to collect in the state, while also issuing an order to cease and desist from not cooperating with the regulator, and assessed a fine of $100,000 for failing to provide information that had been requested as part of an examination of the agency.

Collection Agencies 246

Collection Agencies Collections Agency Banks Collections 246

Nexa Collect

JUNE 21, 2023

If you ignore a debt collection agency, several potential consequences could affect your financial well-being and peace of mind: Persistent Contact : Debt collection agencies might persist in attempting to contact you through phone calls, letters, and possibly emails. This can be stressful and disruptive.

Collection Agencies 100

Collection Agencies Collections Agency Credit Counselor Garnishment 100

Account Recovery

JULY 27, 2021

CONN. (..)

Collection Agencies 246

Collection Agencies Collections Agency Banks Collections 246

Account Recovery

FEBRUARY 27, 2025

Professionals at debt collection agencies, fintechs, and banks can expect to interact with borrowers who dont fit the typical risk profile yet face the same liquidity crunch. By the numbers: What theyre saying: Being cash poor is a way of life for most Americans, says Rodney Williams, president and co-founder of SoLo.

Collection Agencies 130

Collection Agencies Collections Agency Education Loans 130

Account Recovery

DECEMBER 30, 2024

The debt must be owed to a medical provider or collection agency to not be included on a credit report; debts paid using medical credit cards or other forms of consumer credit are still eligible to be reported.

Garnishment 130

Garnishment Debtor Collection Agencies Collections Agency 130

Debt Recoveries

MAY 29, 2020

One of the services businesses are able to use to help maintain or improve their cashflow is a debt collection agency. To assist in ensuring quality and integrity within the debt collection industry, the Institute of Mercantile Agents was formed. Partnering with the right collection agency can do wonders for your cash flow.

Collection Agencies 80

Collection Agencies Collections Agency Collections Debt Recovery 80

Account Recovery

JULY 8, 2021

State regulators, including those that specifically regulate collection agencies, have asked the Department of Education to “cease obstructing or discouraging state regulation” by formally taking steps to prove it is serious about not blocking attempts from state regulators to access records needed to investigate student loan servicers (..)

Student loans 246

Student loans Student Loans Loans Collection Agencies 246

UK debt collections

MAY 4, 2021

In the past, Companies have often waited till they had large volumes of debts before recruiting a debt collection agency. Recent history shows this is no longer the case with Companies taking a more pragmatic approach and using Debt Collection Agencies ad-hoc also. That is an average of 7.5 hours per week!

Collection Agencies 75

Collection Agencies Collections Agency Collections Debt Recovery 75

UK debt collections

JUNE 11, 2021

The High Court has shut down a rogue Debt Collection Agency it has emerged. The Debt Collection Agency spuriously claimed to be able to collect debts from liquidated companies. They would offer to collect from liquidated company directors ‘personally’ which is contrary to UK insolvency law.

Collection Agencies 70

Collection Agencies Collections Agency Collections Creditors 70

Account Recovery

FEBRUARY 18, 2025

Mark Ravanesi is coming onto the RMAI Board of Directors for 2025, in the certified third-party collection agency seat. a collection agency. Prior to that, he spent 8 years in various areas of banking, primarily Commercial Lending. He is the CEO of TrueAccord. and internationally.

Collection Agencies 130

Collection Agencies Collections Agency Law Firms Original Creditor 130

American Profit Recovery

SEPTEMBER 27, 2024

Many of these hurdles come from pre-conceived notions about what it means to have an account sent to collections, or to be contacted by a collection agency. Collection agencies buy debts and can settle for pennies on the dollar At American Profit Recovery, we are not debt buyers.

Debt collector 198

Debt collector Collection Agencies Collections Agency Education 198

Account Recovery

NOVEMBER 4, 2021

The following is not directly related to the accounts receivable management industry, but does underscore the importance of making sure that employees and collectors are not able to use the information they have access to in other jobs that they may have outside of working at a collection agency.

Accounts Receivables Management 246

Accounts Receivables Management Collection Agencies Collections Agency Collections 246

Account Recovery

NOVEMBER 18, 2020

The number of individuals with an account that has been placed with a collection agency continued to hit record lows in the third quarter, even as the average collection amount per person increased, according to data released yesterday by the Federal Reserve Bank of New York.

Collections 162

Collections Collection Agencies Collections Agency Banks 162

Account Recovery

JUNE 22, 2021

The Connecticut Department of Banking has assessed nearly $11,000 in fines against a collection agency for operating in the state without a license, according to a copy of a consent order that was published this week.

Collection Agencies 147

Collection Agencies Collections Agency Banks Collections 147

Account Recovery

MAY 24, 2024

The Connecticut Department of Banking has issued a temporary order to cease and desist against a Texas-based collection agency for operating in the state without the required license.

Fair Debt Collection 130

Fair Debt Collection Collections Collection Agencies Collections Agency 130

Account Recovery

DECEMBER 8, 2023

Owners of Allegedly Unlicensed Collection Operations Facing FDCPA Suit Judge Grants MTD in FDCPA Case Over Undated MVN Overdraft Fee Issues Cost Bank $6.2M in CFPB Enforcement Action January Raises $12M to Expand Collection Platform MCA Collection Agency Turns to Skit.ai

Collection Agencies 147

Collection Agencies Collections Agency Collections Banks 147

Credit Corp

JUNE 3, 2021

Can debt collectors take money from your bank account to offset debts you owe them? But it takes a lot to get to that scenario, so if you’re not there yet you still have time to learn how to protect yourself from this type of collections activity. How to Open a Bank Account That No Creditor Can Touch. Try ExtraCredit.

Debt collector 92

Debt collector Banks Garnishment Creditors 92

Direct Recovery

MAY 4, 2024

Many companies hire a collection agency to handle their problematic or delinquent accounts when that happens. But if you aren’t careful and hire the wrong agency, it can also be a complete waste of time. It can feel intimidating if this is your first time working with a commercial debt collection agency.

Collection Agencies 59

Collection Agencies Collections Agency Collections Construction 59

Account Recovery

AUGUST 10, 2020

Logicoll, LLC is excited to announce the launch of our professional debt collection agency. Our company provides compliant recovery solutions for organizations with outstanding receivables including major banks, credit card issuers, auto financing companies, fintech lenders, and more.

Collection Agencies 147

Collection Agencies Collections Agency Creditors Lender 147

UK debt collections

MARCH 5, 2025

Falsely claimed to be an FCA regulated Debt Collection Agency Edna Okhiria, Chief Investigator at the Insolvency Service, said: “Our investigation found many aspects of Encores operations that were not legitimate, namely money not being fully forwarded after a debt collection and false claims to being FCA regulated.”

Debt collector 68

Debt collector Debt Recovery Collection Agencies Collections Agency 68

Account Recovery

FEBRUARY 7, 2024

The number of accounts being placed with third-party collection agencies? That number is on the decline, according to data released yesterday by the Federal Reserve Bank of New York. Delinquency rates are on the rise. The amount of debt being carried by consumers is on the rise.

Collection Agencies 130

Collection Agencies Collections Agency Banks Collections 130

Account Recovery

DECEMBER 7, 2023

A collection operation has agreed to pay a $10,000 fine to the Connecticut Department of Banking for operating in the state without the proper license to collect. The Background: The company operated in Connecticut as a licensed consumer collection agency from 2010 through 2018, when its license expired.

Collections 130

Collections Collection Agencies Collections Agency Consumer Collections 130

Account Recovery

AUGUST 31, 2023

The Connecticut Department of Banking has reduced the fine against a law firm that was operating in the state without a consumer collection agency license to $20,000 from $100,000, largely on the basis that the law firm is no longer in business. A copy of the order with the Law Offices of David M. Katz […]

Law Firms 130

Law Firms Collections Collection Agencies Collections Agency 130

Account Recovery

JULY 28, 2023

The Connecticut Department of Banking has fined a collection agency $15,000 for operating in the state without a license, the second time the company has been fined for doing so. A copy of the order against Professional Debt Mediation can be accessed by clicking here.

Collection Agencies 130

Collection Agencies Collections Agency Banks Collections 130

Taurus Collect

JULY 14, 2022

Moreover, the older the obligations get, the harder it is to collect the payment. However, hiring a reputed debt collection agency will significantly help you as they will use multiple methods to locate your debtors and help you effectively gather your amounts. This helps them smoothly carry out their debt collection process.

Collection Agencies 52

Collection Agencies Collections Agency Debtor Collections 52

Account Recovery

SEPTEMBER 17, 2024

The background: The case stemmed from a credit card account opened by the plaintiff with Synchrony Bank in July 2016. June 2020, Synchrony Bank sold a portfolio of accounts, including the plaintiff’s, to the defendant, a debt collection agency. Learn more.

Fair Debt Collection 130

Fair Debt Collection Collection Agencies Collections Agency Banks 130

Account Recovery

AUGUST 14, 2024

The original lawsuit centered around whether the current creditor to whom the debt was owed was properly identified in a collection letter. The Background: The plaintiff defaulted on a credit card debt that was owed to First Premier Bank.

Credit Card Debt 130

Credit Card Debt Fair Debt Collection Collection Agencies Collections Agency 130