True Accord

NOVEMBER 13, 2023

Interestingly, this update contains revisions that are similar to the New York Department of Financial Services (NYDFS) proposed amendments to New York’s debt collection law, 23 NYCRR 1, that NYDFS released last year. about a past due account) and cannot even reference information about the account.

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Consumer Financial Services Law

MARCH 8, 2018

Dunn A District Court in the Seventh Circuit has held that a debt collector may not avail itself of the § 1692k(c) bona fide error defense if it “intentionally chose to present conflicting information,” even if that conflicting information was provided to it by the creditor. By: Zachary K. In Garcia v. LEXIS 17818 (N.D.

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Troutman Sanders

NOVEMBER 13, 2023

Annual report requirements will be adopted through a separate rulemaking.

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True Accord

NOVEMBER 20, 2023

Both the federal and DC laws permit debt collectors to communicate digitally about a consumer’s account as long as the digital communications contain clear and conspicuous opt-out language with strict penalties for failing to abide by the opt-out provisions.

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Troutman Sanders

DECEMBER 7, 2021

State Activities: On December 1, New York Attorney General Letitia James issued a consumer alert “informing New Yorkers of their rights when contacted by a debt collector,” referencing Regulation F adopted by the CFPB on November 30, and the recent New York state law called the Consumer Credit Fairness Act, which was signed into law on November 8.

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Troutman Sanders

APRIL 26, 2021

Federal Activities: On April 22, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. For more information, click here. On April 22, the U.S.

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Troutman Sanders

MAY 9, 2023

On May 4, Colorado Governor Jared Polis signed SB93 into law.

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True Accord

JULY 13, 2020

Debt collection is a highly regulated industry and as such, is notoriously slow to change. While there are a number of reasons for this , the end result is a growing gap between consumer’s expectations and the services creditors offer. . A consumer’s relationship with a debt collector begins well before any payment activities.

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Troutman Sanders

MARCH 22, 2021

The Bureau is concerned that some of those desperately needed funds will not reach consumers, and will instead be intercepted by financial institutions or debt collectors to cover overdraft fees, past-due debts, or other liabilities. On March 10, the Oklahoma Senate passed a health care debt collection bill.

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Troutman Sanders

MAY 5, 2021

Section 1692c(b) of the FDCPA prohibits a debt collector from communicating with most third parties “in connection with the collection of any debt” unless it has the consumer’s consent. The hospital hired debt collector Preferred Collection & Management Services, Inc.

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Collection Industry News

SEPTEMBER 29, 2020

Yesterday, the New York Department of Financial Services (NYDFS) announced that it filed its first enforcement action against a debt collector under New York’s Debt Collection Regulations. NYDFS is showing its fangs here and makes a very loud statement to debt collectors: substantiate or else.

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Consumer Financial Services Law

DECEMBER 12, 2016

Creditors and debt collectors who utilize pre-collect practices should pay close attention to a recent opinion from the Eastern District of Michigan. 1, 2016), the collection agency agreed to provide the creditor with demand letter services which involved a series of three letters per debt account.

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Consumer Financial Services Law

FEBRUARY 1, 2017

A demand letter sent by a debt collector was not doomed by an incorrect statement of the creditor’s name. the debt collector’s initial letter stated as follows: Re: ENCOMPASS MANAGEMENT CONSULTANTS Account #: 3118797 Balance: $875.33 1692g by failing to accurately identify the creditor. In Santibanez v.

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Consumer Financial Services Law

MAY 10, 2017

A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. As most know, Bank of America (BoA) acquired Countrywide Bank FSB and its mortgage portfolio in 2008.

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Jimerson Firm

DECEMBER 14, 2021

To better understand the Fair Debt Collection Practices Act, I’ve broken it down into three discernable parts: 1) Elements of a cause of action under the FDCPA. The FDCPA prohibits debt collectors from making false or misleading representations and from engaging in various abusive and unfair practices. 3d 1175, 1205 (M.D.

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Consumer Financial Services Law

NOVEMBER 16, 2016

The court was also dismissive of the consumer’s nonsensical argument that the debt collector somehow violated the FDCPA by advising the consumer of its rights under the FDCPA. The consumer therefore argued that by making the disclosures, the debt collector violated the FDCPA. Financial Recovery Services, Inc.,

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Troutman Sanders

NOVEMBER 8, 2023

The defendant offered a “pause” program that allowed the plaintiff to suspend service for up to nine months at a cost of $5 per month, which the plaintiff accepted. Ultimately, the plaintiff filed for chapter 7 bankruptcy protection, listed the defendant as an unsecured creditor, and obtained a discharge of her debt.

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Collection Industry News

JANUARY 19, 2021

Those were just two of more than 1,800 loans that went to debt collectors and high-interest lenders through the Paycheck Protection Program, according to an analysis by The Washington Post. The government loans to debt collectors essentially finance “debt collection against people who already are dealing with a global pandemic.”.

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Consumer Financial Services Law

APRIL 22, 2021

Enloe The FDCPA provides a bona fide error defense for debt collectors who can show by a preponderance of the evidence that their violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such error. Limited Content Messages.

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True Accord

JUNE 19, 2020

At TrueAccord 95% of accounts are resolved through self-service. Another key, scalable advantage that technology-driven financial services offer is the ability to send emails to a large number of users. Technology-focused companies can focus on encouraging that through their products and services.

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Troutman Sanders

FEBRUARY 10, 2021

Dawson, in the Western District of Arkansas, granted a defendant debt collector’s motion for summary judgment. The court determined Monterey Financial Service LLC’s responses to plaintiff Kyle Steven Johnston’s debt validation request did not constitute harassment and satisfied Monterey’s obligations under the FDCPA.

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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. The final amended rule will go into effect on July 20, 2023.

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Consumer Financial Services Law

JANUARY 22, 2021

Communications in Connection with Debt Collection) to allow debt collectors to communicate with the deceased consumer’s spouse, parent (if the consumer is a minor), legal guardian, executor or administrator, and confirmed successor in interest (as defined Regulation X). Section 1006.2(c) This definition dovetails with 1006.6

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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. More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry.

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Troutman Sanders

APRIL 6, 2023

In a significant boost to the financial services industry, Utah has taken major steps to streamline its debt collection bureaucracy — including the removal of criminal penalties for failure to comply with technical requirements. See Utah Code Ann. §

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Troutman Sanders

NOVEMBER 1, 2021

LTD Financial Services, L.P. , or more of a debt is forgiven as a result of settling a debt for less than the balance owing, the creditor may be required to report the amount of the debt forgiven to the Internal Revenue Service on a 1099C form, a copy of which would be mailed to you by the creditor.

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FFGN COLLECT NY

JANUARY 13, 2021

It should be noted that most news articles about debt collection involve rogue collectors or firms that either harassed consumers or failed to give the required notice of a debt. New York Debt Collection Laws. Business to Business Debts. The creditor makes a demand but is not paid.

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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. Capital Management Services, the collection agency sent a single letter which identified the original and current creditor, the account number as “5702” and the amount of the debt as $565.91. In Powers v.

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Collection Industry News

NOVEMBER 6, 2020

On Friday, the bureau issued its final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt.

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Consumer Financial Services Law

JANUARY 25, 2017

This, coupled, with other comments recently by the CFPB have identified the collection of medical debt as a source of concern for the Bureau. The medical community, as well as debt collectors focused on medical collections, should pay close attention to this issue moving forward.

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Better Credit Blog

AUGUST 21, 2020

This means that Radius Global Solutions has acquired your debt from the original creditor and has opened a collection account on your credit report. Any collection entries on your credit report can continue to impact your score for up to seven years, even if you have paid off the debt. Verify the Debt. Let them know.

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Better Credit Blog

FEBRUARY 19, 2021

FMA Alliance is a third-party debt collector that works with companies to recover delinquent accounts from customers. Before a debt collector can contact you for payment, they must first report the debt to the major credit bureaus. The majority of their clientele are within: financial services.

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Better Credit Blog

JULY 13, 2020

Nationwide Recovery Service is a debt collection agency that collects a variety of debt, including telecommunication, financial service, utilities, and medical bills. Nationwide Recovery Service will appear on your credit report as a collection agency. Validate the Debt. Negotiate a Settlement.

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Troutman Sanders

OCTOBER 7, 2021

a debt buyer, retained defendant LTD Financial Services, L.P. LTD subsequently sent four collection letters to the plaintiff that identified the creditor as “Citibank (South Dakota), N.A. In Bordeaux , the plaintiff had an outstanding balance on a Home Depot credit card account, and defendant Advantage Assets II, Inc. (AA

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Consumer Financial Services Law

APRIL 2, 2018

The Seventh Circuit recently joined the Fourth and Ninth Circuits in holding that a debt collection discharges its obligation as to debt validation by verifying that its letters accurately conveyed the information received from the creditor. 1692g by not verifying the debt with the creditor. EOS CCA, 2018 U.S.

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Better Credit Blog

AUGUST 22, 2020

If you have a debt that you haven’t paid yet, you may have heard from a debt collector called CCS Offices. CCS Offices is a company that collects debts on behalf of original creditor. They do this by either purchasing the debt or collecting the payments and taking a portion for themselves.

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Consumer Financial Services Law

FEBRUARY 9, 2018

A recent opinion from a district court in California serves as a reminder to creditors and debt collectors of the limited circumstances upon which convenience fees can be collected. While some of the options were free, the consumer opted to make several payments using a “speedpay” service through Western Union.

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