Account Recovery

NOVEMBER 14, 2022

The Supreme Court of North Carolina voted three-to-three — with one justice abstaining — in a case involving a consumer suing a debt buyer alleging it violated the North Carolina Economic Protection Act when the debt buyer sued to collect on an unpaid debt but allegedly did not submit all the paperwork it needed to … The post N.C.

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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

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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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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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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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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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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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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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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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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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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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

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.

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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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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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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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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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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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