Nexa Collect

SEPTEMBER 15, 2020

Need a Collection Agency – Serving Nationwide? The more impaired a loan becomes, the greater the chance that the borrower will default, causing partial or total losses for the lender. In response, lenders are moving into defensive positions, putting aside record amounts to cover potential losses. Contact Us.

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Account Recovery

OCTOBER 11, 2023

Judge Grants Sanctions Against Pro Se Plaintiff in FDCPA Case Healthcare Providers Sued for Sending Confidential Medical Info to Collection Agencies CFPB Sues Lender for Failing to Submit Accurate Data 26 Companies Seeking Collection Talent WORTH NOTING: Mary Lou Retton is fighting for her life after contracting a very rare form of pneumonia … (..)

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Collections Agency Collection Agencies Healthcare Collections 130

Account Recovery

AUGUST 10, 2020

Logicoll, LLC is excited to announce the launch of our professional debt collection agency. Our company provides compliant recovery solutions for organizations with outstanding receivables including major banks, credit card issuers, auto financing companies, fintech lenders, and more.

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Collections Agency Collection Agencies Creditors Lender 147

True Accord

JUNE 25, 2020

A debt buyer is a company that purchases debt from lenders for a fraction of the full value of those accounts. All debt buyers are not created equally, as some may also own fully functional debt collection agencies. Lenders should be especially cautious when deciding on a potential debt buyer. Pros of selling your debts.

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Collections Agency Collection Agencies Third-party Debt Collectors Collections 63

Account Recovery

AUGUST 5, 2020

August 5, 2020, Wilmington, DE – Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today a strategic growth investment from Tritium Partners, a growth-focused private equity firm with extensive experience investing in fintech and financial services companies, and Terminus (..)

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Collections Agency Collection Agencies Debt Management Lender 147

Taurus Collect

JUNE 16, 2024

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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Lender Collections Collections Agency Collection Agencies 69

Nexa Collect

APRIL 27, 2021

Some debt collection agencies agree to remove the entry from the debtor’s credit report once the bill is paid off, but this is not common. Offering the removal of credit report entry in exchange of payment is considered a highly unethical practice by both credit reporting agencies and in the accounts receivable industry.

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Collections Agency Collection Agencies Debtor Debt Recovery 130

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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Credit Management Company

JUNE 4, 2019

Lack of payment from products and services already delivered can make it very difficult to continue doing business, so it's the responsibility of debt collection agencies to increase the flow of revenue so that you can meet payroll and fulfill your other financial obligations. Types of Businesses that Benefit from Debt Collection.

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Collections Agency Collection Agencies Collections Healthcare 60

Taurus Collect

NOVEMBER 15, 2023

Dealing with a collection agency can often feel like navigating a maze, especially when there seems to be a change in your account’s open date. If you’ve found yourself in this situation, you’re likely asking, “Can a collection agency change an account’s open date?”

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Credit Corp

JULY 29, 2024

Collection accounts are bad for your credit score. These negative marks on your credit report indicate you might not pay your bills on time—or ever, which is why lenders don’t like to see them. Collection accounts can stay on your credit report for up to 7 years. What Are Collection Accounts?

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Nexa Collect

JUNE 27, 2023

Employ a Collection Agency : If the borrower is unresponsive or unwilling to pay, employ the services of a collection agency. The agency will then take over the task of contacting the borrower and attempting to collect on the debt.

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Student loans Student Loans Loans Garnishment 100

Debt Free Colorado

FEBRUARY 21, 2022

When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. The Fair Debt Collection Practices Act (FDCPA) does not apply to original creditors or cover company obligations.

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Debt collector Fair Debt Collection Collections Agency Collection Agencies 98

Taurus Collect

MAY 11, 2023

If you have a credit or debt-related problem, it’s likely that a debt collection agency could come into the picture. In fact, most creditors and lenders will use a third party to follow up on outstanding accounts as soon as they become past due. This is where contacting the debtor’s employer comes into play.

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Collections Agency Collection Agencies Debt collector Collections 52

Credits Inc

DECEMBER 11, 2018

Bankers, lenders, stockbrokers, and even economics scholars all face different disparaging beliefs about their character and the nature of their work. In the debt collection field specifically, professionals are trained to be caring, concerned, and tactful when it comes to retrieving payments.

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Credit Corp

JUNE 1, 2023

If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. If this has happened to you, your credit score has likely taken a hit and you may be asking, “Does paying off collections improve your credit score?” ® and VantageScore 4.0®.

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Collections Debt collector Collections Agency Collection Agencies 126

Sawin & Shea

JUNE 9, 2021

You may feel as if no one is on your side, but you do have some protection from collection agencies. The FTC makes sure that the FDCPA (Fair Debt Consumer Protection Act) is followed by collection agencies. There are approximately 7,000 collection agencies in the U.S.

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Debt collector Collections Agency Collection Agencies Bankruptcy 94

Better Credit Blog

APRIL 1, 2022

Write a letter to the original creditor or collection agency and ask them to remove the negative entry from your credit history as an act of goodwill. This is most effective when you’re trying to remove late payments, paid collections, or paid charge-offs. A goodwill letter is really easy to write. You may spend $400 to $500.

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Bankruptcy Collections Agency Collection Agencies Lender 114

Credit Corp

SEPTEMBER 12, 2023

FAQ Consider Hiring a Credit Repair Company How Collection Accounts Impact Your Credit Collection accounts have a significantly damaging impact on your credit score because they’re negative marks that indicate to lenders you may not pay your bills on time—or ever. Does your account information seem accurate?

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Collections Collections Agency Collection Agencies Credit Bureau 92

Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. As we pass the first anniversary of the pandemic’s outbreak, where does this leave lenders? Right now, we’re advising lenders to adopt a flexible combination of criteria and pre-emptive approaches to evaluate debt risk.

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Lender Collections Loans Acquisition 52

Debt Guru

APRIL 12, 2020

n]: A financially detrimental debt arrangement that only benefits the lender. Unfortunately, while the former is pretty straightforward, there’s a lot of confusion surrounding the latter – something that shady or disreputable lenders use to their advantage. And storefront operations can run differently than online lenders.

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Collection Industry News

JUNE 12, 2023

Here are some effective ways to attract clients as a collection agency: 1. Establish connections with individuals and businesses that can refer clients to your agency, such as attorneys, financial institutions, credit bureaus, or other professionals in the debt recovery field. appeared first on Collection Industry News.

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Collections Agency Collection Agencies Debt Recovery Collections 40

Sawin & Shea

NOVEMBER 30, 2022

If the lender sells the loan to a collection agency after you default, you’ll also face additional fees and higher interest rates. It also allows you to pick a new loan servicer if you’re not satisfied with your current lender. Additionally, this will hurt your credit report.

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Student loans Student Loans Loans Garnishment 112

Jimerson Firm

FEBRUARY 5, 2021

When a SBA loan is in liquidation status, lenders and authorized CDC liquidators are required to perform “Prudent Liquidation.” When Prudent Liquidation is complete, it’s time for the lender or authorized CDC liquidator to submit a wrap-up report to the SBA and have the loan charged-off. 120.535(b). 120.535(b). SOP 50 55.

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Loans Lender Collateral Bankruptcy 89

Account Recovery

SEPTEMBER 19, 2024

My ex-wife’s sister was on the management team at First Data (now Fiserv) and opened a door for me to interview for an inside sales position selling FastData, a skip tracing and identity authentication tools, into emerging markets (non-traditional lenders, super-regional banks, debt buyers and collection agencies).

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Retrieval Manufacturing Collections Agency Collection Agencies 130

Better Credit Blog

APRIL 6, 2022

In fact, the company might even hire a third-party debt collector to handle the collection process. This is important to understand in case you’re contacted by a collection agency you don’t recognize. Lenders rarely extend credit to people with even one charge-off on their credit report. It’s a big deal.

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Credit Corp

JUNE 14, 2020

Here’s one example of how a zombie might rise with help from a collection agency. The original lender or collection agency fails to collect within the statute of limitations. That collection agency may report the debt as owed to the credit bureaus. You default on a debt.

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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. Then let the lenders decide which one they want to consider or ignore.

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Better Credit Blog

MARCH 2, 2021

Read on to learn more about H&R Accounts and how you need to respond to their collection attempts. H&R Accounts is a small debt collections agency headquartered in East Moline, Illinois. A division of Avadyne Health, H&R Collections, Inc. mostly collects on debt in the healthcare industry. Harassment.

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Collections Agency Collection Agencies Healthcare Debt collector 95

Credit Corp

JANUARY 21, 2021

You might be able to report or seek remedies from collectors who break these FDCPA rules for fair collections. This law deals with what information lenders must disclose, how they can advertise their products and rates and what rights you have when a lender isn’t truthful or transparent. Credit law can be complex.

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Sawin & Shea

OCTOBER 26, 2022

If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Personal loans from lenders that you know, such as acquaintances, co-workers, employers, friends, and family. Unsecured loans are loans that don’t have collateral. Common unsecured loans include: Bank loans with no collateral. Payday loans.

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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. In addition to making threats, this debt collection agency might tell you that if you pay off the debt in full it will be removed from your credit report completely.

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Collections Agency Collection Agencies Garnishment Fair Debt Collection 77

Credit Corp

SEPTEMBER 13, 2023

When you have a cosigner with a good credit score, the lender sees loaning to you as less of a risk because the cosigner is also attached to the loan. As you make your payments, the lender reports them to the credit bureaus to help build credit history and potentially improve your score with your on-time payments.

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Collections Agency Collection Agencies Loans Financial Institution 105

Collection Industry News

DECEMBER 1, 2022

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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Collections Agency Collection Agencies Credit Card Debt Collections 40

Credit Corp

NOVEMBER 1, 2020

Find out what to do if you’re suddenly dealing with an unexpected collections account. Older debts might’ve been bought multiple times by various collection agencies. If the initial contact from the debt collection agency is by mail, the notice should contain all the information mentioned above.

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Debt collector Collections Collections Agency Collection Agencies 98

Credit Corp

JUNE 14, 2023

Lenders don’t necessarily continue to report activity for the entire limit. Your creditor may sell your charged-off debt to a collection agency for pennies on the dollar. The collection agency may then attempt to collect the debt anew. This allows borrowers to comparison-shop lenders.

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Qualco

OCTOBER 25, 2023

Credit Lifecycle Automation & Open Banking Emerging technologies and the increased availability of data resources empower lenders to make informed credit decisions and offer improved services to a wider group of customers. It enables a more empathetic approach by offering tailored solutions to vulnerable customers.

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