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Managing Compliance and Regulations in Collections in the UK: What Lenders Should Know

Taurus Collect

Managing compliance and regulations in collections can be challenging for lenders in the UK. This blog post aims to provide clear guidance on what lenders need to know. Understanding these elements can help lenders navigate the complexities of their industry.

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There are 7,060 collections agencies in the U.S.—here’s what to do you if your credit card debt is sent to one

Collection Industry News

Collections agencies buy your unpaid credit card debt from your card issuer when your balance lingers too long — but that doesn’t mean it goes away. When a collections representative from your credit card issuer calls you, it’s usually because you haven’t made at least the minimum payment for at least 30 days.

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How To Remove Portfolio Recovery From Your Credit Report

Better Credit Blog

If you’re reading this article, I bet you’ve recently been contacted by a company called Portfolio Recovery Associates —and you may be wondering how to remove them from your credit report. Portfolio Recovery buys multiple accounts with old debt from companies that have given up and “charged off” the accounts.

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Can a Debt Collector Collect After 10 Years?

Credit Corp

Whether you have medical debt, credit card debt or unpaid student loans , getting calls or letters from debt collection companies can be frustrating. Each state has a law referred to as a statute of limitations that spells out the time period during which a creditor or collector may sue borrowers to collect debts.

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Debt Collectors, Payday Lenders Collected Over $500 Million In Federal Pandemic Relief

Collection Industry News

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. It received $1.5

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CFPB Weighs Ban On Medical Debts In Credit Reports

Collection Industry News

Doctors and hospitals typically don’t report late payments directly to credit bureaus, but they may eventually send past-due accounts to outside collection agencies. Credit reports and scores are used by lenders to determine if you qualify for a loan, and what interest rate you pay.

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Why Do Debt Collectors Check Your Credit Report?

Taurus Collect

It can be tricky trying to deal with a debt collection agency , but understanding why and how they check your credit score is the key to regaining control of the situation. Some debt collection companies have been accused of using aggressive tactics to collect money from consumers even when they aren’t able to pay back what they owe.