Collection Industry News

JUNE 14, 2021

In 2018, Homeland Security Investigations agents got a search warrant and seized $242,088 from Nocera’s business and personal bank accounts, after convincing a judge there was probable cause to believe the funds were derived from unlawful debt collecting and wire fraud. Gregory MacKinnon, Angela Burdorf, Joseph Ciffa.

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FDCPA Defense

FEBRUARY 20, 2012

Does the Consumer Financial Protection Bureau (CFPB) have the power to tell debt collectors to turn over their attorney-client privileged communications? Thus, the Bureau effectively believes it can obtain the privileged documents of any debt collector in the country. The answer may depend on who you ask.

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Better Credit Blog

APRIL 3, 2022

Portfolio Recovery will buy old debt for pennies on the dollar. By purchasing old debt, Portfolio Recovery becomes the debt collector, gambling that it can collect on the debt and make a profit. The Fair Debt Collection Practices Act outlines your rights as a consumer.

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Collection Industry News

JANUARY 19, 2021

Yet the federal government’s Paycheck Protection Program last year also gave the company a helping hand: It provided $2.4 Those were just two of more than 1,800 loans that went to debt collectors and high-interest lenders through the Paycheck Protection Program, according to an analysis by The Washington Post.

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True Accord

JULY 2, 2020

To better understand the effect this uncertainty has had on debt collection, we analyzed data from over 12 million consumers of major banks, issuers, eCommerce companies, and direct lenders. What’s next for debt collection? Here’s what you can expect from the report: Pre-coronavirus payment insights.

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Taurus Collect

JANUARY 24, 2023

But while it can be exciting to think about that refund cheque hitting your bank account soon, there’s another equally pressing reason why you should pay attention this tax season – debt collection! However, dealing with debt collectors can be intimidating if you don’t know how to handle them properly.

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Credit Management Company

JULY 14, 2021

Preferred Collection and Management Services, Inc. and what it could mean for the debt collection industry. The debt collection company electronically sent the following information to its third-party vendor: The consumer’s name and address. The debt concerned his son’s medical treatment.

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UK debt collections

JUNE 11, 2021

Investigators made numerous enquiries and confirmed several instances of misconduct caused by the Company. The scam debt collection firm had been using a bank account that was not in its own name. Small Businesses are well advised to use only reputable Debt Collection Agencies that have a clear track record.

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Taurus Collect

JULY 14, 2022

Here are a few primary resources that a debt collection agency uses to find people: Information on your credit application. One of the easiest ways a debt collection company can locate your debtors is by referring to the information on the credit application. Credit bureaus.

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Better Credit Blog

SEPTEMBER 11, 2020

There are few things more anxiety-inducing than being contacted by a debt collector. If a company called EOS CCA is on your missed calls list, it means that they are pursuing you for an old debt. They have also likely opened a collections account on your credit report. Request Debt Validation.

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Better Credit Blog

FEBRUARY 22, 2021

Frontline Asset Strategies is a debt collector that you may hear from when you start to miss payments. They are a third-party debt collector that specializes in recovering unpaid bills from consumers like you or me. Not only are debt collectors annoying, but they can have detrimental effects on your credit score as well.

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UK debt collections

MARCH 27, 2023

Private Debt Collection firms being hired The HMRC is hiring private debt collection firms to recover owed monies from universal credit claimants. Debt Collectors are being hired to chase overpayments from universal credit claimants.

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Better Credit Blog

OCTOBER 2, 2020

Have you noticed a company called Aargon Agency Inc shows up on your credit report? While calls from debt collectors are annoying, they are the least of your worries. Being pursued by Aargon Agency Inc will be accompanied by a collection account on your credit report and a drop in your credit score.

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Debt Collection Answers

MAY 18, 2023

The Fair Debt Collection Practices Act (FDCPA) and other laws provide you with rights and protections that you can use to fight back against such behavior. When dealing with a debt collector like ARS National Services, confirming that the debt is yours is important. What is Associated Recovery System Collection?

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Better Credit Blog

APRIL 1, 2022

Once CRM purchases the debt, it is legally allowed to seek repayment, continuously contacting individuals by phone, email, and mail until the debt is paid or an agreement is reached. Credence collects for several major companies in the following industries: Healthcare. Do I Have to Pay Credence Resource Management?

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Troutman Sanders

JANUARY 20, 2022

On January 13, the CFPB released a bulletin, reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. The defendants knew, or should have known, the collection companies made false threats and false statements to consumers.

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True Accord

JUNE 19, 2020

Point of Sale finance companies like Affirm and Afterpay are making it simple for consumers to pay for more expensive goods in installments. Banks with decades (or even centuries) of history have quickly accessible apps that give consumers immediate access to their accounts. Debt collection can’t miss out on this digital revolution.

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Better Credit Blog

APRIL 1, 2022

If an agreement is reached, avoid granting the company access to your bank account. Harassing calls from a debt collection company tends to trigger a range of unpleasant emotions, from anxiety, fear, anger, frustration, and beyond. CCS may haggle with you. Knowing Your FDCPA Rights.

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True Accord

FEBRUARY 3, 2022

For lenders, even the largest international banks, loan losses are the largest expense line in the budget so it’s important to prepare for those losses. How do lenders and debt collectors use roll rates? What are credit loss provisions and why are they important to financial providers? roll rate from buckets 1-2.

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Collection Industry News

DECEMBER 21, 2020

Court of Appeals for the Ninth Circuit recently reversed an award of summary judgment in favor of a defendant debt collector against claims that it violated the federal Fair Debt Collection Practices Act (FDCPA) by attempting to collect a debt that was discharged in bankruptcy and no longer owed.

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Collection Industry News

DECEMBER 1, 2022

But if you’ve let it go unpaid for months, your issuer could pass it on to one of over 7,000 third-party collections agencies in the U.S. For instance, a number of card issuers — including Amex , Bank of America , Chase and more — have stepped forward to offer financial assistance programs in light of the coronavirus pandemic.

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Troutman Sanders

MAY 2, 2023

Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” In his opening statement, Ranking Member Tim Scott (R-SC) hoped that consumer financial companies continue taking “the subjective nature out of lending.” For more information, click here. On April 27, the U.S.

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Burt and Associates

OCTOBER 31, 2024

Introduction and Spotlight on Medical and Rental Debt 1.1 Medical Debt 1.1.1 Introduction: This section highlights the CFPB’s work on medical debt issues, including a proposed rule to restrict medical debt reporting on credit reports. Rental Debt 1.2.1 Introduction and Spotlight on Medical and Rental Debt 1.1

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