Account Recovery

NOVEMBER 9, 2021

Governor Signs Collection Bill Into Law; Headache Not Enough For Plaintiff to Have Standing appeared first on AccountsRecovery.net.

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Collections Consumer Credit 246

Account Recovery

DECEMBER 30, 2024

Here is a summary of what collection operations need to be prepared for starting as soon as January 1. Phil Murphy, goes into effect on January 1 and implements several major changes to how medical debt can be collected and reported. As the calendar gets set to turn to a new year, a number of new laws are scheduled to take effect.

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Garnishment Debtor Collection Agencies Collections Agency 130

True Accord

AUGUST 9, 2022

This year, the challenges of managing delinquencies and navigating an uncertain economy will compound, making it imperative for companies to critically think about their strategy to collect from consumers in debt. What are we seeing in consumer credit trends today? Of course, one leading indicator is demand for credit.

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Consumer Finance

FEBRUARY 13, 2023

Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022.

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Consumer Credit Collections 99

Account Recovery

JANUARY 27, 2025

Gordon of the District Court for the District of Nevada ruled that the defendant, a debt collection law firm, lacked the necessary minimum contacts with Nevada to establish personal jurisdiction. The background: The case stemmed from a consumer credit card debt judgment originally obtained in Tennessee by a creditor.

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Garnishment Credit Card Debt Judgment Law Firms 130

True Accord

MARCH 5, 2024

Plus, 71% of consumers expect personalized experiences, which means one-size-fits-all outreach isn’t going to cut it in collections. If there’s one thing we’ve learned from our consumer interactions, including the 16.5 If there’s one thing we’ve learned from our consumer interactions, including the 16.5

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Consumer Credit Student loans Student Loans Collections 92

Account Recovery

JANUARY 8, 2025

The background: The plaintiffs, representing medical service providers, argue that the credit reporting agencies 2022 decision to no longer include unpaid medical debts under $500 on consumer credit reports constitutes a conspiracy that harms small and independent healthcare providers.

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Account Recovery

FEBRUARY 15, 2023

CFPB SPOTLIGHTS TRENDS IN DEBT COLLECTION CREDIT REPORTING The Consumer Financial Protection Bureau yesterday released a report that looked at the volume of third-party debt collection tradelines being furnished on consumers’ credit reports, and found that the number of collection tradelines dropped by one-third between 2018 and 2022.

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Collections Debt collector Consumer Credit 130

Fico Collections

FEBRUARY 10, 2022

Developed by FICO in partnership with LexisNexis Risk Solutions and Equifax, this innovative score utilizes alternative data—data not included in the traditional credit bureau file. The inclusion of this alternative data leads to a more reliable estimate of consumer credit risk and helps score more than 26.5 by Joanne Gaskin.

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American Profit Recovery

MARCH 14, 2025

Having a bad credit rating can get in the way of a consumer’s life decisions. Having a negative credit score can also impact a consumers credit line on credit cards. If a consumer knows that paying an invoice late could affect that credit score, it might just motivate them to pay your business on time.

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Account Recovery

MARCH 17, 2025

The hurdle that the Plaintiffs are struggling to surmount is that its difficult if not impossible to plead standing to challenge the CRAs collective action. More details here. WHAT THIS MEANS, FROM BRIT SUTTELL OF BARRON & NEWBURGER: These FCRA claims based on reasonable dispute procedures are becoming more common. More details here.

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Debt collector Fair Debt Collection Judgment Consumer Credit 130

FFGN COLLECT NY

MAY 17, 2023

Legislative changes affecting consumer collections for consumer credit transactions recovery went into effect in 2022 largely as a result of the Consumer Credit Fairness Act (CCFA). As a result, the law specifies documents required to file a consumer debt collection case in New York.

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Fico Collections

AUGUST 16, 2021

“Amounts owed” comprises some 30% of the overall FICO® Score calculation and is heavily weighted towards credit card balances and utilization so the observed reduction in credit card debt is helping to drive scores upwards. Fewer consumers are actively seeking credit. There has been a 12.1% The Other Side of the Coin.

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Consumer Credit Lender Credit Card Debt Education 98

Credit Corp

JANUARY 21, 2021

A collections notice shows up, a debt collector starts calling or you find a negative report on your credit history, but you know you paid the account in question. Can you sue a company for sending you to collections for money you didn’t owe? How Does the Law Protect Your Rights Regarding Credit Collections and Reporting?

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Account Recovery

FEBRUARY 24, 2025

Appeals Court Reverses Arbitration Ruling for Defendant in Collection Case A New Jersey Appeals Court has overturned a lower courts ruling in favor of a defendant that had granted arbitration in a collection lawsuit more than a year after the complaint had been filed and litigated. More details here.

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Account Recovery

DECEMBER 30, 2024

A pro se consumer had managed to get a 3-judge panel of the Court of Appeals to reverse (in a 2-1 decision) lower court rulings finding that PRA had established its standing to sue and its ownership of the debtors account in the underlying collection action, and judgment in its favor on the debt. More details here.

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Account Recovery

AUGUST 10, 2020

Logicoll, LLC is excited to announce the launch of our professional debt collection agency. Logicoll represents creditors in the resolution of outstanding consumer credit accounts.

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Collection Agencies Collections Agency Creditors Lender 147

Better Credit Blog

DECEMBER 29, 2020

If you have begun receiving calls from a company called Wilshire Consumer Credit, you are probably feeling overwhelmed by their advances. They are aggressive, and they will not stop unless you pay them or remove their account from your collection account. We can help you remove their collection account from your credit report.

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Troutman Sanders

NOVEMBER 18, 2022

According to the CFPB, greater visibility into market trends would allow lenders and investors to spot emerging opportunities, improve risk management practices, and ultimately expand access to credit and refinancing. Another reason the CFPB states is behind the proposed data collection is the purported rapid changes in the industry.

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Collections Lender Student Loans Student loans 98

FFGN COLLECT NY

MAY 2, 2022

Join Frank, Frank, Goldstein and Nager’s managing partner Jocelyn Nager for webinar on New York’s Consumer Credit Fairness Act. The act, which was signed into by Governor Kathy Hochul in November and largely goes into effect in May, changes rules around consumer debt collection.

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FFGN COLLECT NY

MARCH 15, 2022

It’s important you verify the information contained in a debt collection affidavit before you sign it. An affidavit is sworn testimony used to support your debt collection case. Chase was one of 13 financial institution censured for robo-signing documents in support of debt collection suits and foreclosure.

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FFGN COLLECT NY

JUNE 30, 2021

Today, you have six years to collect monies owed from consumer credit transactions. However, a bill approved by the New York Senate seeks to shorten the time to collect consumer credit transactions to three years. Can you get an extension on the time to collect consumer credit transactions?

Consumer Credit 40

Consumer Credit Collections Credit Unions Credit Unions 40

Nexa Collect

JUNE 18, 2023

Here are some points to consider regarding the impact of medical debt default on the patient’s credit scores: Reporting to Credit Bureaus : When a medical debt goes unpaid for an extended period, the healthcare provider may send the account to a collection agency. However, not all collection agencies will agree to this.

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Credit Counselor Healthcare Collection Agencies Collections Agency 130

Taurus Collect

JUNE 16, 2024

Managing compliance and regulations in collections can be challenging for lenders in the UK. Stay tuned for insights that could make a significant difference in your approach to debt collection. They oversee debt collecting companies to ensure fair treatment of customers.

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Collection Industry News

MARCH 19, 2024

Plus, 71% of consumers expect personalized experiences, which means one-size-fits-all outreach isn’t going to cut it in collections. If there’s one thing we’ve learned from our consumer interactions, including the 16.5 If there’s one thing we’ve learned from our consumer interactions, including the 16.5

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

Consumer Finance

AUGUST 16, 2021

The Consumer Financial Protection Bureau (CFPB) yesterday filed a proposed settlement to resolve a lawsuit against a debt collection enterprise and its owner.

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Debt collector Consumer Credit Collections 104

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. You have rights to help you gain control over your debt collection interactions. Call or text you to collect a debt between 8 a.m.

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Debt collector Fair Debt Collection Collection Agencies Collections Agency 98

Better Credit Blog

FEBRUARY 15, 2021

Are collections accounts weighing heavily on your credit report? While missing a payment on one of your accounts might seem like a minor offense, it can have major consequences on your credit. If you’ve fallen behind on any of your accounts, you could find Fairway Collections on your credit report.

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Collections Collection Agencies Collections Agency Debt collector 74

Troutman Sanders

NOVEMBER 16, 2021

On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382). New Information and Document Requirements When Filing and Prosecuting a Debt Collection Action. Statute of Limitations for Debt Collection Actions.

Third-party Debt Collectors 52

Third-party Debt Collectors Consumer Credit Original Creditor Debt collector 52

Collection Industry News

MARCH 22, 2022

The three major credit bureaus said nearly 70 percent of paid medical debt, which can drag down people’s credit scores, will be removed from consumer credit reports by July 1. Starting in the first half of 2023, the bureaus will no longer include medical collection debt under at least $500 on credit reports.

Consumer Credit 40

Consumer Credit Bankruptcy Collections 40

Taurus Collect

SEPTEMBER 2, 2024

Debt collection often carries a negative connotation, but it doesn’t have to be that way. The art of ethical debt collection focuses on understanding the situation of those who owe money while still balancing the needs of the business. This step is rarely desirable and often avoided through effective communication.

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Collections Debt collector Debtor Debt Recovery 64

Fico Collections

NOVEMBER 8, 2021

consumers’ credit behaviors as observed in the underlying credit report data. This recent increase in the average score is reflective, in part, of impacts that the COVID-19 pandemic has had on U.S.

Consumer Credit 98

Consumer Credit Lender 98

Account Recovery

AUGUST 19, 2024

Bill Banning Social Media Debt Collection Passes N.Y. Kathy Hochul, that if signed, would prohibit the use of social media platforms to collect debts, for creditors or the collection agents working on their behalf. Consumers can also make their online profiles private and mask their connections with others.

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Account Recovery

AUGUST 19, 2024

Bill Banning Social Media Debt Collection Passes N.Y. Kathy Hochul, that if signed, would prohibit the use of social media platforms to collect debts, for creditors or the collection agents working on their behalf. Consumers can also make their online profiles private and mask their connections with others.

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Account Recovery

SEPTEMBER 30, 2024

Judge Rules Debt Collection Lawsuit Waives Arbitration Clause A District Court judge in Maryland has denied a defendant’s motion to compel arbitration in a Fair Debt Collection Practices Act case, ruling that the defendant waived its right to arbitrate by engaging in prior litigation. More details here.

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Fair Debt Collection Personal loans Collections Loans 130

FFGN COLLECT NY

JANUARY 6, 2023

The New York legislature passed many new laws in 2022, some of which directly affect New York debt collection. We reported on many of these laws including: Cutting the statute of limitations in half to collect medical and consumer debt from six years to three years. Interested in learning more about debt collection in New York?

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Troutman Sanders

OCTOBER 10, 2023

The Connecticut Banking Commissioner (Commissioner), acting through the Consumer Credit Division of the Department of Banking (the Division), conducted an investigation into the Law Offices of David M. The firm allegedly collected about $81,000 of that amount. The firm had 14 days to request a hearing, but failed to do so.

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Banks Collections Collection Agencies Collections Agency 52