This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Many small businesses and larger organizations rely on the expertise and efforts of third-party collectionagencies every day. Collectionagencies are recovering substantial amounts of consumer debt and helping those businesses drastically improve much needed cash flow. And for good reason.
For many organizations, managing overdue invoices and recovering outstanding debts can be a challenging and time-consuming task. This is where Business-to-Business (B2B) collectionagencies come into play. However, the relationship between a collectionagency, its clients, and their customers can be delicate.
A commercial collectionagency is an agency that works to resolve debt between two businesses. Commonly known as B2B debt collections, it’s the process of mediating financial disputes and overdue invoices owed to a commercial client. You will preserve future revenue by hiring the right commercial collectionagency.
Dealers of heavy construction equipment, like Bobcat , Kubota Center, and John Deere , forward accounts to a collectionagency after their own reminders and requests to pay have failed. An experienced collectionagency that has extensive experience in commercial collections is a perfect choice. Contact Us.
The Connecticut Department of Banking has revoked the consumercollectionagency license and imposed a fine of $100,000 on a collectionagency 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 (..)
The Connecticut Department of Banking has levied a $10,000 fine against a company for operating as a consumercollectionagency in the state without obtaining the proper license. A copy of the ruling in the matter against Lockhart, Morris & Montgomery can be accessed by clicking here.
CLASS-ACTION ACCUSES COLLECTOR OF VIOLATING FDCPA, FCCPA BY ADDING ‘ILLEGAL’ COLLECTION FEE A class-action lawsuit has been filed against a collectionagency, accusing it of violating the Fair Debt Collection Practices Act and the Florida ConsumerCollection Practices Act because it allegedly added an “illegal” collection fee that represented (..)
And as a side note, that’s why it’s important for businesses of all sizes to get more comfortable using the services of a collectionagency. The collection industry is full of good people building a career. Remember these positives next time you hear someone speaking negatively about the collection industry.
A collection operation has agreed to pay a $10,000 fine to the Connecticut Department of Banking for operating in the state without the proper license to collect. The Background: The company operated in Connecticut as a licensed consumercollectionagency from 2010 through 2018, when its license expired.
The Connecticut Department of Banking has reduced the fine against a law firm that was operating in the state without a consumercollectionagency license to $20,000 from $100,000, largely on the basis that the law firm is no longer in business. A copy of the order with the Law Offices of David M. Katz […]
A Florida Appeals Court has upheld the dismissal of a case that hinged on whether claims filed under the Florida ConsumerCollections Practices Act (FCCPA) were assignable to third parties.
Collecting debts is time-consuming, especially if the debtor refuses to cooperate. Due to the frustration they encounter when collecting debts, they may resort to outsourcing the debt collection process to a collectionagency for small businesses. How CollectionAgencies Help Small Businesses.
Agencies that collect from individuals will use different collection tactics and are subject to harsher regulations than those that collect from businesses. Often these agencies choose to separate consumercollections from commercial collections because the processes vary.
Just about everyone who works in the debt collection industry fully understands that it can be an uncomfortable situation as a consumer being sent to collections. No consumer wants to be in debt and struggling to pay their bills. Consumers do not want to have their accounts sent to a collectionagency.
The plaintiff was seeking assistance with personal legal matters, and the attorney and his firm provided legal representation related to the FDCPA and the Florida ConsumerCollection Protection Act.
A District Court judge in Illinois has denied a healthcare provider’s motion to dismiss a claim it violated the Illinois Consumer Fraud and Deceptive Business Practices Act (ICFA) and a collectionagency’s motion to strike class allegations it violated the Fair Debt Collection Practices Act in a debt parking case on a medical debt.
That company may determine that issuing credit to certain customers is not a good idea and they could pull back, which may not be attractive to certain consumers. Hiring a collectionagency as a next move. Some restrictions can reduce credit to consumers. Collection laws and regulations are in place for a reason.
The Bureau educates, establishes and enforces rules, and has a compliance arm addressing debt collection as it relates to consumercollections. The CFPB regulates debt collection only as it relates to consumer debt. The CFPB handles enforcing violations of federal consumer laws related to debt collection.
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 ConsumerCollections Practices Act (FCCPA) were assignable to third parties. More details here.
Even when you try to send customer debt collection requests, they have fallen on black days. After speaking with colleagues, you were told about the possibility of commercial debt collectionagencies taking over. This type of debt collection can be hard to understand at first. B2B Collection FDCPA and Regulations.
The Commissioner alleged in the order that the firm had acted as a consumercollectionagency in Connecticut without a consumercollectionagency license, in violation of § 36a-801(a) of the Connecticut General Statutes. The firm had 14 days to request a hearing, but failed to do so.
SoFi will leverage Katabat’s industry-leading Restore collections platform, to deliver an omnichannel experience for consumercollections. WILMINGTON, Del., 3, 2019 – Katabat, a leading global supplier of debt management software solutions, today announced that SoFi, a leading personal finance company in the U.S.,
BYL Collections isn’t a household name, but it collects for several businesses across multiple industries. Based in Westchester, Pennsylvania, BYL is a third-party collectionsagency that was founded in 1998. The agency specializes in consumercollections, commercial collections, and medical device recovery.
(SoLo) for allegedly engaging in unfair, deceptive, and abusive acts and practices (UDAAPs) in violation of the Consumer Financial Protection Act of 2010, as well as for operating in Connecticut without a small loan company license or a consumercollectionagency license.
Because the Rule now addresses communications regarding dead consumers, it’s important to review skip trace policies and ensure policies are in place which will provide the debt collector with ample information as to the deceased consumer’s estate. See Comment 10(b)(2)-1.
The Florida ConsumerCollection Practices Act (FCCPA) and the Fair Debt Collection Practices Act (FDCPA) are two pro-consumer statutes. Accredited CollectionAgency Inc. , No. Florida’s ConsumerCollection Practices Act (FCCPA) Part 1: Understanding the FCCPA (jimersonfirm.com) .
If you are a collection professional working for a creditor, debt buyer, collectionagency or collection law firm, and you have not yet added the website for the Consumer Financial Protection Bureau (CFPB) to the favorites on your web browser, it is high time that you do so.
The CFPB claims to have the right to obtain privileged documents from all “supervised institutions” as well as from any “service provider” (such as a law firm or collectionagency) who performs material services for a supervised institution. The answer may depend on who you ask.
Connecticut – On March 9, 2020, the Department of Banking issued a no action memorandum stating the department would not enforce provisions against working from home for licensed entities, including consumercollectionagencies and other financial institutions, until December 31, 2020.
On July 15, the Connecticut Department of Banking fined a collectionagency, after finding it had allegedly operated without proper licensing for about seven years. As part of the application process, the state conducted an investigation into the agency’s activities, which led to the Department of Banking’s finding.
On June 25, multiple collectionagencies and other plaintiffs filed suit in the U.S. On June 7, the Connecticut Department of Banking assessed fines against a collectionagency for operating in the state without a license. For more information on the new law, click here. For more information, click here.
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content