Sawin & Shea

JUNE 9, 2021

Whether you have missed a single payment somewhere along the line or are delinquent on several payments, the last thing you want is to be harassed by debt collectors. The FDCPA applies only to debt collectors (the third-party collection agencies), not to the original lender. We are ready to help.

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Account Recovery

MARCH 14, 2023

The National Consumer Law Center has submitted a petition to the Consumer Financial Protection Bureau requesting that original creditors be responsible for furnishing information related to debt collection activity undertaken by third-party debt collectors or debt buyers, and that collectors should be required to review documents like the original (..)

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Taurus Collect

FEBRUARY 1, 2024

A debt collector might sound like a character from a Charles Dickens novel, but if you’ve been contacted by one, you know they’re very much a reality of modern financial life. So, what exactly is a debt collector? What Is a Debt Collector? Why Are They Contacting Me?

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Credit Corp

JUNE 3, 2021

Can debt collectors take money from your bank account to offset debts you owe them? How to Open a Bank Account That No Creditor Can Touch. In truth, it’s fairly rare to have a bank account that no creditor can touch. Don’t Let Debts Get to the Garnishment Stage. Unfortunately, the answer is yes.

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Account Recovery

JUNE 30, 2022

Any debt collectors still charging convenience fees or other fees to consumers that are not covered in the contract between the consumer and the original creditor are breaking the law and may be subject to lawsuits from consumers and regulatory scrutiny from the Consumer Financial Protection Bureau, the agency announced yesterday by issuing an Advisory (..)

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Collection Industry News

APRIL 2, 2024

The claim: It is illegal for collection agencies to buy debt and ‘come after you’ if you send a cease-and-desist letter A March 27 Facebook post (direct link, archive link) offers advice for consumers facing debt collection. “It The post also misrepresents the protections in place to prevent harassment by debt collectors.

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Taurus Collect

NOVEMBER 15, 2023

Experiencing a constant barrage of calls from debt collectors can be overwhelming, to say the least. Many wonder, “How many times can a debt collector call me in one day?” Harassment or Abuse: The FDCPA prohibits debt collectors from using abusive, unfair, or deceptive practices. or after 9 p.m.,

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Collection Industry News

OCTOBER 12, 2020

Here’s some bedrock—debt collectors can call numbers supplied by the consumer to an original creditor as part of a credit transaction. Things can get dicey where the consumer switches number or the collector doesn’t have access to the original data supplied to the creditor, so watch out if that’s the case.

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Collection Industry News

DECEMBER 1, 2022

Whether you owe a debt or not, getting a phone call from a debt collector is never a pleasant experience. The hiatus that some states and companies put on debt collection activities at the height of the pandemic has largely ended, and debt collectors have resumed business as usual. Ask for Documentation.

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Credit Corp

OCTOBER 16, 2023

Debt collectors send debt validation letters show what debts you owe, the amount, and to whome you owe it to. While a debt collector contacting you can be stressful, it’s important to pause and remember your rights as a debtor. Before paying the debt collector, verify that the debt is actually yours.

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Credit Corp

AUGUST 31, 2021

Getting calls from debt collectors can be frustrating and even confusing. That’s even truer when someone is contacting you about an old debt you forgot about, thought was long resolved, or didn’t know about in the first place. Can a debt collector collect after 10 years, for example? In This Piece.

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Nexa Collect

SEPTEMBER 23, 2021

The debt collection industry is constantly under the lens of government regulators, surrounded by strict collection laws and several attorneys who are always looking for an opportunity to sue collection agencies over the slightest fault. The FDCPA (federal debt collection laws) have not changed much for decades now.

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Troutman Sanders

AUGUST 26, 2020

The plaintiff incurred a debt to a medical provider who placed the debt with a debt collector. The collection letter from the debt collector included a request for repayment of principal and interest. The district court agreed and granted summary judgment to the defendant.

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Direct Recovery

FEBRUARY 7, 2021

The Type of Creditor Still Matters. One change that isn’t included in the update is any type of protection from original creditors. It is also worth pointing out that all of the original protections that exist because of the FDCPA are going to remain in place.

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Nexa Collect

MARCH 22, 2022

By law, all debt collectors are required to provide at least 30 days to the debtor/consumer to dispute the debt, after the consumer receives (or is assumed to receive) the validation information. This format is located here: CFPB Debt Collection Validation Notice R19 ( as of Nov 2021). The amount is wrong.

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Collection Industry News

MARCH 8, 2021

Illegal activities included harassing phone calls, bogus threats of arrest or lawsuit, and violations of other provisions of the Fair Debt Collection Practices Act. In many cases, consumers didn’t even owe the debts. The collector’s refusal to provide the information is a red flag it’s a scam. Check with the original creditor.

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Troutman Sanders

FEBRUARY 1, 2022

District Court for the Southern District of California, granting summary judgment in favor of a debt collector in a Fair Debt Collections Practices Act (FDCPA) case. In doing so, it held that a collection letter, which indicated that the debtor could only dispute the underlying debt in writing, violated the FDCPA.

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Collection Industry News

MARCH 23, 2021

Court of Appeals for the Third Circuit recently held that a debt collector did not violate the federal Fair Debt Collection Practices Act (FDCPA) when it sent a consumer a collection letter inviting her to “eliminate further collection action” by calling the company, when in fact only written communication could legally stop collection activity.

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Nexa Collect

AUGUST 8, 2020

It falls to 74% collectible at three months, and by six months, only 58% of debts remain viable. At a year, there’s only a 27% chance of recovering the debt. These percentages assume skilled debt collectors with modern collection tools at their disposal, like those found at agencies. Most creditors are unaware of these.

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Nexa Collect

FEBRUARY 14, 2022

The primary objective is to check if there was a violation of debt collection laws (FDCPA laws), and those recordings can be reviewed if there is a need. . If your client insists that they want to see collector notes on the online portal to understand how much collection activity is going on each of their accounts, that is again tricky.

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Nexa Collect

JULY 28, 2020

It falls to 74% collectible at three months, and by six months, only 58% of debts remain viable. At a year, there’s only a 27% chance of recovering the debt. These percentages assume skilled debt collectors with modern collection tools at their disposal, like those found at agencies. Most creditors are unaware of these.

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Nexa Collect

JUNE 21, 2023

Increased Debt : If you ignore the debt, interest and fees may accumulate, potentially increasing the total amount you owe. Legal Action : The creditor or collection agency may file a lawsuit against you to recover the debt. Debt Sold : The debt collection agency might sell your debt to another agency.

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FFGN COLLECT NY

DECEMBER 12, 2023

Here is an overview of the NYC law on debt collection: The consumer or debtor can ask the debt collector or attorney to verify the debt or show proof of verification upon collection. Consumers must be aware that the debt they are being collected for is valid. You must inform consumers about the debt specifics.

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Credit Corp

JUNE 1, 2023

Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. How Does Collections Debt Affect Your Credit Score?

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True Accord

NOVEMBER 13, 2023

While attempting to provide additional protections for consumers when debt collectors reach out using digital channels, these NYDFS and NYC DCWP restrictions create unintended consequences that raise barriers for NY consumers to correspond with collection agencies in their channel of preference and hinder communication efforts.

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Troutman Sanders

JULY 30, 2021

July 22, 2021), the Eastern District of Michigan granted summary judgment in favor of a debt collector, holding that it did not violate the Fair Debt Collections Practices Act (FDCPA) by failing to report that the plaintiff disputed the debt at issue. In Burns v. Keybridge Med. Revenue Care , No. 2:20-cv-12732 (E.D.

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Better Credit Blog

APRIL 6, 2022

Here are 3 proven methods to remove a charge-off from your credit report: Negotiate A “Pay for Delete” & Pay The Creditor To Delete The Charge-Off. Offer To Pay The Creditor To Delete The Charge-Off. With this method, you’d use your payment as leverage to convince the debt collector to help restore your credit.

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Troutman Sanders

NOVEMBER 16, 2021

The Act amends provisions of New York’s Civil Practice Law and Rules, commonly referred to as the CPLR, and the Judiciary Law to require original creditors and third-party debt collectors to include certain information and documents when filing and prosecuting debt collection actions.

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Credit Corp

FEBRUARY 23, 2024

Dealing with zombie debt can be extremely complicated as debt collectors may repeatedly contact you about an account that belonged to you years ago. Much like the characters in a post-apocalyptic story, it’s possible to overcome zombie debt with the right know-how. How Does Zombie Debt Work?

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Credit Corp

NOVEMBER 9, 2020

The Fair Debt Collection Practices Act is a federal law that protects consumers against certain unfair collection practices. It applies to only external or third-party debt collectors and only for personal debts. It does not come into play for creditors collecting their own debts. Debt Collection Laws.

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Credit Corp

SEPTEMBER 12, 2023

If the debt collector made an error: If you suspect the debt collection agency made a mistake, like if you see a debt you don’t recognize, you’ll need to confirm the debt belongs to you. Do so as soon as you can—within 30 days of a debt collector’s first contact with you, if possible.

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Collection Industry News

AUGUST 3, 2021

July 22, 2021), the Eastern District of Michigan granted summary judgment in favor of a debt collector, holding that it did not violate the Fair Debt Collections Practices Act (FDCPA) by failing to report that the plaintiff disputed the debt at issue. Source: site. In Burns v. Keybridge Med. Revenue Care , No.

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Taurus Collect

MARCH 8, 2022

Debt collection is a legitimate business that can involve challenging & confusing issues. Debt collectors typically work with debt-collection agencies, though some may operate independently. Below mentioned are some of the typical debt collection queries that we aim to answer for you.

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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. Complaints must include the name of the original creditor, the date and amount of last payment and the last four digits of the account number.

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Taurus Collect

JUNE 16, 2022

Having debts in the collection primarily means that a third party is pursuing you to retrieve payments for your debts on behalf of your creditors. Debt collection is a process that gives debtors certain rights that debt collection agencies must respect. What does it mean to have debt in collections?

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Collection Industry News

MARCH 18, 2023

The post CFPB receives FCRA rulemaking petition on debt collection appeared first on Collection Industry News.

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Taurus Collect

MARCH 7, 2022

It occurs when a collection agency or a company attempts to collect past-due debts from borrowers. Hiring debt collectors are often a cost-effective alternative for businesses as it prevents you from investing your time and resources to manage your debts. How do debt collectors work? What is the process?

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