Collection Industry News

SEPTEMBER 2, 2024

The Fair Debt Collection Practices Act (FDCPA) serves as a foundational piece of legislation protecting consumers from abusive debt collection practices. For businesses looking to streamline their debt collection process, adhering to FDCPA guidelines is essential for long-term success.

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National Service Bureau

JUNE 10, 2015

In reality, debt collection agencies are the most useful means to get someone who has a legitimate contractual obligation to make good on their promise so that the honest businessman (perhaps yourself or your company) on the other side of the trade doesn’t get left holding the bag. Are they bonded and do they need to be?

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True Accord

MARCH 4, 2025

Over the past several years, federal and state regulators have started raising red flags about a significant trend in the debt collection industry: companies failing to deliver positive experiences for consumers or properly manage complaints and disputes.

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PDC Flow

FEBRUARY 27, 2025

The debt collection process can be tricky. Collection agencies must follow regulations strictlyor youll find your business in jeopardy. Compliance can be even harder when scammers actively try to disrupt your debt collection practices through call baiting. But what are they baiting the agent to do?

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Better Credit Blog

APRIL 4, 2022

Regardless of what a debt collector might tell you, you have a lot of rights when it comes to how debt can be collected. In fact, merely mentioning that you understand your rights will, many times, stop debt collectors in their tracks. Your rights come from the Fair Debt Collection Practices Act (FDCPA).

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Credit Corp

JUNE 1, 2023

How to Improve Your Credit after Collections Debt Collections FAQ What Is Collections Debt? When you default on a payment, the company you owe may sell your debt to a third-party collection agency. Is It Worth It to Pay Off Collections? This is done with a pay for delete letter.

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True Accord

FEBRUARY 11, 2025

The White House, Consumer Financial Protection Bureau (CFPB), and Federal Trade Commission (FTC) all shared concerns that poor customer experiences may rise to the level of illegality. TrueAccord is a licensed, bonded, and insured collection agency in all jurisdictions where we collect.

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Better Credit Blog

APRIL 1, 2022

If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. Not only is this untrue, but the debt they are attempting to collect might not even be yours!

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Better Credit Blog

APRIL 3, 2022

Portfolio Recovery Associates, LLC, is a collection agency that buys old debts from lenders and companies that have been unable to collect the debt themselves. Portfolio Recovery buys multiple accounts with old debt from companies that have given up and “charged off” the accounts. Ask Lex Law for Help.

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Credit Corp

AUGUST 31, 2021

This means that even a debt that is older than that may still be able to be collected on if you’ve made a payment sometime in the last four to six years. In some states, a collection agency cannot try to collect at all once a debt is past the statute of limitations. Some states do make this illegal.

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PDC Flow

SEPTEMBER 29, 2020

I went in-house as corporate counsel at a collection agency, where I oversaw legal, compliance, and training. I loved, loved, loved the synergy between compliance and training – it also gave me the opportunity to partner with the collection floor from a different perspective than just “compliance” and it was a lot of fun.

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Credit Corp

AUGUST 24, 2020

Two of the most common are coming up with enough money to pay off the debt and negotiating a payment plan or settlement you can afford. 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.

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Credit Management Company

JULY 14, 2021

Everyone in the debt collection industry is familiar with the Fair Debt Collections Practices Act (FDCPA). Reputable collections agencies willingly follow these rules and treat patients with compassion and respect. The debt collector is petitioning for en banc review.

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Troutman Sanders

OCTOBER 4, 2023

The plaintiff did not provide the documents and the account was referred to a collection agency and reported to the CRAs as delinquent. The collection agency received the indirect dispute, updated the plaintiff’s address in the system, and confirmed the account name and social security number, but did not investigate the fraud claim.

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National Service Bureau

AUGUST 19, 2015

The latter are obviously people and organizations that you would want to avoid should your business need assistance with collecting on delinquent accounts. Let’s take a look at some of the miscreants in the debt collection industry.

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Credit Management Company

AUGUST 9, 2022

While many consumers are able to manage their debt load and stay current on their accounts, many businesses are finding themselves with uncollected debt and no proven collection strategy. Before you can collect on any debt, you need to validate the debt in accordance with the Fair Debt Collection Practices Act.

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Collection Industry News

DECEMBER 4, 2022

Almost 2,000 consumers who were conned into paying debts they didn’t owe are in the process of getting their money returned to them. Request a debt validation letter. If you’re contacted by a credit collection agency, regardless of whether or not it sounds legitimate, you should request a debt validation letter, McClary said.

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National Service Bureau

DECEMBER 9, 2015

Here, we share three mistakes gleaned from a study of Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) enforcement actions. These are important for debt collectors to avoid, especially because they’ve been emphasized recently. Race-based bias in collection activities.

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Better Credit Blog

APRIL 1, 2022

The credit bureau agencies, Experian, Transunion, and Equifax may lower your credit score by 50 points or more, resulting in higher interest rates for any future lending ventures. Credit Collection Services, known as CCS for short, is one of the largest debt collection agencies in the United States, based in Massachusetts.

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National Service Bureau

AUGUST 28, 2015

The Fair Debt Collection Practices Act was first passed almost 40 years ago to govern the tactics used by debt collection agencies pursuing consumer debt. I t’s clear that debt collection practices are in the spotlight, so let’s take a look at FDCPA compliance and what it means for business.

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National Service Bureau

SEPTEMBER 9, 2015

Debt collectors will recognize most of these acronyms as regulations that govern collection behavior, and student debt is no exception. Compliance is an incredibly important part of the collections process - so much so that we’ve devoted an entire page t o various laws and regulations.

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Better Credit Blog

APRIL 1, 2022

If you do find inaccuracies and one of the bureaus doesn’t respond to your letters, get in touch with the Federal Trade Commission. If the lender hired a collection agency, the same debt may appear twice on your credit file, exacerbating the problem even more. Get a Copy of Your FREE Credit Report.

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Collection Industry News

OCTOBER 6, 2020

The rules do not require creditors, debt collectors, or collection agencies to make any services available in any particular language or to honor consumers’ language access preferences. Of particular concern are the requirements and restrictions in 6 R.C.N.Y. § 6 R.C.N.Y. § 6 R.C.N.Y. §

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Debt RR

SEPTEMBER 9, 2020

Conversely, if your business is on the receiving end of this letter, we also discuss the nitty-gritty of the debt collection letter. The Basics of a Debt Collection Letter. Debt collection letters can be issued to both commercial and consumer debtors. The Purpose of a Debt Collection Letter.

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Troutman Sanders

APRIL 26, 2021

On April 21, the Fair Debt Collection Practices for Servicemembers Act passed the House of Representatives under suspension of the rules. On April 14, Senators Sherrod Brown (D-OH) and Marco Rubio (R-FL) reintroduced the Small Business Lending Fairness Act. For more information, click here.

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Troutman Sanders

JANUARY 9, 2024

On January 4, the Federal Trade Commission (FTC) and the State of Connecticut announced they are filing suit against an auto dealer for several of its business practices. On January 2, the CFPB published a blog titled, “Holding Debt Collectors Responsible for False Statements.” For more information, click here.

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FDCPA Defense

APRIL 17, 2019

The “meaningful attorney involvement” doctrine evolved out of the Fair Debt Collection Practices Act, 15 U.S.C. Instead, the letters had been mailed by collection agencies that had used an attorney’s letterhead in a misleading fashion. How did everything go wrong for creditors’ rights attorneys? 1692, et seq.

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Collection Industry News

SEPTEMBER 12, 2022

Although state and federal regulators have scrutinized convenience fees in the past, the recent overt hostility at the state and federal levels creates a present risk for creditors, servicers, and debt collectors that might ask a customer to pay those fees. Creditors and servicers have a few options to mitigate their risk.

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Troutman Sanders

DECEMBER 27, 2021

On December 22, the Federal Trade Commission (FTC) gave final approval to a settlement with a mortgage industry data analytics firm that will require the company to bolster its data security protections and oversight of its vendors to ensure third-party providers also comply with those safeguards. For more information, click here.

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Burt and Associates

OCTOBER 31, 2024

Rising Consumer Debt and the Collection Industry’s Expanding Reach The rise in non-housing consumer debt has reached record highs, partly driven by inflation and the increased use of credit cards. For debt collection agencies, this means more business—and potentially more consumer complaints.

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Burt and Associates

OCTOBER 31, 2024

Rising Consumer Debt and the Collection Industry’s Expanding Reach The rise in non-housing consumer debt has reached record highs, partly driven by inflation and the increased use of credit cards. For debt collection agencies, this means more business—and potentially more consumer complaints.

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UK debt collections

DECEMBER 8, 2021

This is only if they initially inform the debtor that they are from an American debt collection agency. It paves the way for American Debt Collection agencies to contact debtors privately. Up to seven calls can be made on a weekly basis chasing unpaid debts or unpaid invoices.

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Collection Industry News

DECEMBER 8, 2022

Lenders had argued that the change was needed, given that the Fair Debt Collection Practices Act, which regulates the industry, became law in 1977 – long before the creation of social media and cell phone texts. The post US creditors can now DM debtors on social media appeared first on Collection Industry News.

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Collection Industry News

DECEMBER 1, 2022

Lenders had argued that the change was needed, given that the Fair Debt Collection Practices Act, which regulates the industry, became law in 1977 – long before the creation of social media and cell phone texts. The post US creditors can now DM debtors on social media appeared first on Collection Industry News.

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Troutman Sanders

AUGUST 2, 2021

On July 30, the Consumer Financial Protection Bureau (CFPB) announced that two final rules issued under the Fair Debt Collection Practices Act will take effect as planned, on November 30. On July 29, the Federal Trade Commission (FTC) announced that it will send refund checks, totaling nearly $2.3

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