Better Credit Blog

FEBRUARY 15, 2021

Though you may be unfamiliar with Fairway, the agency collects on a wide range of consumer debts, including the following: Health insurance billing and follow-up. Government fines and fees. Credit cards. This law ensures that debt collectors treat consumers ethically and report accurately.

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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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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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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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Collection Industry News

MARCH 17, 2024

The governor said: Plans to Outlaw Unfair and Abusive Collection Tactics Concerned with predatory business practices bilking people out of their hard-earned money, the government will focus on looking for bad actors. The government will look to stop these exploitative tactics and more. Over 700,000 New Yorkers have medical debt.

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True Accord

APRIL 5, 2023

At the beginning of March, the federal government ended pandemic-era payments for low-income families on the Supplemental Nutrition Assistance Program (SNAP), causing nearly 30 million Americans to lose increased food stamp benefits. consumer credit card debt has increased to nearly $1 trillion.

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Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

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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

JULY 6, 2021

The CFPB will closely monitor their compliance, and we will use all the tools at our disposal including enforcement, to protect consumers during this critical time.”. As the nation begins moving people off financial assistance and onto their own two feet, accuracy in consumer credit reports will be essential to the process.

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Credit Corp

MAY 30, 2023

These payments are sent to the judgment creditor until your debt is paid. The Consumer Credit Protection Act caps these types of garnishments. For example, if a debt collector takes you to civil court for an unpaid bill, you can provide evidence of any payments you made. The lessor of these two amounts applies.

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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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Collection Industry News

APRIL 12, 2021

The Bureau explains that “[s]ince the Debt Collection Final Rules were published, the global COVID-19 pandemic has continued to cause widespread societal disruption, with effects extending into 2021.” The post CFPB Proposes Delay To Implementation Of Its Debt Collection Rules appeared first on Collection Industry News.

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Troutman Sanders

NOVEMBER 13, 2023

On November 6, the Bank of England, Financial Conduct Authority, and Prudential Regulation Authority issued guidance explaining how current and proposed regulatory regimes governing “e-money, stablecoins, and tokenised bank deposits” will interact, indicating that applicable financial institutions will be subject to dual or triple regulation.

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Collection Industry News

MARCH 2, 2021

ACA International’s team is reviewing the bill as well as other legislation cosponsored by Van Hollen, the Medical Debt Relief Act. Senate and House Democrats are seeking to remove medical debts from consumers’ credit reports and delay credit reporting in the new legislation, ACA previously reported. 1, 2021.

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Collection Industry News

MARCH 15, 2021

SACRAMENTO – More than a year into the COVID-19 pandemic, the California Department of Financial Protection and Innovation (DFPI) continues to expand efforts to protect consumers from financial impacts of the lethal virus that has ravaged the state’s economy and killed more than 53,000 Californians.

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Troutman Sanders

APRIL 4, 2022

The bill requires stablecoins to be backed by government securities with maturities less than 12 months or domestic dollars, while requiring stablecoin issuers to publicly release audited reports of reserves executed by third-party auditors. Bill Hagerty (R-TN), introduced the Stablecoin Transparency Act (S. 3970 and H.R.

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Collection Industry News

AUGUST 30, 2021

of Americans had medical debt in collections as of June 2020, according to a study from the Journal of the American Medical Association (JAMA), which analyzed consumer credit reports between January 2009 and June 2020. They have discount cards as long as you are not on any kind of government insurance.”. Story continues.

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Better Credit Blog

JANUARY 20, 2022

The only problem came when after not paying on an account for 6–7 months, I came to find out that Freedom Debt Relief couldn’t settle this particular account. I had to make my own payment arrangements with the debt collector so that we could keep our furnace. I came to learn that FDR mainly only works with credit cards.

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Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” For more information, click here. competitiveness and national security ….” On May 4, Colorado Governor Jared Polis signed SB93 into law. HB1443 will go into effect on November 1.

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Troutman Sanders

OCTOBER 30, 2023

This bill would instruct the Consumer Financial Protection Bureau (CFPB) and the Government Accountability Office to conduct a study on BNPL and EWA services to help determine the degree to which consumers are utilizing both services for retail purchases. For more information, click here. For more information, click here.

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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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Collection Industry News

OCTOBER 1, 2024

consumer financial watchdog on Tuesday warned medical debt collectors they face enforcement action by federal regulators if they illegally attempt to collect on inaccurate or legally invalid medical debts. Around 100 million Americans currently owe $220 billion in medical debt, according to the U.S.

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Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt.

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Troutman Sanders

MAY 2, 2023

Khan appeared before the House Appropriations Subcommittee on Financial Services and General Government to discuss its FY 2024 budget request and the agency’s ongoing work. Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Government Money Market Fund.”

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Troutman Sanders

JUNE 21, 2022

On June 15, the Consumer Financial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumer credit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.

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Collection Industry News

JUNE 28, 2021

In a letter to the the Consumer Financial Proection Bureau (CFPB), Democratic Sens. recommended a series of actions to protect consumers’ credit scores, provide patients with more information about financial assistance and coverage options, and give them more time to dispute or resolve debts before they are sent to collections. “We

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Collection Industry News

JANUARY 25, 2025

NEW YORK (AP) Lenders will no longer be able to consider unpaid medical bills as a credit history factor when they evaluate potential borrowers in the U.S. Removing medical debts from consumer credit reportsis expected to increase the credit scores of millions of families by an average of 20 points, the bureau said.

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Troutman Sanders

MARCH 21, 2022

On March 15, the Federal Trade Commission (FTC) filed an administrative complaint against an electronic payment company for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of a business opportunity scam that the FTC previously sued. For more information, click here.

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Collection Industry News

JANUARY 25, 2021

The CFPB under Biden is expected to more closely scrutinize how lenders, consumer credit reporting bureaus, debt collectors, and others implement mandated Covid-19 consumer relief measures.

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