FFGN COLLECT NY

MAY 24, 2022

Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the borrower or debtor. The law is applicable in commercial and consumer arenas. A confession of judgment is a document signed by an individual either on their own behalf, as an officer of a company, or both.

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Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. One of the conditions for lowering your interest rate and waiving penalty fees is that you lose access to the affected credit cards.

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Collection Industry News

NOVEMBER 17, 2024

Prior to this amendment, the RFDCPA’s restrictions applied only to certain debt collectors and creditors collecting consumer debt. EXPANSION OF COVERED DEBT The amendments expand covered debt to include “covered commercial debt,” “covered commercial credit,” and “covered commercial credit transaction.”

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FFGN COLLECT NY

JANUARY 10, 2024

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. The state will issue further consumer protection to protect low-income New Yorkers from medical debts they can not afford to pay as well.

Garnishment 52

Garnishment Collections Debt collector Student loans 52

Fico Collections

JUNE 16, 2022

Prior to the 2008 global financial crisis, the average RtFG of consumer credit customers having reached charge-off was 2.5 But they may also suffer so-called debt shock, process confusion and significant irritation – especially when creditors show a lack of knowledge or relative indifference to the customer they’re dealing with.

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Sawin & Shea

NOVEMBER 1, 2023

In fact, medical debt is one of the most common types of debt reported on consumer credit reports. According to the Consumer Financial Protection Bureau, consumer credit reports show $88 billion in medical debt as of June 2021. Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors.

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FDCPA Defense

MAY 6, 2014

Thus, Congress has already determined that it is important for consumers to be informed about negative information that is being furnished about them, and the CFPB is in charge of crafting a model notice so furnishers can get the word out to consumers. Equifax Check Services, Inc., 3d 410, 418 (7th Cir.

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Collection Industry News

MARCH 17, 2024

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. The state will issue further consumer protection to protect low-income New Yorkers from medical debts they can not afford to pay as well.

Garnishment 40

Garnishment Collections Debt collector Student loans 40

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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Financial services Manufacturing Debt Management Debtor 52

Taurus Collect

JANUARY 20, 2023

By checking a person’s credit report, debt collectors can look at current accounts, past payment history and any negative information associated with their name. It’s important for debt collectors to check a person’s credit report because this information shows how reliable they are as a debtor.

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Troutman Sanders

OCTOBER 16, 2023

The bill amends existing law allowing a judgment creditor to apply for an order requiring the judgment debtor to appear before the court and provide information to aid in the enforcement of a money judgment. A willful violation of this provision would be considered a crime and this bill would impose a state-mandated local program.

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Financial services Student loans Student Loans Credit Unions 52

Collection Industry News

JANUARY 13, 2025

Under North Carolina law, a debt judgment is issued by the court when a creditor successfully sues a debtor. If the debtor owns real estate, the debt judgment automatically becomes a lien on that property preventing the owner from buying, selling or refinancing without paying the debt.

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