Account Recovery

AUGUST 29, 2022

The Connecticut Department of Banking has revoked the consumer collection agency license and imposed a fine of $100,000 on a collection agency for failing to provide information requested during an examination, which rendered the state unable to determine the financial responsibility and general fitness of the operation that it could operate soundly (..)

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Collection Agencies Collections Agency Consumer Collections Banks 244

Account Recovery

FEBRUARY 18, 2025

Michael has spent over 20 years in executive and leadership positions within the financial services industry. Prior to joining Velocity, Michael co-founded a fintech consulting firm, Maxwell & Graves Solutions, and was responsible for building and leading Collections & Recovery at Prosper Marketplace.

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Collection Agencies Collections Agency Law Firms Original Creditor 130

Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. What’s worse is that Action Financial Services’ entry can be viewed by potential lenders down the line.

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Financial services Debt collector Collection Agencies Collections Agency 74

Better Credit Blog

FEBRUARY 4, 2021

Are you concerned about a collections entry from Delivery Financial Services? While falling behind on a payment or two might not seem like a big deal, collections-stage debt can do substantial damage to your credit. Read on to learn more about Delivery Financial Services and how to get them deleted from your report.

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Financial services Debt collector Collection Agencies Collections Agency 69

Account Recovery

AUGUST 5, 2020

The investment provides Katabat with … The post Katabat Attracts Significant Growth Investment from Tritium Partners and Terminus Capital Partners appeared first on AccountsRecovery.net.

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Collection Agencies Collections Agency Debt Management Lender 147

UK debt collections

APRIL 14, 2022

If you’re running a Business and searching for a debt collection agency (DCA), it is essential you choose the right solution. As with any Business sector, not all debt collection agencies are equal. Also, the greatest service will deliver the greatest results. Maximum effort will deliver maximum results.

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Collection Agencies Collections Agency Collections Debt Recovery 64

Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

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Financial services Collection Agencies Collections Agency Debt collector 60

Account Recovery

SEPTEMBER 19, 2024

These firms have been instrumental in creating and collecting medical debt through strategic acquisitions of hospitals, health systems, and debt collection agencies. What they’re doing: Private equity firms are packaging RCM services, combining debt collection, medical financing, and patient management under a single umbrella.

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Collections Healthcare Acquisition Collection Agencies 130

True Accord

OCTOBER 22, 2024

For those with student loans, September marked the end of the ‘on-ramp’ to resuming payments, which was the set period of time that allowed financially vulnerable borrowers who missed payments during the first 12 months not to be considered delinquent, reported to credit bureaus, placed in default, or referred to debt collection agencies.

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Student Loans Student loans Loans Retail 111

Better Credit Blog

AUGUST 22, 2020

If you have an unpaid medical bill, you may begin to hear from a debt collector known as CMRE Financial Services. CMRE Financial Services is a collection agency that collects medical debts on behalf of hospitals and other healthcare businesses. What is CMRE Financial Services?

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Financial services Debt collector Original Creditor Collection Agencies 52

Account Recovery

SEPTEMBER 30, 2024

Her remarks signal potential changes that could impact how her agency regulates AI-powered technologies for customer outreach and marketing. Financial institutions and collection agencies should monitor developments and prepare for potential new disclosure requirements when using AI in customer communications.

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Financial Institution Collection Agencies Collections Agency Financial services 130

Account Recovery

JANUARY 20, 2025

THE COMPLIANCE DIGEST IS SPONSORED BY: Florida Appeals Court Upholds Dismissal in FCCPA Case Over Claims Assignability A Florida Appeals Court has upheld the dismissal of a case that hinged on whether claims filed under the Florida Consumer Collections Practices Act (FCCPA) were assignable to third parties. More details here.

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Loans Fair Debt Collection Collections Lawyers 130

Better Credit Blog

SEPTEMBER 9, 2020

Have you noticed a company called Phoenix Financial Services on your credit report? If you have, this has probably been accompanied by calls from them to collect on a debt. This is because collection accounts on your credit report can have a significant impact on your score for up to seven years. That is not the case.

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Financial services Debt collector Collection Agencies Collections Agency 52

Troutman Sanders

APRIL 6, 2023

In a significant boost to the financial services industry, Utah has taken major steps to streamline its debt collection bureaucracy — including the removal of criminal penalties for failure to comply with technical requirements. See Utah Code Ann. §

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Troutman Sanders

JUNE 21, 2023

On June 14, CFPB Director Rohit Chopra issued an opening statement before the House Committee on Financial Services, which included an update as to the CFPB’s mandated objectives and alerts for “shocks to the system that might unsettle household financial stability.” For more information, click here.

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Financial services Collection Agencies Collections Agency Trade 52

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.

Financial services 52

Financial services Student Loans Student loans Debt collector 52

Troutman Sanders

SEPTEMBER 8, 2023

The credit union then assigned the debt to a third-party collection agency. Following the assignment, the collection agency opened its own tradeline for the debt, while the credit union also continued to report the debt.

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Original Creditor Collection Agencies Collections Agency Credit Unions 59

Troutman Sanders

FEBRUARY 27, 2023

Section 604 of the Financial Services Regulatory Relief Act of 2006 requires that the agencies review information collected in the Call Reports to reduce or eliminate any requirement to file certain information or schedules if the continued collection of such information or schedules is no longer necessary or appropriate.

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Financial services Banks Retail Loans 52

Troutman Sanders

MAY 31, 2022

On May 24, the CFPB announced that it will open the Office of Competition and Innovation as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. For more information, click here. For more information, click here.

Financial services 52

Financial services Education Creditors Collection Agencies 52

Troutman Sanders

DECEMBER 21, 2021

Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. Ron Wyden asked the CFPB to prevent credit agencies from selling Americans’ private, personal data unrelated to their credit or finances via data brokers. For more information, click here.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Troutman Sanders

MAY 23, 2022

digital asset businesses, comparisons to traditional financial services and financial inclusion considerations, as well as technological considerations. SF 2922 contains a work-from-home provision that would allow collection agency staff to continue working remotely. For more information, click here.

Financial services 52

Financial services Trade Government Collection Agencies 52

Troutman Sanders

MAY 23, 2023

On May 18, the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology, and Inclusion hosted a hearing, titled “‘Stable’ in ‘Stablecoins’: How Legislation Will Help Stablecoins Achieve Their Promise.” For more information, click here. For more information, click here.

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Financial services Banks Debtor Education 52

Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law.

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Financial services Student Loans Student loans Loans 52

CSA

FEBRUARY 3, 2021

I now support and advise businesses and stakeholders on a wide range of apprenticeship-based projects, with much of this work focussed in Financial Services. This means that Apprenticeship Levy funds are being lost, and begs the question, can debt collection agencies afford not to consider investing in apprenticeships in 2021?

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Collection Agencies Collections Agency Collections Education 52

Troutman Sanders

SEPTEMBER 27, 2021

On September 22, the Internal Revenue Service announced that it awarded new contracts to three private sector collection agencies to collect overdue tax debts. Beginning September 23, taxpayers with unpaid tax bills may be contacted by one of the following three agencies: CBE Group, Inc., Census demographic data.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Account Recovery

AUGUST 19, 2024

the Ranking Member of the House Financial Services Committee, and Sen. As with any push for regulation, this means an increased focus on current processes and due diligence for collection agencies. Collection agencies must be prepared to handle an increase Maxine Waters [D-Calif.], Elizabeth Warren [D-Mass.],

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Account Recovery

AUGUST 19, 2024

the Ranking Member of the House Financial Services Committee, and Sen. As with any push for regulation, this means an increased focus on current processes and due diligence for collection agencies. Collection agencies must be prepared to handle an increase Maxine Waters [D-Calif.], Elizabeth Warren [D-Mass.],

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Collection Agencies Collections Agency Collection Agent Debt Recovery 130

Troutman Sanders

OCTOBER 19, 2021

These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021. State Activities: On October 26, the Maryland Office of the Commissioner of Financial Regulation will host a free online information session for Maryland consumer debt collection agencies.

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Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

APRIL 26, 2021

House of Representatives passed seven bipartisan bills introduced by House Financial Services Committee members. The proposed rule also describes the provisions required in those agreements and specifies regulatory reporting treatment. For more information, click here. On April 22, the U.S. For more information, click here.

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Financial services Debt collector Loans Banks 52

Troutman Sanders

NOVEMBER 10, 2020

On November 3, the Washington State Department of Licensing Board held a special meeting to review language in its permanent rule on remote work for licensed collection agencies. For more information, click here. The original temporary remote work rule was established in June and was confirmed as extending until February 17, 2021.

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Financial services Manufacturing Loans Collection Agencies 52

Troutman Sanders

MARCH 22, 2021

SB 548 would prevent health care providers from reporting debts to a credit reporting agency or placing them with a collection agency unless a medical provider provides a good faith estimate for the services to be rendered. The bill has been engrossed to the house for its consideration. For more information, click here.

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Financial services Garnishment Student Loans Student loans 52

Troutman Sanders

OCTOBER 11, 2021

State Activities: The Maryland Office of the Commissioner of Financial Regulation recently announced that it will host a free “virtual information session for Maryland consumer debt collection agencies” on October 26 from 1:00 – 4:45 p.m.

Financial services 52

Financial services Loans Lender Foreclosure 52

Debt Collection Answers

SEPTEMBER 30, 2020

Filed in federal court in South Carolina, the complaint alleges that National Landmark Logistics, four related companies, and three individuals took in more than $12 million through illegal debt collection practices – including pressuring consumers to pay debts they didn’t actually owe or that the defendants had no right to collect.

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Collection Agencies Collections Agency Collections Financial services 40

FFGN COLLECT NY

DECEMBER 15, 2021

The Bureau educates, establishes and enforces rules, and has a compliance arm addressing debt collection as it relates to consumer collections. In New York State, it’s the Department of Financial Services. The CFPB regulates debt collection only as it relates to consumer debt.

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Collections Debt collector Fair Debt Collection Collection Agencies 98

Qualco

OCTOBER 25, 2023

Open Banking fundamentally transforms financial services by unlocking new insights into customers' lives. It provides real-time information, helps analyse spending patterns, assess financial health, personalise products, and detect fraud.

Credit Management 98

Credit Management Debt Recovery Retail Banks 98

True Accord

SEPTEMBER 12, 2024

TrueAccord proved more effective for late-stage collections and better aligned with online lender’s empathetic approach to financial services. For one online lender, providing online personal loans to underserved consumers was not only a core service for their business but also a key part of their company mission.

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Lender Collections Debt Recovery Collection Agencies 64

True Accord

SEPTEMBER 2, 2021

As a digital-first collections agency, TrueAccord is ahead of and prepared for the guidance that will be put in place at the end of November. As a leader in this style of collections, TrueAccord leveraged a lot of data and consumer preference insights to help inform these new rules.

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