Consumer Financial Services Law
SEPTEMBER 21, 2016
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.
FFGN COLLECT NY
JUNE 14, 2023
A federal law, the FDCPA governs the actions that all third-party debt collectors must take when collecting consumer debt, which includes the notice and disclosure requirements when contacting debtors, and limitations on such contact.
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FDCPA Defense
SEPTEMBER 26, 2017
Can a bank be sued for acting as a “debt collector” under the California Rosenthal Act? You are probably tempted to answer “yes” it can, because you know the Act defines a “debt collector” to include an entity that is collecting on behalf of itself or on behalf of third parties. Code § 1788.2(c)
Debt Free Colorado
FEBRUARY 21, 2022
The Colorado Attorney General’s Office investigates complaints about lenders and creditors licensing non-bank lenders such as finance companies and payday lenders. The Colorado UCCC, in addition to the federal FDCPA, gives additional safeguards to original creditors, third-party debt collectors, and debt buyers.
Credit Corp
JULY 20, 2020
Once your debt is charged off, your creditor will send a negative report to one or more of the credit reporting agencies. It may also attempt to collect on the debt through its own collection department, by sending your account to a third-party debt collector, or by selling the debt to a debt buyer.
Taurus Collect
AUGUST 15, 2023
This can result in a lawsuit, and if the court rules in the collector’s favour, they may be able to garnish wages or levy a bank account to recover the debt.
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. Just because Credence is legit doesn’t mean your debt is. Your first step, when you hear from CRM, is to validate the debt.
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