Account Recovery

FEBRUARY 15, 2023

CFPB SPOTLIGHTS TRENDS IN DEBT COLLECTION CREDIT REPORTING The Consumer Financial Protection Bureau yesterday released a report that looked at the volume of third-party debt collection tradelines being furnished on consumers’ credit reports, and found that the number of collection tradelines dropped by one-third between 2018 and 2022.

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Consumer Finance

AUGUST 16, 2021

The CFPB alleges that Fair Collections & Outsourcing (FCO) violated federal law by failing to establish or implement reasonable written policies and procedures regarding the accuracy and integrity of the information it furnished to credit reporting agencies and failed to conduct reasonable investigations of indirect consumer disputes, resulting (..)

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True Accord

MARCH 5, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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Account Recovery

DECEMBER 30, 2024

The agency and CRA both filed motions to dismiss in this case which assisted in the additional case law that continues to support permissible purpose for a debt collector to access a consumer credit account.

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Better Credit Blog

DECEMBER 29, 2020

If you have begun receiving calls from a company called Wilshire Consumer Credit, you are probably feeling overwhelmed by their advances. They are a third-party debt collector and auto loan financer out of California. We can help you remove their collection account from your credit report. Ask Lex Law for Help.

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Taurus Collect

JANUARY 20, 2023

Are you being contacted by debt collectors? If so, it’s likely that they have already checked your credit report. It can be tricky trying to deal with a debt collection agency , but understanding why and how they check your credit score is the key to regaining control of the situation.

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Troutman Sanders

FEBRUARY 23, 2024

the Third Circuit cited its precedent in holding that the word “negotiate” means “to bargain,” so purchasers of debt that were not involved in making a loan were outside of the provisions of the CDCA. The Third Circuit agreed with the Department and held that the CDCA does not apply to debt collectors.

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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). A similar notice is required if a plaintiff files a motion for summary judgment.

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Credit Corp

JANUARY 21, 2021

A collections notice shows up, a debt collector starts calling or you find a negative report on your credit history, but you know you paid the account in question. Find out more about what the law says about your rights when it comes to protecting your credit history. It happens.

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Collection Industry News

FEBRUARY 1, 2023

This decline, as well as insights from CFPB market monitoring, suggests that debt collectors are moving away from reporting (or furnishing) medical bills to credit reporting companies, resulting in fewer medical tradelines on consumer credit reports.

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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 priority is to identify solutions that protect consumers’ credit, while ensuring our clients are able to continue successful business operations.

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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

MARCH 19, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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Taurus Collect

SEPTEMBER 2, 2024

Legal Compliance: Following ethical guidelines helps avoid legal pitfalls, minimising the risk of disputes and charges against debt collectors. Improved Recovery Rates: A compassionate approach can lead to higher success rates in recovering debts, as individuals are more likely to cooperate with respectful debt collectors.

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Troutman Sanders

FEBRUARY 15, 2023

On February 14, the Consumer Financial Protection Bureau (CFPB) released a report entitled Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting. The report sought to examine trends in the reporting of debt in collections from 2018 to 2022. This report updates a prior CFPB report released in July 2019.

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Troutman Sanders

AUGUST 31, 2023

The complaint alleged that the defendants all provided written guidance to their debt collectors, including instructions on how to handle consumer complaints, whether to discipline collection employees, and how to change collection behavior.

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Public Citizen

OCTOBER 24, 2020

  In addition, the Symposium welcomes discussion over the recent decision by the Uniform Law Commission to address debt collection efforts by third-party debt collectors or buyers based on default judgments. 

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Better Credit Blog

FEBRUARY 15, 2021

Depending on other factors on your credit score and the extent of your debt, a collections account can drop your score significantly. Equally frustrating, debt collectors may communicate with you frequently, calling you regularly and sending letters in an attempt to collect payment. How to Deal with Fairway Collections.

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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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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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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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FFGN COLLECT NY

JANUARY 10, 2024

Debt Collection in 2024 The governor mentioned debt collectors and their interactions specifically regarding retired seniors, noting concerns that seniors are giving up retirement income. Medical Debt Medical debt was another topic addressed in the State of the State address.

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Troutman Sanders

APRIL 27, 2023

Jonathan helps businesses navigate and litigate the myriad consumer and financial services laws, particularly with the many “alphabet soup” federal consumer protection statutes, such as the Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and Fair Credit Reporting Act (FCRA).

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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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Credit Corp

JUNE 3, 2020

These payments are sent to the judgment creditor until your debt is paid. The Consumer Credit Protection Act caps these types of garnishments. Educate yourself on smart ways to pay debt collectors , and consider using the services of a debt management agency. The lessor of these two amounts applies.

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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.

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Troutman Sanders

SEPTEMBER 18, 2023

The plaintiff appealed, arguing that the lower court erred in finding that his RFDCPA claim failed to allege a “consumer credit transaction” as that term is defined under the statute.

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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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The Kaplan Group

OCTOBER 19, 2020

Credit Counselor. A credit counselor is certified and trained in consumer credit, money and debt management, and budgeting. These companies can be very risky and using them can have a negative impact on your credit score. It is important to make sure you only see a licensed and reputable counselor.

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Collection Industry News

JANUARY 19, 2021

These practices include attempts to collect debts that do not exist, falsely reporting consumers to consumer credit agencies, and generally using threats or intimidation in an attempt to extract money from consumers. or after 9 p.m., unless you agree to it. or after 9 p.m., unless you agree to it.

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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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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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Better Credit Blog

MAY 12, 2022

Just like with consumer credit, debt from a civil judgment must be validated under the Fair Credit Reporting Act. To validate your debt, you’d have to write a letter to the court that ruled against you which may or may not be in your state. How Long Do Judgments Stay on My Credit Report?

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Debt Free Colorado

JUNE 18, 2024

Quick Summary: Chapter 7 bankruptcy allows individuals to discharge most unsecured debts. Creditor harassment is any aggressive or threatening communication from a debt collector. Wage garnishment is a legal procedure where a creditor obtains a court order to withhold part of your earnings from your paycheck to repay a debt.

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Collection Industry News

MARCH 17, 2024

Debt Collection in 2024 The governor mentioned debt collectors and their interactions specifically regarding retired seniors, noting concerns that seniors are giving up retirement income. Medical Debt Medical debt was another topic addressed in the State of the State address.

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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

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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