Collection Industry News

NOVEMBER 17, 2024

EXPANSION OF COVERED DEBT The amendments expand covered debt to include “covered commercial debt,” “covered commercial credit,” and “covered commercial credit transaction.” Under the amended act, “covered debt” means a consumer debt or a covered commercial debt. Covered credit” means consumer credit or covered commercial credit.

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FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. 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.

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The Kaplan Group

OCTOBER 19, 2020

You can learn more about FDCPA in our advice to consumer debtors. Credit Counselor. A credit counselor is certified and trained in consumer credit, money and debt management, and budgeting. The law does not apply to collecting from businesses. Default Provisions.

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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. In 2023, Hochul signed laws scrubbing all medical debt from consumer credit reports and prohibited wage garnishments for medical debt and liens on primary residences.

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Troutman Sanders

JANUARY 23, 2023

Our Take: Companies extending consumer credit in New Mexico should ensure that their credit products and terms are in compliance with the new law.

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FDCPA Defense

MAY 6, 2014

The Ninth Circuit rejected the consumer’s claim that the letter violated sections 1692e, 1692e(5) and 1692e(10) of the FDCPA, noting that: “The body of the notice was informational, notifying Wade that failure to pay could adversely affect her credit reputation….The Credit Bureau of Georgia, 555 F. Equifax Check Services, Inc.,

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National Service Bureau

OCTOBER 21, 2015

As a medical debt collection agency, the CFPB asserted oversight because SOS had violated both the FDCPA and FCRA by not sending debt validation notices and mishandling consumer credit report complaints. Also in June 2015, the Pennsylvania Attorney General filed suit against Hamilton Law Group and its president, James Havassy.

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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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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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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. How do I choose a debt management agency? Watch out for scams, hidden fees, and fraudulent organizations.

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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. In 2023, Hochul signed laws scrubbing all medical debt from consumer credit reports and prohibited wage garnishments for medical debt and liens on primary residences.

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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 Implemented specific segmentation and treatment strategies for debtors. These challenges will have a significant impact on debtor's ability to pay back what they owe.

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Consumer Financial Services Law

SEPTEMBER 13, 2016

A recent decision from a North Carolina Bankruptcy Court emphasizes the need for proper training for those who file proofs of claim on behalf of anyone providing consumer credit, including healthcare providers. Moreover, a number of the proofs of claim also may have contained protected health information. 14-02379-5-SWH (Bankr.

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Katabat

MARCH 30, 2021

The story notes: “But as more people are vaccinated and the country sees a return to normal life on the horizon, payments on trillions of dollars of those debts could resume soon, even if debtors remain out of work or in financial distress because of the economic crisis the outbreak wrought.”.

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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. For more information, click here. On October 8, AB1119 was signed by Newsom. For more information, click here.

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Troutman Sanders

NOVEMBER 24, 2020

Among those directives, the service of a garnishment summons, wage deduction summons, or a citation to discover assets on a consumer debtor or consumer garnishee are suspended through December 12. For more information, click here.

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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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