True Accord

MARCH 5, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

Consumer Credit 114

Consumer Credit Student Loans Student loans Collections 114

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.

Collections 130

Collections Debt collector Consumer Credit 130

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.

Debt Buying 130

Debt Buying Debt collector Credit Unions Credit Unions 130

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.

Fair Debt Collection 130

Fair Debt Collection Judgment Lawyers Bankruptcy 130

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.

Debt collector 106

Debt collector Consumer Credit Collections 106

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? Can You Sue a Company for Sending You to Collections?

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Collections Creditors Fair Debt Collection Law Firms 116

True Accord

JANUARY 21, 2025

With inflation proving more sticky than policymakers had hoped and uncertainty around how the new administrations policies might affect it, it may take longer for people to see lower interest rates on their mortgages, car loans and credit card balances, which could prove challenging to household budgets. Whats Impacting Consumers?

Student Loans 104

Student Loans Student loans Credit Card Debt Financial Institution 104

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 a third-party debt collector and auto loan financer out of California. We can help you remove their collection account from your credit report.

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Consumer Credit Debt collector Third-party Debt Collectors Fair Debt Collection 52

Taurus Collect

JANUARY 20, 2023

Are you being contacted by debt collectors? If so, it’s likely that they have already checked your credit report. It can be tricky trying to deal with a debt collection agency , but understanding why and how they check your credit score is the key to regaining control of the situation.

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Debt collector Collection Agencies Collections Agency Loans 52

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.

Collections 64

Collections Debt collector Debtor Debt Recovery 64

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

FEBRUARY 23, 2024

The CDCA requires those in “the business of negotiating or making loans or advances of money on credit” up to $25,000 to be licensed to “charge, collect, contract for or receive interest” in excess of what the lender would otherwise be permitted to charge. This section does not apply if no fee is received for the reference. In Petro v.

Debt collector 52

Debt collector Lender Loans Banks 52

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

Troutman Sanders

FEBRUARY 15, 2023

On February 14, the Consumer Financial Protection Bureau (CFPB) released a report entitled Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting. The report sought to examine trends in the reporting of debt in collections from 2018 to 2022.

Debt collector 52

Debt collector Collections Consumer Credit Banks 52

Collection Industry News

MARCH 19, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

Consumer Credit 40

Consumer Credit Student Loans Student loans Collections 40

Collection Industry News

FEBRUARY 1, 2023

A new CFPB report estimates that medical collections tradelines declined by 37 percent between 2018 and 2022. Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting” also found that medical debt constitutes a majority (57 percent) of all collections on credit reports.

Debt collector 40

Debt collector Healthcare Fair Debt Collection Collections 40

FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Medical Debt Medical debt was another topic addressed in the State of the State address. Over 700,000 New Yorkers have medical debt.

Garnishment 52

Garnishment Collections Debt collector Student Loans 52

Collection Industry News

JULY 20, 2020

If you’ve checked the news, odds are you’ve seen or heard the misleading reports about debt collectors targeting consumers during the ongoing Covid-19 pandemic. Our industry is dedicated to ensuring consumers land on their feet when this is all over, while doing our part to contribute to our country’s broader economic recovery.

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Debt collector Collection Agencies Collections Agency Consumer Credit 40

Collection Industry News

DECEMBER 14, 2021

New York recently enacted Senate Bill (SB) 153 , the Consumer Credit Fairness Act, significantly impacting debt collection lawsuits filed by creditors or debt collectors. The post New York Significantly Changes Debt Collection Lawsuits appeared first on Collection Industry News.

Third-party Debt Collectors 40

Third-party Debt Collectors Collections Original Creditor Debt collector 40

Collection Industry News

JANUARY 19, 2021

Santa Fe, NM—Attorney General Hector Balderas today issued an advisory to New Mexicans warning them about predatory debt collection practices from companies that attempt a variety of tactics to prey on New Mexican consumers. or after 9 p.m., unless you agree to it. or after 9 p.m., unless you agree to it.

Collections 40

Collections Debt collector Consumer Credit 40

Collection Industry News

NOVEMBER 17, 2024

Gavin Newsom recently signed SB 1286 amending the Rosenthal Fair Debt Collection Practices Act’s coverage to certain commercial debt. Prior to this amendment, the RFDCPA’s restrictions applied only to certain debt collectors and creditors collecting consumer debt. California Gov.

Collections 40

Collections Debt collector Debtor Lender 40

Collection Industry News

JUNE 14, 2023

There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. These laws aim to protect consumers from unfair, deceptive, or abusive practices. Here are some important consumer laws that collectors should be familiar with: 1.

Debt collector 40

Debt collector Collections Fair Debt Collection Financial Institution 40

Troutman Sanders

AUGUST 31, 2023

On August 22, a district court judge in the Western District of New York denied the defendants’ motions to dismiss a case brought by the Consumer Financial Protection Bureau (CFPB) alleging violations of the Fair Debt Collections Practices Act (FDCPA) and Consumer Financial Protection Act (CFPA).

Debt collector 52

Debt collector Fair Debt Collection Collection Companies Consumer Credit 52

Troutman Sanders

SEPTEMBER 18, 2023

Solar Service Experts, LLC highlights the potential pitfalls for solar energy providers and their collections agents. The plaintiff filed a class action lawsuit on behalf of himself and similarly situated consumers. A recent decision by the California Court of Appeals in the case of Hagey v.

Fair Debt Collection 52

Fair Debt Collection Collections Consumer Credit Collection Agent 52

True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. What’s Impacting Consumers and the Industry?

Student Loans 119

Student Loans Student loans Credit Card Debt Loans 119

Public Citizen

OCTOBER 24, 2020

  In addition, the Symposium welcomes discussion over the recent decision by the Uniform Law Commission to address debt collection efforts by third-party debt collectors or buyers based on default judgments. 

Third-party Debt Collectors 69

Third-party Debt Collectors Student Loans Student loans Law Firms 69

Credit Corp

JUNE 3, 2020

They provide a service to you and then bill you, similar to a credit extension. So, what happens when you don’t pay a bill or repay a debt? The company, creditor or collection agency has legal ways to pursue payment. The judgment creditor can then use that court judgment to try to collect money from you.

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Judgment Garnishment Creditors Law Firms 98

Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul said she intends to expand New York’s consumer protection laws in a big way, the most significant expansion of these laws in almost 50 years.

Garnishment 40

Garnishment Collections Debt collector Student Loans 40

Collection Industry News

APRIL 12, 2021

The CFPB issued a proposed rule that would extend implementation of both parts of its debt collection rule by 60 days — from November 30, 2021, to January 29, 2022. The post CFPB Proposes Delay To Implementation Of Its Debt Collection Rules appeared first on Collection Industry News.

Collections 40

Collections Debt collector Consumer Credit Government 40

Fico Collections

JUNE 16, 2022

Meeting Debt Collection Challenges Amid a Squeeze on Income. In order to deal with the rising cost of living and other challenges, anyone managing collections portfolios and effective debt recovery strategies needs these capabilities. As with most walks of life it also applies to effective debt collection.

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Collections Creditors Debt Recovery Debtor 52

National Service Bureau

JUNE 18, 2015

The Fair Debt Collection Practices Act was passed in 1977 to outline the ways in which consumers can be contacted by collection agencies. First, who is a debt collector? First, who is a debt collector? Who is NOT a debt collector? Who falls into this category according to §803? “(A)

Debtor 40

Debtor Debt collector Collection Agencies Collections Agency 40

National Service Bureau

OCTOBER 21, 2015

Halloween is right around the corner, so we decided to round up something spectacularly scary: medical debt collection horror stories! This isn’t the first time we’ve featured examples of bad apples, but we wanted to focus on the medical debt collection industry in particular this time. Why is that?

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Collections Collection Agencies Collections Agency Fair Debt Collection 40

Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans. The bill, H.R. Maxine Waters (D-Calif.), passed the House with a 215-207 vote.

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Collection Industry News

DECEMBER 25, 2023

New YorkCNN — The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB determined were illegal collection practices. Colorado recently enacted a similar ban.

Collections Agency 40

Collections Agency Collection Agencies Collections Fair Debt Collection 40

The Kaplan Group

OCTOBER 19, 2020

FDCPA ( Fair Debt Collection Practices Act). The Fair Debt Collection Practices Act (FDCPA) is a federal law that restricts the behavior of collection agencies when they are attempting to collect money from individuals. The law does not apply to collecting from businesses. Credit Counselor.

Credit Counselor 59

Credit Counselor Garnishment Debt settlement Fair Debt Collection 59

Fico Collections

JULY 6, 2020

Across EMEA, most countries have now moved past the peaks of the COVID-19 driven lockdowns and restrictions, but the challenges of debt collection in the pandemic remain. There are other factors that will now further stress consumers, including the effect of sanctions from the current crisis in the Ukraine. .

Collections 52

Collections Creditors Banks Credit Bureau 52

Troutman Sanders

DECEMBER 7, 2021

The CFPB also found that while small institutions with overdraft programs charged lower fees on average, consumer outcomes were similar to those found at larger banks. The research notes that, despite a drop in fees collected, many of the fee practices persisted during the COVID-19 pandemic. For more information, click here.

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Financial services Debt collector Consumer Credit Credit Card Debt 52