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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Jimerson Firm

DECEMBER 14, 2021

Two important statutes for all businesses to be aware of are the Florida Consumer Collection Practices Act (FCCPA) and the Fair Debt Collection Practices Act (FDCPA). Fair Debt Collection Practices Act. This article discusses the similarities and differences between the FDCPA and the FCCPA.

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Credit Corp

AUGUST 31, 2021

How Long Can a Debt Collector Pursue an Old Debt? Each state has a law referred to as a statute of limitations that spells out the time period during which a creditor or collector may sue borrowers to collect debts. In most states, they run between four and six years after the last payment was made on the debt.

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Better Credit Blog

APRIL 3, 2022

Portfolio Recovery buys multiple accounts with old debt from companies that have given up and “charged off” the accounts. In other words, when the original creditor has been unsuccessful in collecting on a debt, it will write off the debt as a loss. You get to dictate how and when a debt collector contacts you.

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Credit Management Company

AUGUST 9, 2022

While many consumers are able to manage their debt load and stay current on their accounts, many businesses are finding themselves with uncollected debt and no proven collection strategy. Before you can collect on any debt, you need to validate the debt in accordance with the Fair Debt Collection Practices Act.

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Troutman Sanders

NOVEMBER 11, 2020

Recently, the Consumer Financial Protection Bureau filed an Amicus Curiae brief in the United States Court of Appeals for the Third Circuit addressing whether a debt collector violates the Fair Debt Collection Practices Act by accurately stating that it is seeking to collect $0.00 2:19-cv-18661 (2020)(Case No.

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Better Credit Blog

APRIL 1, 2022

According to the CFPB (Consumer Financial Protection Bureau) and the BBB (Better Business Bureau), TSI or www.tsico.com has had over 5,000 (CFPB) and 300 (BBB) complaints filed with the Federal Trade Commission stating inaccurate reporting and even threatening legal actions they are not legally allowed to follow through on. Debt Validation.

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Better Credit Blog

APRIL 1, 2022

If you’re unable to pay your original creditor, your debt may pass to a debt recovery agency, earning a collection letter and possibly a stain on your credit report. It’s perfectly legal and proper to make this request, generally called a Debt Validation Letter. The company may lack data related to the debt.

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Credit Management Company

JULY 14, 2021

Everyone in the debt collection industry is familiar with the Fair Debt Collections Practices Act (FDCPA). Reputable collections agencies willingly follow these rules and treat patients with compassion and respect. Name of the creditor. The debt concerned his son’s medical treatment.

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Credit Corp

AUGUST 24, 2020

In addition to requesting a written validation notice from the collector, verify with your state attorney general’s office or the Better Business Bureau that the collection agency is legitimate. If you suspect that you are being contacted by a scammer, you can submit a complaint with the Federal Trade Commission. Postdated Check.

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Collection Industry News

DECEMBER 4, 2022

Almost 2,000 consumers who were conned into paying debts they didn’t owe are in the process of getting their money returned to them. Consumers should familiarize themselves with their rights to better protect themselves from creditors, McClary said. But if you don’t, you may be susceptible to handing over your money. “If

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Debt RR

SEPTEMBER 9, 2020

It tells them how they can work with the creditor to craft a new payment plan that’ll be rational to both parties. Initiate the legal process: No legal action or harsh debt recovery techniques can be utilized before a debtor receives the collection letter. This is the first letter a creditor or collector issues a defaulter.

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Collection Industry News

OCTOBER 6, 2020

The rules do not require creditors, debt collectors, or collection agencies to make any services available in any particular language or to honor consumers’ language access preferences. New York City is one of only a very small number of jurisdictions to require creditors to provide a debt validation notice.

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Credit Corp

AUGUST 8, 2024

This guide will shed light on debt collector lawsuits, how soon they can happen, how they affect your credit, and—most importantly—how to avoid them altogether. Be sure to also familiarize yourself with the Fair Debt Collection Practices Act so you’re aware of your rights. Table of contents: When Can Debt Collectors Sue?

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Troutman Sanders

JANUARY 26, 2023

TILA authorizes the CFPB to determine whether a state law requirement is preempted, upon its own motion or upon the request of a creditor, state, or other interested party. Drawing upon his experience as a deputy attorney general, Ashley has developed an extensive consumer practice with regard to the consumer financial services industry.

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Collection Industry News

SEPTEMBER 12, 2022

The first half of 2022 has seen a flurry of state and federal activity attempting to reign in “convenience fees”—fees charged by a creditor, debt collector, or third party to a consumer for making a payment via some means other than a check or cash, such as over the phone, online, or in some other expedited manner. In January, the U.S.

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National Service Bureau

DECEMBER 9, 2015

John Rossman and Mike Poncin of Moss and Barnett have a Debt Collection Drill podcast, and a recent episode was particularly relevant to our audience. Here, we share three mistakes gleaned from a study of Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) enforcement actions.

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National Service Bureau

JUNE 10, 2015

In reality, debt collection agencies are the most useful means to get someone who has a legitimate contractual obligation to make good on their promise so that the honest businessman (perhaps yourself or your company) on the other side of the trade doesn’t get left holding the bag. Are they a member of ACA International ?

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Troutman Sanders

JANUARY 9, 2024

On January 4, the Federal Trade Commission (FTC) and the State of Connecticut announced they are filing suit against an auto dealer for several of its business practices. The debt collector claimed that they were only responsible under the law when they intended to say something false. For more information, click here.

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Troutman Sanders

DECEMBER 20, 2022

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the Eleventh Circuit in support of a plaintiff-appellant who filed a Section 1681s-2(b) claim against a furnisher for failing to conduct a reasonable investigation under the Fair Credit Reporting Act.

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Troutman Sanders

APRIL 26, 2021

On April 21, the Fair Debt Collection Practices for Servicemembers Act passed the House of Representatives under suspension of the rules. On April 14, Senators Sherrod Brown (D-OH) and Marco Rubio (R-FL) reintroduced the Small Business Lending Fairness Act. For more information, click here.

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FDCPA Defense

APRIL 17, 2019

Although this scenario may sound far-fetched, it is an everyday occurrence for creditors’ rights attorneys, who have been targeted by “meaningful attorney involvement” lawsuits for years. The CFPB is expected to announce proposed debt collection rules in the near future that may incorporate the theory. 1692, et seq.

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Collection Industry News

JULY 18, 2022

This is underscored by the multiple citations within the advisory opinion to past CFPB and Federal Trade Commission enforcement actions concerning violations of FCRA’s permissible purpose provisions. The CFPB says the advisory opinion applies to all “consumer reporting agencies” – not only to the nationwide CRAs.

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Troutman Sanders

MAY 2, 2023

On April 27, Federal Trade Commission (FTC) Chair Lina M. On April 26, the CFPB issued an advisory opinion, reminding the industry that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act.

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Troutman Sanders

MAY 10, 2021

On May 6, the House of Representatives indicated that it plans to vote on eight bills, collectively referred to as the Comprehensive Debt Collection Improvement Act. In a second report, the CFPB states that overall mortgage complaints to the CFPB have risen to their highest level in three years. For more information, click here.

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Account Recovery

MAY 2, 2025

In what might be the first enforcement action related to the debt collection industry under the Trump administration, the Federal Trade Commission yesterday announced a proposed permanent injunction against against Global Circulation and its owner, Kenneth Redon III, for engaging in a fraudulent debt collection scheme.

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Burt and Associates

OCTOBER 31, 2024

For debt collection agencies, this means more business—and potentially more consumer complaints. With over 6,000 third-party collection agencies operating in the U.S., millions of Americans have collection trade lines on their credit reports.

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Burt and Associates

OCTOBER 31, 2024

For debt collection agencies, this means more business—and potentially more consumer complaints. With over 6,000 third-party collection agencies operating in the U.S., millions of Americans have collection trade lines on their credit reports.

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Collection Industry News

DECEMBER 8, 2022

Debt collectors are now allowed to contact Americans on social media and by text message, according to new rules enacted by a US agency this week. The rule from the Consumer Financial Protection Bureau (CFPB) opens the door for creditors to slide into the DMs of millions of Americans who have loans.

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Collection Industry News

DECEMBER 1, 2022

Debt collectors are now allowed to contact Americans on social media and by text message, according to new rules enacted by a US agency this week. The rule from the Consumer Financial Protection Bureau (CFPB) opens the door for creditors to slide into the DMs of millions of Americans who have loans.

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FFGN COLLECT NY

FEBRUARY 2, 2025

Federal laws currently regulating debt collection include oversight of banking regulations, regulation of lenders, statutory limitations on the behavior and actions of debt collectors, protection of consumers, and more. The Fair Debt Collection Practices Act (FDCPA) protects consumers from abusive debt collectors.

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