Consumer Financial Services Law

JANUARY 3, 2017

The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. As was the case when the CFPB last highlighted debt collection in March of 2016, the most common complaints involved continued attempts to collect debt the consumer claimed was not owed, as well as communication tactics.

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Troutman Sanders

MARCH 17, 2023

million settlement with Safe Home Security, its CEO, and affiliated companies to resolve allegations that their practices violated state consumer protection laws by “trapping Massachusetts consumers in long-term auto renewal contracts” and engaging in illegal debt collection practices, among other activities.

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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. WASHINGTON, D.C. – Read today’s order.

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Better Credit Blog

FEBRUARY 19, 2021

If DCM Services or DCM Services LLC has recently appeared on your credit report, it’s probably to collect on a delinquent account. Missed payments can result in collections accounts being added to your credit report. How Does DCM Services Work? They collect on debts in numerous industries, such as: Auto.

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Consumer Financial Services Law

JANUARY 11, 2017

A New York District Court recently addressed the issue of whether the FDCPA requires passive debt buyers to personally register disputes or whether they can delegate that obligation to their third party debt collector/servicer. In Nunez v.

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Collection Industry News

NOVEMBER 6, 2020

– The Consumer Financial Protection Bureau offered collections and compliance professionals some light reading just before the weekend. The post CFPB releases final rule to implement FDCPA appeared first on Collection Industry News. WASHINGTON, D.C. Initial industry reaction to this rule seemed positive.

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Better Credit Blog

FEBRUARY 19, 2021

FMA Alliance is a third-party debt collector that works with companies to recover delinquent accounts from customers. Before a debt collector can contact you for payment, they must first report the debt to the major credit bureaus. The majority of their clientele are within: financial services.

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FDCPA Defense

SEPTEMBER 26, 2017

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. Unlike the Fair Debt Collection Practices Act, 15 U.S.C. §§ 1692, et. Arrow Financial Services, LLC , 660 F.3d

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Troutman Sanders

OCTOBER 9, 2023

Frotman goes on to describe the practice as “coercive” and “problematic,” Noting that “[the CFPB] believe[s] this is a deliberate misuse of the credit reporting system, which is supposed to be used to assess credit risk, not as a debt collection tool.” For more information, click here. On October 3, the U.S. On October 3, the U.S.

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Troutman Sanders

DECEMBER 27, 2021

State Activities: On January 1, 2022, California’s medical debt law will take effect, which means agencies licensed in the state will have limits on collection actions and their health care clients will be required to have a written policy on how they send accounts to third-party debt collectors.

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