Account Recovery

SEPTEMBER 16, 2024

Collection agencies, debt buyers, and financial institutions will need to adapt to these trends by integrating these payment methods into their systems. Debt collection professionals should consider integrating digital wallet options into their payment platforms to meet evolving consumer expectations.

Debt collector 130

Debt collector Financial Institution Collections Agency Collection Agencies 130

Troutman Sanders

MAY 5, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Debt Collection. The CFPB believes that debt collectors misrepresent consumers’ responsibilities in cases of identity theft. Auto Servicing.

Financial Institution 52

Financial Institution Repossession Debt collector Lender 52

Better Credit Blog

FEBRUARY 18, 2021

You may start getting calls from a debt collector. Failing to pay your bills will cause the debt to move to collections. This means that your original creditor has officially handed the account over to a collection agency that will hound you for payments. About FirstPoint Collections. government agencies.

Collections 94

Collections Debt collector Collections Agency Collection Agencies 94

Nexa Collect

JANUARY 14, 2023

The US government has thrown a slew of laws on collection agencies, making bad-debt recovery harder and costlier. Extra costs to comply with these laws would be passed on to businesses /creditors, who are already unwilling to pay the current costs associated with hiring a professional debt collector. New Regulations.

Debt Recovery 130

Debt Recovery Government Collection Agencies Collections Agency 130

True Accord

JUNE 29, 2023

Let’s take a look at how the new updates to GLBA Safeguards Rule, how these security policies are important specifically for debt collection, and what best practices your business should follow to protect consumers’ data. Ready to collect more, faster from happier customers?

Collections 98

Collections Financial Institution Debt collector Debt Recovery 98

True Accord

MAY 19, 2021

Ohad Samet, CEO and cofounder of TrueAccord Group, has been named to the inaugural debt collection advisory committee of the California Department of Financial Protection and Innovation (DFPI). The committee has scheduled its first meeting for July 28, 2021 and is expected to meet twice per year or as needed.

Collections 98

Collections Financial Institution Debt collector Lender 98

Better Credit Blog

NOVEMBER 3, 2020

Have you been receiving threatening calls and letters from a company called Advanced Collection Services? You likely have an old debt hanging over your head that they are trying to collect payment on. The problem is that sometimes they get information wrong and try to collect the wrong amount or from the wrong person.

Collections 98

Collections Collections Agency Collection Agencies Debt collector 98

True Accord

JULY 13, 2020

Debt collection is a highly regulated industry and as such, is notoriously slow to change. TrueAccord’s recent report, Consumer Debt in the Age of COVID-19 , found that during times of economic uncertainty, this gap can grow even wider. A consumer’s relationship with a debt collector begins well before any payment activities.

Debt collector 89

Debt collector Collections Financial services Financial Institution 89

Collection Industry News

MAY 9, 2022

The Supervisory Highlights detail issues identified by CFPB examination teams across a wide number of segments of the consumer financial services industry. Debt Collection. The CFPB believes that debt collectors misrepresent consumers’ responsibilities in cases of identity theft. Auto Servicing.

Financial Institution 40

Financial Institution Repossession Debt collector Student Loans 40

Troutman Sanders

JULY 29, 2020

This bill protects stimulus funds provided under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) from being garnished by private debt collectors. 3841 allows individuals to request that their financial institution protect these payments from debt collection garnishment. As part of S.

Debt collector 52

Debt collector Garnishment Financial Institution Banks 52

PDC Flow

OCTOBER 12, 2021

On November 30, 2021, debt collectors are expected to be fully ready to comply with this long-awaited rule. We have wanted a road map of what a regulator would feel is appropriate conduct for us, to communicate to consumers and collect debt. ”. The implementation date for the CFPB’s Regulation F is coming.

Debt collector 91

Debt collector Financial Institution Financial services Collections 91

Consumer Financial Services Law

MAY 10, 2017

A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. As most know, Bank of America (BoA) acquired Countrywide Bank FSB and its mortgage portfolio in 2008.

Debt collector 40

Debt collector Acquisition Foreclosure Financial Institution 40

National Service Bureau

APRIL 29, 2015

Have you been contacted by a debt collector recently, and not sure what to do? Your options are to dispute the debt, restrict the activities of the collection agency, or to pay the debt. Option 1: Dispute the debt. You don’t owe this debt. Send me more information about this debt.

Debt collector 40

Debt collector Collections Agency Collection Agencies Lawyers 40

Better Credit Blog

OCTOBER 14, 2020

Tens of millions of Americans have collections-stage debt. So if you’ve come across a collections entry on your credit report, you’re far from being alone. While finding a collections entry on your report can be stressful, ARS’s calls, letters, and damaging effects on your credit score are simple to stop. Healthcare debt.

Debt collector 81

Debt collector Fair Debt Collection Collections Agency Collection Agencies 81

Burr Forman

MAY 20, 2021

2547 (the “Comprehensive Debt Collection Improvement Act” or “CDCIA”). Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s primary purpose is to provide additional financial protections for consumers and place restrictions on debt collection activities by amending several consumer finance statutes.

Collections 52

Collections Debt collector Student Loans Student loans 52

Katabat

NOVEMBER 20, 2019

12, 2019 — Katabat, a leading global supplier of debt management software solutions, has launched Easy Collect, a powerful, yet easy to deploy, mobile payment portal for lenders and debt collection agencies. Easy Collect is PCI-compliant and does not require IT support for deployment. WILMINGTON, Del.,

Collections 60

Collections Debt Management Collection Agencies Collections Agency 60

FDCPA Defense

SEPTEMBER 26, 2017

Can a bank be sued for acting as a “debt collector” under the California Rosenthal Act? You are probably tempted to answer “yes” it can, because you know the Act defines a “debt collector” to include an entity that is collecting on behalf of itself or on behalf of third parties. Code § 1788.2(c) Probably not.

Debt collector 40

Debt collector Banks Third-party Debt Collectors Fair Debt Collection 40

Fico Collections

SEPTEMBER 19, 2022

Debt Collections on Tenterhooks with Six and Sevens following CFPB’s Reg F. Consumer Financial Protection Bureau (CFPB) announced the final rules interpreting the Fair Debt Collections Practices Act (FDCPA) on July 30, which went into effect on November 30, 2021. Reg F isn't a hurdle to adjust to and live with.

Collections 52

Collections Debt collector Financial Institution Banks 52

Collection Industry News

JANUARY 19, 2021

I am reporting a potentially fraudulent credit collection and reporting issue,” said a third. The firm, Capio Asset Servicing, came under investigation last year as part of Operation Corrupt Collector, an enforcement sweep of the debt-collection industry by federal and state officials. “I consider this harassment.”. “I

Debt collector 40

Debt collector Lender Collections Loans 40

Troutman Sanders

JANUARY 6, 2023

15, 2022, the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F. OCC examiners will rely on this new interagency guidance instead.

Fair Debt Collection 52

Fair Debt Collection Financial Institution Credit Unions Credit Unions 52

Katabat

APRIL 7, 2021

Katabat’s full suite of debt management solutions help lenders, financial institutions and debt collectors streamline communications and optimize engagement throughout the entire debt collection lifecycle. The post Katabat Powers the Future of Collections appeared first on Katabat.

Collections 52

Collections Financial Institution Debt Management Debt collector 52

Katabat

DECEMBER 16, 2019

16, 2019 — Katabat, a leading global supplier of debt management software solutions, has delivered a significant release of its software, Katabat 9.0, We always focus on improving our clients’ experience with each major release of our debt collections software,” said Katabat CEO Ray Peloso. WILMINGTON, Del.,

Debt Management 69

Debt Management Financial Institution Debt collector Lender 69

Consumer Finance Watch

SEPTEMBER 16, 2022

Wayne Streibich, Diana M. Eng, and Andrea M.

Law Firms 52

Law Firms Financial Institution Debt collector Collections 52

National Service Bureau

OCTOBER 13, 2015

More importantly, Congress decided that it was critical for military members to focus exclusively on their mission rather than dealing with potential financial distractions. How does the Servicemembers Civil Relief Act affect debt collections? What complaints about debt collection were made to the CFPB?

Collections 40

Collections Debt collector Financial Institution Credit Card Debt 40

Collection Industry News

JULY 20, 2020

Yet the language the financial and collections industry uses is a touch disturbing. Given the hardships that many are undergoing, knowing some debt collector is coming after you isn’t exactly what you need. He told me: “Growing up, my family had very negative experiences with debt collectors.

Collections 52

Collections Debt collector Financial Institution Startups 52

Consumer Finance Watch

AUGUST 19, 2022

Wayne Streibich, Diana M.

Law Firms 52

Law Firms Financial Institution Debt collector Collections 52

Debt RR

AUGUST 3, 2020

Sometimes, that debt gets out of hand and businesses find themselves on the receiving end of calls from commercial debt collection agencies. Calls from a commercial debt collector can create an enormous amount of stress for many business owners. What Do Commercial Debt Collection Agencies Do?

Collection Agencies 42

Collection Agencies Collections Agency Debt collector Garnishment 42

Collection Industry News

JUNE 14, 2023

There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. Here are some important consumer laws that collectors should be familiar with: 1. Fair Debt Collection Practices Act (FDCPA): The FDCPA sets standards for debt collection practices in the United States.

Debt collector 40

Debt collector Collections Fair Debt Collection Financial Institution 40

Consumer Finance Watch

MAY 10, 2019

Financial institutions and debt collectors should take note of, and provide comments on, the CFPB’s recent Notice of Proposed Rulemaking, which attempts to provide consumers with “clear protections against harassment by debt collectors and straightforward options to address or dispute debts.” .

Fair Debt Collection 40

Fair Debt Collection Collections Debt collector Financial Institution 40

Collection Industry News

SEPTEMBER 29, 2020

30 deadline, approved the Debt Collection Licensing Act and legislation to create the Department of Financial Protection and Innovation (DFPI)—essentially a state version of the Consumer Financial Protection Bureau—Friday. The DFPI will include oversight of debt collectors and emerging financial technology products.

Collections 40

Collections Debt collector Accounts Receivables Management Financial Institution 40

Consumer Financial Services Law

MARCH 30, 2020

In a related move, the Department of Insurance invoked statutory powers which require collection agencies and others licensed and regulated by the Department of Insurance to offer their customers the option to defer debt payments. The Order additionally only allows certain specified essential businesses to remain physically open.

Collection Agencies 40

Collection Agencies Collections Agency Debt collector Collections 40

Katabat

DECEMBER 27, 2019

In fact, a recent report from TransUnion found that one in five collection firms are offering mobile payment options including Paypal, Venmo, and Zelle. Consent Standards : Easing the collection of express consent across multiple mobile numbers. Prepares Clients for the Future of Debt Collection appeared first on Katabat.

Collections 40

Collections Financial Institution Debt Management Debt collector 40

Better Credit Blog

AUGUST 31, 2020

If you have started hearing from a company called Convergent Outsourcing, it means that you are being pursued for a debt. Besides being annoying and aggressive, debt collectors like Convergent Outsourcing can have a major impact on your credit score. Validate the Debt. What is Convergent Outsourcing? Know Your Rights.

Debt collector 52

Debt collector Fair Debt Collection Original Creditor Creditors 52

Debt Collection Answers

MAY 18, 2023

Dealing with debt collection agencies can be unpleasant, and CCS Offices are no different. It’s common for debt collectors to purchase and sell debts, resulting in the possibility of multiple collection accounts from the same debt appearing on your credit report. Who are CCS Offices?

Collections Agency 52

Collections Agency Collection Agencies Creditors Debt collector 52

Troutman Sanders

JUNE 13, 2022

On June 8, Office of the Comptroller of the Currency (OCC) proposed adding cannabis and digital currency activities to the list of business data it collects from banks in an attempt to better identify areas of risk in the financial system. For more information, click here. For more information, click here. dollar-backed stablecoins.

Financial services 52

Financial services Financial Institution Debt collector Loans 52

Better Credit Blog

SEPTEMBER 18, 2020

This means that they have either been hired by your old creditor or have acquired the debt from them to profit on your payments. Either way, CACH LLC will need to open a collections account on your credit report in order to legally pursue payment. Collection accounts are a black mark on your credit report. What is CACH LLC?

Debt collector 52

Debt collector Collections Acquisition Fair Debt Collection 52

Better Credit Blog

AUGUST 31, 2020

ConServe is a debt collection agency that may contact you regarding unpaid debts. They are a third-party debt collector, which means that they may be hired by your original creditor, or they may purchase your old debt on the chance that you pay them instead. Validate the Debt. Negotiate a Settlement.

Third-party Debt Collectors 52

Third-party Debt Collectors Debt collector Original Creditor Creditors 52