Collection Industry News

DECEMBER 4, 2022

The phantom debt collection scheme — which used names including GAFS Group, Global Mediation Group and Mediation Services — pressured consumers to pay the false debts by threatening to take legal action against them. Request a debt validation letter. Negotiate existing debts. Know your rights.

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True Accord

MAY 26, 2022

On May 23, 2022, the Consumer Financial Protection Bureau (CFPB), in partnership with the New York Attorney General, filed a proposed judgment against a debt collection enterprise with a history of deception and harassment to pay $4 million and be permanently banned from the debt collection industry.

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Burt and Associates

OCTOBER 31, 2024

Hospitals once focused on patient care now grapple with the complexities of debt collection, with patients often facing confusing medical billing practices, aggressive collection tactics, and even disputes over debts they may not owe. With over 6,000 third-party collection agencies operating in the U.S.,

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Debt RR

SEPTEMBER 27, 2020

The good news is that it is your right to collect on debts as long as you follow the right legal procedures. If you operate a B2B model, you are required to follow business debt collection laws. What are Business Debt Collection Laws? The business debt collection laws protect them.

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Nexa Collect

JUNE 24, 2023

You should discuss these points with the compliance superior of your collection agency. Since collection agencies fall under GLBA laws, they are subjected to the same strict laws as large financial institutions like banks. In the United States, for example, debt collectors must adhere to the Fair Debt Collection Practices Act (FDCPA).

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Burt and Associates

OCTOBER 31, 2024

Hospitals once focused on patient care now grapple with the complexities of debt collection, with patients often facing confusing medical billing practices, aggressive collection tactics, and even disputes over debts they may not owe. With over 6,000 third-party collection agencies operating in the U.S.,

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Taurus Collect

FEBRUARY 1, 2024

A debt collector might sound like a character from a Charles Dickens novel, but if you’ve been contacted by one, you know they’re very much a reality of modern financial life. So, what exactly is a debt collector? What Is a Debt Collector? However, they may still try to recover the debt through communication with you.

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Better Credit Blog

OCTOBER 14, 2020

Has your credit score taken a dive due to debt in collections? When a collections agency like Accelerated Financial Solutions gets access to your debt, it can drop your score and make your day-to-day life more stressful. AFS collects for businesses in several industries, including the following: Commercial debt.

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Collection Industry News

MARCH 8, 2021

In a coordinated effort in 2015 called Operation Collection Protection, the FTC and more than 70 law enforcement partners took 115 actions against deceptive and abusive debt collection practices. In many cases, consumers didn’t even owe the debts. Is the debt yours? Dispute the debt. Source: site.

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Better Credit Blog

JANUARY 27, 2021

To legally collect a debt from you, they must first report the debt to the major credit bureaus. This will open a collection account on your credit report, which can cause your score to drop as much as 100 points. Collection accounts are bad news for your credit score and your loan prospects.

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Collection Industry News

OCTOBER 12, 2020

The CFPB is actively working to protect consumers from illegal actions of debt collectors,” CFPB Director Kathleen L. Operation Corrupt Collector” includes a case filed by the CFPB and the New York Attorney General against five companies for their participation in an alleged debt collection operation in New York.

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Better Credit Blog

NOVEMBER 24, 2020

Especially since the start of this year, many Americans have been struggling to manage their bills or make payments on existing debts. If you have had an overdue bill move to collections, you may begin hearing from a company called ACS Inc. A collections account on your credit report will cause your score to drop significantly.

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