Troutman Sanders

NOVEMBER 16, 2021

On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382). The Act also requires the plaintiff in a debt collection action to provide a completed “additional notice of lawsuit” to the clerk when filing the proof of service for the complaint.

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Credit Corp

JUNE 3, 2020

So, what happens when you don’t pay a bill or repay a debt? The company, creditor or collection agency has legal ways to pursue payment. The court enters a judgment against you if your creditor wins their claim or you fail to show up to court. Non-exempt property can be taken to help meet a judgment debt.

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Taurus Collect

SEPTEMBER 2, 2024

By fostering a compassionate approach, businesses can maintain their reputation while ensuring they are also effective in recovering debts. Let’s understand the strategies that promote a positive experience for both the debtor and the creditor, leading to stronger relationships and better outcomes.

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Collection Industry News

JULY 20, 2020

If you’ve checked the news, odds are you’ve seen or heard the misleading reports about debt collectors targeting consumers during the ongoing Covid-19 pandemic. Our industry is dedicated to ensuring consumers land on their feet when this is all over, while doing our part to contribute to our country’s broader economic recovery.

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Troutman Sanders

MAY 26, 2021

On March 18, the West Virginia legislature passed Senate Bill 5 , amending the West Virginia Consumer Credit and Protection Act (WVCCPA). The amendments provide more clarity to creditors and debt collectors, as well as tools to avoid litigation.

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Collection Industry News

DECEMBER 14, 2021

New York recently enacted Senate Bill (SB) 153 , the Consumer Credit Fairness Act, significantly impacting debt collection lawsuits filed by creditors or debt collectors. Source: site.

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The Kaplan Group

OCTOBER 19, 2020

These provisions mean that you may owe interest on unpaid debts. You may also be responsible for paying the costs of the creditor hiring a collection agency or legal costs. Credit Counselor. A credit counselor is certified and trained in consumer credit, money and debt management, and budgeting.

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National Service Bureau

JUNE 18, 2015

Most agencies are aware that consumers are protected by the FDCPA from abusive acts and practices , but there are other intricacies of the law to be aware of.such as when a debt collector may contact a debtor. First, who is a debt collector? Who is NOT a debt collector?

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Credit Corp

MAY 30, 2023

That means judgment creditors can seek debt payment from more than your wages and bank accounts. Creditors must follow the law when applying a judgment to take, or seize, your property. Non-exempt property can be taken to help meet a judgment debt. These payments are sent to the judgment creditor until your debt is paid.

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Better Credit Blog

MAY 12, 2022

When you owe money to a credit card company, public utility, or bank, or any other creditor, you could be sued in civil court. And, after ordering you to repay the money, a judge could approve wage garnishment which means the court would take part of your paycheck and give it to the creditor before you even see the money!

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Consumer Financial Services Law

AUGUST 14, 2017

Section 1692e prohibits false, deceptive or misleading representations in connection with the collection of a debt. A recent case out of the District Court for Oregon illustrates the extreme positions being taken by the consumer bar and provides some reassurances to the industry. In Powers v. Capital Mgmt Servs., LEXIS 121536 (D.

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FFGN COLLECT NY

JANUARY 10, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Collection Industry News

JUNE 14, 2023

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. It prohibits debt collectors from engaging in abusive, deceptive, or unfair practices when collecting consumer debts.

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Troutman Sanders

SEPTEMBER 7, 2023

The Seventh Circuit Court of Appeals recently affirmed a district court’s dismissal of a suit holding that the plaintiff had not suffered a concrete injury, and therefore, lacked standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA). et al , the lawsuit arose out of an unpaid consumer credit account with a bank.

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Collection Industry News

NOVEMBER 17, 2024

Gavin Newsom recently signed SB 1286 amending the Rosenthal Fair Debt Collection Practices Act’s coverage to certain commercial debt. Prior to this amendment, the RFDCPA’s restrictions applied only to certain debt collectors and creditors collecting consumer debt. The amendments are effective Jan.

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Troutman Sanders

DECEMBER 7, 2021

On December 1, the Federal Reserve Board and the CFPB announced the dollar thresholds that determine exemption of certain consumer credit and lease transactions in 2022, from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). For more information, click here. For more information, click here.

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Better Credit Blog

JANUARY 20, 2022

The firm’s flagship service involves negotiating with creditors to reduce what you owe in exchange for paying off a certain amount as a lump sum. If you sign up to Freedom Debt Relief’s program, an advisor from the company will: Offer you a free financial evaluation as the first step. About Freedom Debt Relief. Ads by Money.

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True Accord

APRIL 5, 2023

But with inflation and economic stressors persisting into the new year, many consumers are conflicted on their financial outlook and spending behavior is hard to predict. Consumers trying to make ends meet have continued turning to credit cards and other credit types to bridge the income to expense gap.

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Credit Corp

MAY 9, 2023

Renting a home, apartment or town house can affect your credit in a number of ways. It’s increasingly common for credit reporting agencies to include positive rental history in consumer credit reports. Having good credit can help you rent an apartment, and paying rent on time can help you build good credit.

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FDCPA Defense

MAY 27, 2014

Can a consumer be “harmed” if he voluntarily makes a payment on a debt that he admittedly owes? If the CFPB discourages delinquent consumers from paying debts they admittedly owe, this raises the cost of credit for all consumers, and it may eliminate the availability of credit to low and moderate income consumers who need it the most.

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Collection Industry News

JULY 19, 2021

Circuit Court of Appeals ruled that the Fair Credit Reporting Act does not require consumer credit agencies to further investigate when a borrower disputes a debt collector’s ownership of their debt. Attorneys for the borrowers and credit agencies did not immediately reply to requests for comment on Friday.

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Collection Industry News

MARCH 17, 2024

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike.

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Collection Industry News

DECEMBER 25, 2023

CFPB and some states aim to remove medical bills from credit reports In September, the agency announced it would seek to remove medical bills from credit reports altogether, and it told CNN this week it expects to propose a rule doing just that next year.

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Fico Collections

JUNE 16, 2022

It directly relates to research undertaken in 2010 when empirical evidence showed that economic victims have very different risk profiles and often respond very differently when they’re struggling to service personal debt. Prior to the 2008 global financial crisis, the average RtFG of consumer credit customers having reached charge-off was 2.5

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FDCPA Defense

MAY 6, 2014

The CFPB does not want debt collectors to tell consumers that paying their debts might help them to improve their credit score. Nor does the CFPB want collectors to encourage consumers to pay by informing them that their failure to do so might harm their credit. Credit Bureau of Georgia, 555 F.

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Troutman Sanders

NOVEMBER 13, 2023

Among other things, the updated draft includes the following: ○ Employees of debt collectors are not required to be licensed under the DCLA when acting within the scope of their employment by a licensed debt collector; ○ A creditor, including a provider of nonfinancial services, seeking repayment in its own name of consumer debt arising from a consumer (..)

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Collection Industry News

APRIL 11, 2022

“If a consumer discovers a potential error, the credit reporting agencies work to resolve it in advance of the legally required 30-day timeframe.”. Impact of medical debt on credit. Last month, a CFPB report estimated that $88 billion in medical bills appears on 43 million credit reports nationally.

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Better Credit Blog

JANUARY 29, 2021

If you applied for a Citibank credit card, the bank might have accessed one or more of your credit reports, meaning each of your reports could feature a hard inquiry. Hard credit pulls let creditors see your credit reports , giving them an idea of how responsibly you use credit. Debt collectors.

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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law. HB1443 will go into effect on November 1.

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Fico Collections

JULY 6, 2020

For example, can you provide a temporary solution which can be automatically reviewed frequently and perhaps free up creditor teams to focus phone capacity on those with most need? Can you protect consumers’ credit ratings during a crisis to enable access to credit? Tip 7 - Advanced: How do we use data-driven strategies?

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FDCPA Defense

JUNE 9, 2012

The Credit Recovery Co. , 1998) (section 1692e(8) "requires a debt collector who knows or should know that a given debt is disputed to disclose its disputed status to persons inquiring about a consumer's credit history.") (emphasis added); Sunga v. Midland Credit Mgmt., Id; see also Brady v.

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Better Credit Blog

APRIL 5, 2022

Don’t go into too many details, but let the debt collector know if you’re trying to buy a house but can’t because of the negative information on your credit report. Then kindly ask the debt collector to remove collections from your credit report out of goodwill.

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Account Recovery

MARCH 18, 2025

A bill is under consideration in the Oklahoma legislature that would prohibit certain medical debts from being reported to credit bureaus, preventing them from impacting consumers credit scores. Driving the news: House Bill 1709, introduced by Rep.

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Troutman Sanders

MAY 2, 2023

Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Chairman Sherrod Brown (D-OH) described consumer credit reports as “riddled with errors.” Brown argued that medical debt “correlates with illness,” not with credit risk. On April 27, the U.S.

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