Sawin & Shea

JUNE 9, 2021

Approximately one third of consumers with a credit bureau file were contacted by at least one creditor or debt collector each year, according to a CFPB (Consumer Financial Protection Bureau) survey. The FDCPA applies only to debt collectors (the third-party collection agencies), not to the original lender.

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Credit Corp

JUNE 14, 2023

Lenders don’t necessarily continue to report activity for the entire limit. A charge-off is when the creditor officially writes your debt off its books as a loss. Keep in mind that a creditor writing off your unpaid debt as a loss doesn’t mean you don’t owe the debt. This allows borrowers to comparison-shop lenders.

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Credit Corp

MARCH 1, 2023

How to Deal with Debt Buyers Manage Your Debt Better How Debt Buying Works Debt buying occurs when creditors gather old debts—also sometimes called bad debts—into portfolios. They sell these portfolios of debts to debt buyers at a fraction of the original value of the debt. In This Piece How Debt Buying Works Why Are Debt Buyers Used?

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Taurus Collect

JANUARY 2, 2023

If you fail to pay back your creditor or lender or miss out on instalments regularly, they may resort to a debt collection agency or sell your account to a debt buyer. In fact, once the lender has hired a debt collection agency, you will make payment directly to the agency instead of the original creditor.

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True Accord

NOVEMBER 13, 2023

The result, not surprisingly, is that New York consumers who had already opted in to communicate via email about the account with the creditor would, after falling behind on payments and being referred to a debt collector, only receive phone calls and letters from debt collectors. Comments were due February 13, 2023.

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True Accord

JUNE 25, 2020

A debt buyer is a company that purchases debt from lenders for a fraction of the full value of those accounts. The Office of the Comptroller of the Currency (OCC) holds lenders accountable for compliance violations of third-party vendors. Lenders should be especially cautious when deciding on a potential debt buyer.

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Troutman Sanders

SEPTEMBER 6, 2023

The plaintiff incurred a debt to a bank, which sold the account to a new creditor. The new creditor then placed the account with the defendants for collection. In October of 2019, the defendants sent the plaintiff a letter which identified the original creditor, the new creditor, and the assignee for collection purposes.

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Credit Corp

MAY 3, 2023

Formally disputing an error involves writing a formal dispute letter to the creditor as well as the appropriate credit bureau reporting the inaccuracy. Or worse: the error can actually get re-reported to the credit bureaus if you fail to work directly with the creditor reporting the error in the first place. Not always.

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Better Credit Blog

SEPTEMBER 9, 2020

Sunrise Credit Services is a debt collector that has been hired by your old creditor to collect payment on your debt. It can also serve as a reminder to future lenders that you have a history of not paying bills. If you have been contacted by Sunrise Credit Services, you are probably being pursued for an old debt.

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Better Credit Blog

APRIL 3, 2022

Portfolio Recovery Associates, LLC, is a collection agency that buys old debts from lenders and companies that have been unable to collect the debt themselves. In other words, when the original creditor has been unsuccessful in collecting on a debt, it will write off the debt as a loss. How Portfolio Recovery Associates Works.

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True Accord

SEPTEMBER 16, 2022

Trying to keep up with regulations in debt collection can feel overwhelming especially with new cases and federal guidance coming out regularly interpreting the law and states actively amending or creating new laws that impact debt collectors, original creditors, and current creditors. The Future of Collections & Compliance.

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Troutman Sanders

MARCH 22, 2023

An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency.

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Collection Industry News

AUGUST 8, 2022

Section 1788.202 prohibits a private education lender or a private education loan collector from making any written statement to a debtor in an attempt to collect a private education loan unless the private education lender or private education loan collector possesses specified information, including 18 items.

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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. Most creditors generally pass on a few debts to a professional debt collection agency , including mortgages, auto loans, credit card debts, and student loans.

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Credit Corp

AUGUST 31, 2021

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. If the debt was sold by the original lender at 6 years, and you made a payment with the new debt buyer, it could restart the clock. What Is a Time-Barred Debt?

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Troutman Sanders

OCTOBER 17, 2023

The trial court granted summary judgment to the defendant on all claims finding that because the defendant was not a consumer lender it was not required to obtain the license at issue. Additionally, the appellate division found that the plaintiff had not suffered an ascertainable loss.

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Katabat

JANUARY 24, 2020

The conference, occurring February 3–6, 2020, brings together key participants in the receivables management industry, including debt buying companies, collection agencies, collection law firms, brokers, originating creditors, and affiliates.

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Better Credit Blog

AUGUST 22, 2020

CCS Offices is a company that collects debts on behalf of original creditor. They can affect your score for up to seven years after you pay the balance of the debt, and they can be viewed by future lenders who can make loan decisions based on your history of nonpayment.

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Better Credit Blog

APRIL 1, 2022

They also might be charging you the full amount in order to make a profit, since credit collection agencies typically buy collection accounts at a discount from the original lender. If you can, try to settle with the original creditor. For this, I suggest you check out Credit Saint. They’ll take care of you.

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Better Credit Blog

AUGUST 31, 2020

They are a third-party debt collector, which means that they may be hired by your original creditor, or they may purchase your old debt on the chance that you pay them instead. Sometimes, information gets lost in the transition from the original creditor to the debt collector. Hire a Professional. Validate the Debt.

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Better Credit Blog

SEPTEMBER 29, 2020

They can also be viewed by lenders down the line, which means you could be denied loans or credit cards. The information about your debt can get lost as it is passed from the original creditor to the debt collector. Debt collectors can cause a lot of problems for your credit score down the line.

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Better Credit Blog

SEPTEMBER 21, 2020

AR Resources is a debt collector that has been hired on behalf of the original creditor. They can affect your score for up to seven years after you pay the balance of the debt, and they can be viewed by future lenders who can make loan decisions based on your history of nonpayment.

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Better Credit Blog

AUGUST 31, 2020

Covington Credit is a third-party collector that collects payments from you on behalf of the original creditor or as the now-owner of the debt. Future lenders can also see this account and make loan decisions based on the fact that you’ve had a debt move to collections. It is possible that the debt doesn’t even belong to you.

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Better Credit Blog

NOVEMBER 25, 2020

They are a debt collector that has either been hired by your original creditor or has purchased the debt at a fraction of the price. Headquartered in Rockledge, FL, Advanced Collection Bureau Inc is a debt collection agency that recovers unpaid bills on behalf of creditors and lenders. Make a Pay-for-Delete Agreement.

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Better Credit Blog

JULY 13, 2020

This is because the original creditor of your debt has hired them to recover payments from you. You may find that the same debt is listed twice: once for the original creditor and once for Nationwide Recovery Service. Future lenders will still be able to see that you had a debt that moved to collections at some point.

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Debt Collection Answers

MAY 10, 2023

They specialize in collecting debts for: Student loan providers Auto lenders Healthcare providers Credit card companies Telecommunications companies. Upon being hired by a client, Southwest Credit Systems acquires the debt at a discounted rate from the original creditor.

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Better Credit Blog

AUGUST 17, 2020

These entries remain on your credit report for up to seven years, which means that they can be viewed by creditors and lenders. Often time, the information will get lost as it is passed from the original creditor to the debt collector. Collection accounts can hurt your credit score even after you pay off the debt.

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Better Credit Blog

AUGUST 31, 2020

This means that future lenders can see that you had a debt that went to collections, and they can make loan decisions accordingly. You can ask Convergent Outsourcing for a goodwill deletion on the grounds that the debt is paid, and you are in current good standing with the original creditor.

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Better Credit Blog

NOVEMBER 24, 2020

ACS Inc is a collection agency that works with lenders and creditors to recover payments on defaulted loans or unpaid bills. It will also show future lenders that you have a history of racking up unpaid debt. This will make lenders and creditors unlikely to make you loan offers down the line.

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Better Credit Blog

SEPTEMBER 30, 2020

If you forget to pay a bill, the original creditor may move the debt to collections. This entry will notify the credit reporting agencies of your delinquency and tell future lenders and creditors that you have a history of nonpayment. Getting rid of them can help you regain your credibility in the eyes of lenders.

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Better Credit Blog

OCTOBER 15, 2020

They are employed by service providers/lenders to help collect on debts, earning a fee when you make a payment. They purchase the debt from your original creditor, or in this case healthcare provider, at a discounted rate and net all of the profits when you make a payment.

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Better Credit Blog

SEPTEMBER 18, 2020

This means that they have either been hired by your old creditor or have acquired the debt from them to profit on your payments. Future lenders can see them and make loan decisions based on the fact that you failed to pay a debt. If you have heard from CACH LLC recently, they are likely pursuing you for an old debt.

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Debt RR

DECEMBER 13, 2019

Creditors usually send several notices prior to filing a complaint with the court. In fact, the creditor will need to show the court its attempts at collecting the debt and its notice of intent to sue in order to prove its case. There are two other conditions that must be met for a creditor to serve papers on a debtor.

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Better Credit Blog

AUGUST 7, 2020

Future lenders are able to see any collection accounts on your credit report and can deny you loans based on your history. It is not uncommon for information to get lost in the transition from the original creditor to USCB America. Having collection accounts on your credit score is incredibly damaging to your credit health.

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Better Credit Blog

SEPTEMBER 4, 2020

This is because Rausch Sturm has been hired by your original creditor to collect the debt on their behalf. Originally founded in 2008, Rausch Sturm is a medium-sized debt collection agency out of Brookfield, WI. If you have heard from a debt collector called Rausch Sturm, you are probably being pursued for an old debt.

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Better Credit Blog

SEPTEMBER 8, 2020

The debt collection process isn’t perfect, and sometimes information about debts can get lost as they move from the original creditor to the third-party collector. Your credit report tells future lenders about your ability to pay back loans, so it is important that you clean up any dings on it to help your cause.

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Better Credit Blog

APRIL 5, 2022

With some newer scoring models of FICO and VantageScore, they ignore a collection marked as “paid”, though many lenders still utilize older formulas that will still weigh a paid collection account against you. Though, if you negotiate with your creditors to get a collection account removed, be sure all the negative data goes away.

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