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Collection Agencies Collections Credit Unions 
Account Recovery
OCTOBER 11, 2024
The credit and collection sector could be next. Why it matters: As collection agencies, debt buyers, fintechs, banks, and credit unions seek to improve consumer engagement, LLMs offer a potential solution for more natural and effective communication. Learn more.
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Account Recovery
APRIL 17, 2025
The Bureaus new emphasis on tangible consumer harm, while deprioritizing areas such as medical debt and digital payments, signals a shift in enforcement priorities that may influence the regulatory landscape for many companies in the credit and collection industry.
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Account Recovery
MAY 9, 2025
TrueAccord), a digital-first debt collection agency that is reinventing the collections experience with the use of machine learning technology to help customers resolve their debts, announced it has acquired Sentry Credit, Inc. Lenexa, KS – Today TrueAccord Corp.
130 
Nexa Collect
MARCH 12, 2021
Debt collection agencies in PR include Kinum , TSI , CICA, ILCA and Professional recoveries. Spanish and English-speaking debt collectors are required for Puerto Rico debt collection. Need a Collection Agency in PR? Puerto Rico is one of the states that regulate the collection of fees and interest.
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%.
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.
130 
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.
True Accord
MAY 7, 2025
TrueAccord), a digital-first debt collection agency that is reinventing the collections experience with the use of machine learning technology to help customers resolve their debts, announced it has acquired Sentry Credit, Inc. Today TrueAccord Corp.
52 
Account Recovery
OCTOBER 9, 2024
This behavior, observed in the retail world, is a crucial lesson for collection agencies, debt buyers, fintechs, banks, and credit unions. The lesson for debt collection professionals? This disparity leads to higher abandonment rates on brand-specific sites. Learn more.
130 
Troutman Sanders
SEPTEMBER 8, 2023
Mountain America Federal Credit Union , the plaintiff became delinquent on a credit card account with her credit union. The credit union then assigned the debt to a third-party collection agency. In Hansen v. A copy of the order is available here.
Nexa Collect
OCTOBER 31, 2022
It is recommended to assign accounts for collections roughly when they are between 60-90 days past due for a maximum recovery rate. Based on clients we came across last year (2021), here is the average recovery rate we have seen, along with our collection agency partner(s). Credit Unions. House Rent Collection.
130 
Account Recovery
SEPTEMBER 18, 2024
What’s happening: SMS is quickly becoming a preferred communication method for banks, credit unions, collection agencies, and fintech companies. According to the 2024 Consumer Texting Behavior Report, 84% of consumers check their texts within 15 minutes of receiving them, and 77% respond in that timeframe.
Credit Corp
AUGUST 24, 2020
When you’re trying to conquer unpaid debts sent to collections, you’ll likely face some obstacles. Once you’ve accomplished these tasks, you may still be wondering how to pay collections to a debt collection agency. Find out how to pay collections below. Apply for medical credit cards for specific procedures.
69 
Account Recovery
JUNE 26, 2023
A District Court judge in Utah has denied a defendant’s motion to dismiss in a Fair Credit Reporting Act case, ruling that it did not conduct a reasonable investigation after the plaintiff disputed the debt because both the defendant — the original creditor — and a collection agency were reporting the debt to the credit […] (..)
Nexa Collect
APRIL 27, 2022
Credit bureaus will soon stop reporting medical debts lower than $500, remove medical line items that have been fully paid, and collection agencies now have to wait for 1 year before medical debts can be reported. These include government rules, credit scoring models and even credit bureaus.
130 
Troutman Sanders
AUGUST 19, 2020
In a 9-3 vote earlier this month, the California Assembly Banking and Finance Committee approved legislation requiring a license for debt collectors and debt buyers, entitled the Debt Collection Licensing Act (SB 908) (DCLA). The DCLA would also require the DBO to respond to consumer complaints and enforce violations.
Collections Law
APRIL 5, 2022
Perhaps your own business is trying to struggle through collecting overdue payments and you are wondering if there is something more you can do. You have more important aspects of your business to run, but you may not know at what point it becomes worthwhile to bring in a collection professional. What does a collection attorney do?
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Troutman Sanders
MARCH 22, 2023
An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency.
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Debt Collection Answers
MAY 18, 2023
Dealing with debt collection agencies can be unpleasant, and CCS Offices are no different. It’s common for debt collectors to purchase and sell debts, resulting in the possibility of multiple collection accounts from the same debt appearing on your credit report. Who are CCS Offices?
Consumer Finance
APRIL 25, 2023
Five federal financial institution regulatory agencies in conjunction with the state bank and state credit union regulators (collectively, agencies) are jointly issuing this statement to remind supervised institutions that U.S. dollar (USD) LIBOR panels will end on June 30, 2023.
Debt Guru
APRIL 12, 2020
Some payday lenders are quick to report default or sell loans to a collections agency. Instead, look at other options, such as: Reducing your expenses Delaying paying some bills Getting a loan from a bank or credit union Using a credit card Borrowing from family and friends Borrowing from employer.
98 
Recoverity
JULY 14, 2016
SIMM is a full service nationally licensed ARM company providing collection solutions to the student lending, consumer lending, credit/retail card, healthcare, auto finance, credit union and debt buying industries. Our Collection & Recovery Philosophy. Find The Best Collection Agency For Your Business. * *.
Troutman Sanders
DECEMBER 21, 2021
On December 16, the National Credit Union Administration — the federal regulator that oversees credit unions — announced that credit unions may partner with third-party digital asset service providers to give members access to cryptocurrencies and other digital assets. For more information, click here.
Nexa Collect
JULY 1, 2020
Experian reports that the lowest FICO credit score is 300, but no one really stays at such a low score once some financial history has been established. Other items on your credit report require more attention and follow-up. A lender has the right to report unpaid debt to credit reporting agencies.
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Troutman Sanders
MARCH 6, 2024
The bill also prohibits providers from: Compelling a consumer to repay by use of unsolicited telephone calls, filing a suit against the consumer, using a third-party collection agency, or selling outstanding amounts to a third-party collector. Sharing with a consumer’s employer any fees or tips received from or charged to a consumer.
Credits Inc
JULY 25, 2019
Hire a collection agency and your invoices will always go out on time. An accounts receivable management company will always bill and collect your invoices on time, so you never have to worry about not getting paid for your goods and services. Collection agencies operate on a code of ethics. You will avoid debt.
Troutman Sanders
NOVEMBER 15, 2022
Financial institutions subject to the new requirements include mortgage lenders, mortgage brokers, motor vehicle dealers, payday lenders, finance companies, account servicers, check cashing companies, wire transferors, collection agencies, credit counselors and other financial advisors, tax preparation firms, non-federally insured credit unions, and (..)
Troutman Sanders
JULY 13, 2023
Notably, the law does not apply to FDIC-insured banks or savings and loan associations, credit unions, or any person authorized to make loans or extensions of credit. Using credit reports or credit scores to determine a consumer’s eligibility for EWA services. Accepting payment from a consumer via credit card.
Payment Savvy
AUGUST 18, 2021
Credit Repair. Collection Agencies. From collections to credit unions, we treat our clients as our business partners – your success is our success. Their restricted industries are typically controversial and prone to the risky activities previously mentioned. Examples include: Cigarettes.
Better Credit Blog
JANUARY 27, 2021
They are a particularly tenacious debt collection agency that will come after you until you pay up. Not only that, but they will wreak havoc on your credit score as well. Before contacting you for payment, a debt collector has to contact the major credit reporting agencies and open a collections account.
Troutman Sanders
MARCH 18, 2024
The bill also prohibits providers from: Compelling a consumer to repay by filing a suit against the consumer, using a third-party collection agency, or selling outstanding amounts to a third-party collector. Sharing with a consumer’s employer any fees or tips received from or charged to a consumer.
Better Credit Blog
AUGUST 31, 2020
ConServe is a debt collection agency that may contact you regarding unpaid debts. They are notoriously difficult to work with, and their presence on your credit report can mean trouble for your score in the long run. This means that you could be denied credit cards, mortgages, and other financial loans down the road.
Collection Industry News
AUGUST 9, 2021
SIMM”), a full-service ARM and BPO Customer Care call center that provides third party collections, first party (pre-default) collections, probate collection solutions and customer engagement/telesales, celebrated its 30th year of operation this month. Newark, DE – Jul 28, 2021 – SIMM Associates, Inc.
Sawin & Shea
FEBRUARY 28, 2024
You can discharge an unsecured loan whether it’s current, delinquent, or in default, even if the original lender sold it to a collection agency or debt buyer. No-credit-check lending, such as payday and title loans, often comes with unreasonable fees and annual percentage rates (APR). Unsecured loans don’t have collateral.
Better Credit Blog
AUGUST 19, 2020
Payment history mostly pertains to debts from mortgages, loans, and credit cards. However, after several missed payments on services like your phone, internet, and medical bills, those accounts can be turned over to a debt collection agency and placed on your credit report. Learn More: Best Credit Monitoring Services.
Credit Corp
OCTOBER 6, 2023
Despite the national average of Americans having over $9,000 in credit card debt per household, only 14% say they’re “very worried” about their debt. 67% of respondents said they have less than $2,000 in debt, which may indicate that only a concentrated number of people have high amounts of credit card debt.
Better Credit Blog
SEPTEMBER 4, 2020
You have also probably seen them appear on your credit report as a collections account. This is because Rausch Sturm has been hired by your original creditor to collect the debt on their behalf. You won’t stop hearing from them until you pay them or remove their account from your credit report in another way.
Credit Corp
FEBRUARY 21, 2023
Despite the national average of Americans having $9,000 in credit card debt per household, only 14 percent say they’re “very worried” about their debt. 67 percent of respondents said they have less than $2,000 in debt, which may indicate the national average means that a concentrated number of people have high amounts of credit card debt.
Troutman Sanders
MARCH 22, 2021
The advisory provides a list of steps a consumer can take to ensure that they have the full benefit of those funds by protecting them from bank and credit union setoffs if the consumer’s account is overdrawn. The bill also would require such payments to be encoded, and would extend other restrictions on collection of such funds.
Troutman Sanders
JANUARY 9, 2024
CICA Collection Agency, a First Circuit case in which the CFPB has filed an amicus brief. In that case, after an individual filed for bankruptcy, a debt collector sent the consumer a collection letter that said the consumer could be sued if they did not pay the debt — a process the CFPB believes is against the law.
Jimerson Firm
JANUARY 16, 2023
The Florida Consumer Collection Practices Act (FCCPA) and the Fair Debt Collection Practices Act (FDCPA) are two pro-consumer statutes. Accredited Collection Agency Inc. , No. Collection Services, Inc. Florida’s Consumer Collection Practices Act (FCCPA) Part 1: Understanding the FCCPA (jimersonfirm.com) .
52 
Debt RR
AUGUST 3, 2020
Bank account garnishment is a collection procedure that is authorized by a court. Common reasons for bank account garnishment in Texas include: Private creditors: These are banks, credit unions, credit card companies, peer-to-peer lenders, hard money loan providers, and other financial institutions.
40 
Troutman Sanders
JUNE 14, 2023
On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.
Troutman Sanders
MARCH 14, 2023
The bill subsumes debt buyers into the definition of “collection agency,” subjecting debt buyers to regulation by the state’s Collection Agency Board. Accordingly, debt buyers will be required to obtain licenses from the board to conduct collections or act as a debt collector. For more information, click here.
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