Account Recovery

APRIL 8, 2025

Nasdaq: PRAA), a global leader inacquiring and collecting nonperforming loans, today announced that its Board of Directors has appointed President of PRA Group Europe Martin Sjolund to serve as President and Chief Executive Officer (CEO), effective June 17, 2025. PRA Group, Inc.(Nasdaq:

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Account Recovery

NOVEMBER 3, 2023

As far as Encore Capital Group is concerned, this is the perfect storm — credit card originations and charge-offs are both rising faster than the company can keep up, leading to a huge supply of portfolios to purchase and more debts to collect, which is why the company is spending more money than it ever […]

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Account Recovery

SEPTEMBER 19, 2024

The healthcare industry is facing an alarming rise in medical debt, with private equity firms playing an increasingly dominant role. These firms have been instrumental in creating and collecting medical debt through strategic acquisitions of hospitals, health systems, and debt collection agencies. Learn more.

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Account Recovery

MARCH 12, 2024

A consumer has filed a petition with the Consumer Financial Protection Bureau for the regulator to require debt collection and debt buying organizations disclose how much a debt was purchased for or how much they are poised to receive upon collection of a debt as a means of improving the transparency in the collection process. […]

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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. More details here.

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Account Recovery

FEBRUARY 22, 2024

In a ruling that could cause ripples throughout the debt buying and collection industry, a state Appeals Court in Virginia has overturned a lower court’s decision in favor of a debt buyer, ruling that the debt buyer had “scanty and incomplete” evidence to prove it owned the debt and thus had a right to collect […]

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Nexa Collect

JUNE 18, 2023

A medical collection agency will send written demands and make persistent phone calls to your patients. Since debt collectors are on the phone all day long, they know every tactic to get paid. Since debt collectors are on the phone all day long, they know every tactic to get paid. Need a Medical Collection Agency?

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Account Recovery

JANUARY 13, 2021

All certification categories—which includes debt buying companies, collection agencies, collection law firms, brokers, … The post RMAI Receivables Management Certification Program Continues to Expand – Certifies First Process Server appeared first on AccountsRecovery.net.

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Law Firms Debt Buying Collection Agencies Collections Agency 147

Account Recovery

SEPTEMBER 12, 2023

The Securities and Exchange Commission yesterday filed a lawsuit in Minnesota federal court accusing a debt buying company and its owner of defrauding investors who committed nearly $3 million that was intended to buy portfolios of distressed debt that would be placed with third-party agencies for collections, some of which was instead used to cover (..)

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Account Recovery

SEPTEMBER 15, 2021

The California state Senate has followed the Assembly in passing AB1020, a bill that would restrict hospitals from selling certain patient debts, require collectors to certify that patients have been screened for public programs and financial assistance before filing a collection lawsuit, and extend the period before a debt could be placed with a collection (..)

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Credit Corp

MARCH 1, 2023

However, you can’t actually do this due to how debt buying works. Debts of this nature are sold in large bundles to debt collectors and other agencies. Learn more about how debt buying works, why it’s not an answer to your debt concerns, and what you can do to handle debt instead below.

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Account Recovery

MARCH 15, 2023

In a development that was first pointed out by the team at Troutman Pepper, the Governor of Wyoming has signed a bill into law that requires debt buyers to be licensed as collection agencies starting later this year. A copy of the bill — House Bill 284 — can be accessed by clicking here.

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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.

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Collection Industry News

DECEMBER 19, 2023

The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. Accordingly, the CFPB has taken numerous actions on the issue of medical debt.

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Collection Industry News

MAY 3, 2021

Several members of ACA International have been appointed to the California Department of Financial Protection and Innovation’s (DFPI) new debt collection advisory committee. The seven-member committee will provide critical feedback to the DFPI as it creates its debt collection licensing program. Gavin Newsom last year.

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FFGN COLLECT NY

DECEMBER 12, 2023

Is there a law in NYC that protects consumers and debtors from debt collecting agencies, businesses, and their attorneys? Suppose you are under constant pressure from these agencies and their legal representatives to settle your debt. Consumers must be aware that the debt they are being collected for is valid.

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Debtor Debt collector Debt Buying Original Creditor 52

Katabat

JANUARY 24, 2020

January 23, 2020 (Sacramento, CA) – Katabat, a leading cloud-based debt-collection software provider, will serve as a Gold Sponsor of this year’s RMAI Annual Conference. Katabat is also sponsoring an education session on Wednesday from 11:30 am to 12:20 pm, “Fintech and the Future of Debt-Buying: Are You Ready?”

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Troutman Sanders

NOVEMBER 30, 2021

We report on several sectors within the consumer financial services industry, including payment processing and prepaid cards, debt buying and debt collection, credit reporting and data brokers, background screening, cybersecurity, mortgage lending and servicing, auto finance, and state AG, CFPB, and FTC developments.

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Collection Industry News

OCTOBER 18, 2021

The Maryland Office of the Commissioner of Financial Regulation will host a free online information session for Maryland consumer debt collection agencies from 1 to 4:45 p.m. The post Maryland Regulator Sets Informational Meeting For Debt Collectors appeared first on Collection Industry News.

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FDCPA Defense

FEBRUARY 5, 2013

The FTC recently released its 162-page report entitled " The Structure and Practices of the Debt Buying Industry " which describes a comprehensive study conducted by the FTC over a three-year period using data obtained from the nation’s largest debt buyers. See Report at 2.

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Recoverity

JULY 14, 2016

SIMM is a full service nationally licensed ARM company providing collection solutions to the student lending, consumer lending, credit/retail card, healthcare, auto finance, credit union and debt buying industries. Our Collection & Recovery Philosophy. Find The Best Collection Agency For Your Business. * *.

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Collection Industry News

JANUARY 30, 2025

Technology adoption and potential regulatory changes will be top of mind for collections agencies for 2025. Technology will help increase agency efficiency and increase collections. And potential regulatory changes could result in substantial changes to the collections landscape.

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Collection Industry News

AUGUST 9, 2021

SIMM”), a full-service ARM and BPO Customer Care call center that provides third party collections, first party (pre-default) collections, probate collection solutions and customer engagement/telesales, celebrated its 30th year of operation this month. Newark, DE – Jul 28, 2021 – SIMM Associates, Inc.

Credit Unions 40

Credit Unions Credit Unions Law Firms Debt Buying 40

Troutman Sanders

OCTOBER 19, 2021

On October 15, the Department of Education announced that it has awarded contracts to six different companies that will be responsible for servicing and collecting federal student loans. These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021.

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Troutman Sanders

JUNE 21, 2023

State Activities: On June 16, Nevada Governor Joe Lombardo approved SB 276 as an update to the state’s Collection Agency Licensing Act. Originally adopted in 1969, the act provides for the licensure and regulation of collection agencies and collection agents. For more information, click here.

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Troutman Sanders

OCTOBER 11, 2021

On October 1, the CFPB published a set of Frequently Asked Questions (FAQs) on limited-content messages and the call frequency provisions in the Debt Collection Rule (Regulation F) that will go into effect on November 30. For more information, click here. For more information, click here.

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Collection Industry News

OCTOBER 6, 2020

There was no ban on collections of old credit card bills, Encore’s specialty. Finding themselves with enough money to settle old debts, people responded to collectors’ calls and letters. Debt-buying executives couldn’t help marveling at their good fortune. (In Even that scenario turns out to be rosy for the debt buyers.

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Account Recovery

FEBRUARY 14, 2025

A California Appeals Court has reversed a lower court’s ruling in favor of a debt buyer, determining that consumers do not need to show actual damages to pursue statutory damages under the Fair Debt Buying Practices Act (FDBPA).

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Account Recovery

FEBRUARY 14, 2025

RMAIs 2025 Annual Conference brings together stakeholders in the receivables management industrywelcoming attendees and exhibitors, presenting highly-respected educational programming, and numerous networking opportunities with key participants, including debt buying companies, collection law firms, collection agencies, brokers, vendors, major creditors, (..)

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