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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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. However, they most likely will call you or send emails to inform you about selling your account to a debt buyer.

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FFGN COLLECT NY

JUNE 14, 2023

When a debtor owes a creditor money and the creditor is seeking assistance collecting the amount owed, the creditor can either use a collection law firm or a collection agency. Should the debtor refuse to pay and it becomes time to file suit, the collection agency will have to engage a third-party law firm to file suit.

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Credit Corp

JULY 20, 2020

When you miss too many payments, your creditor may charge off the debt. When your debt is charged off as a bad debt, don’t fool yourself into thinking it goes away. A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score. When Will a Charge-Off Happen?

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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. Some creditors will claim they can’t legally remove the charge-off. Creditor Name. This isn’t true.

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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.

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Consumer Financial Services Law

JANUARY 3, 2017

Consistent with this observation, the CFPB reports that consumers complained that accounts were forwarded to third party debt collectors for debts that were not owed and that, upon dispute, the third party debt collector returned the account to the creditor who then forwarded it to another third party debt collector; Consumers also complained that (..)

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Better Credit Blog

OCTOBER 5, 2020

If that’s the case, debt validation should clear things up quickly. Even more good news: this approach can work even if the debt is legit. Since Penn is a third-party debt collector, it may not have the info on file that it needs to validate your debt. How Does Penn Credit Work? Government.

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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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True Accord

JUNE 25, 2020

Debt sales play a unique role in the collections industry, as choosing between selling to a debt buyer and placing accounts with a third-party debt collector can make or break a brand. What is a debt buyer? As mentioned before, consumers may not separate the debt buyer from the debt they owe.

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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. This means that collection agents will still be forbidden from making any type of threats against consumers, and those creditors must provide consumers with a debt validation letter upon request.

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Better Credit Blog

AUGUST 31, 2020

ConServe is a debt collection agency that may contact you regarding unpaid debts. 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. Validate the Debt.

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Debt Free Colorado

APRIL 1, 2021

Also, it’s a violation of the Fair Debt Collection Practices Act (FDCPA) for a third party debt collector to disclose information about your debts to others. CREDITOR : SPEEDY CASH SERVICES. Anyone in a law firm understands how to use BCC. OUTSTANDING AMOUNT: $850.45

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Better Credit Blog

APRIL 1, 2022

In other words, has Capital One sold your unpaid credit card debt to another collection agency, or is the debt still with Capital One? You can find out who owns your Capital One debt by getting a current copy of your credit report and taking a look to see who is listed as the creditor on the entry.

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Better Credit Blog

AUGUST 31, 2020

Debt collectors are notorious for harassing consumers when they seek repayment, calling excessively and threatening to take actions that may not be legal. What you may not know is that you are protected by the Fair Debt Collection Practices Act (FDCPA), a law designed to keep third-party debt collectors in check when they contact you.

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Collection Industry News

MARCH 18, 2023

The NCLC presented several issues for consideration in the FCRA rulemaking process, including that the Bureau should (i) “establish strict requirements to regulate the furnishing of information regarding a debt in collections by third-party debt collectors and debt buyers”; (ii) “require translation of consumer reports by the [CRAs] into the eight (..)

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Better Credit Blog

APRIL 1, 2022

In fact, some of the most commonly cited complaints deal with Credence’s lack of response to requests for debt verification. Also, others cited that Credence did not remove the collection from their credit reports after the creditor negotiated an agreement with them. Just because Credence is legit doesn’t mean your debt is.

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Taurus Collect

AUGUST 15, 2023

Explain the Various Stages of Debt Collection The debt collection process typically follows several stages: Initial Contact: The first step involves contacting the debtor, usually through a letter, to inform them about the outstanding debt and request payment.

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Burr Forman

APRIL 23, 2021

The practical result of the decision seems clear—transmitting any consumer information to any third party other than the six listed above potentially exposes a debt collector to liability under the FDCPA. An additional consideration with these state statutes is the potential new liability of first-party debt collectors.

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True Accord

OCTOBER 11, 2022

LV: Third party debt collectors need to comply with these laws and regulations, and sometimes so do servicers and first party debt collectors in some form or fashion. What kinds of businesses need to comply with these regulations?

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Collection Industry News

NOVEMBER 6, 2020

“Key to this rulemaking was ensuring that creditors would have the ability to contact their customers and work with them to remain current or to assist them if they faced hardships,” Winslow continued. “We

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Better Credit Blog

SEPTEMBER 21, 2020

These companies help people to dispute claims, work towards a solution with creditors, and get entries removed from their reports. They can also step in to assist you if a debt collector violates the FDCPA in their communications with you. How Does Capital Management Services Work?

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Better Credit Blog

SEPTEMBER 8, 2020

If you owe an old landlord money on your rent, you may begin to hear from a debt collector called National Credit Systems. National Credit Systems is a third-party debt collector that has been hired on behalf of the original creditor to collect the debt from you.

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Better Credit Blog

NOVEMBER 5, 2020

Debt validation is obviously the way to go if RMS is contacting you in error about a debt that you either paid off or one that was never yours to begin with. However, even if you know that the debt is legit, you could still find success with this strategy. Use a Credit Repair Company.

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Better Credit Blog

DECEMBER 29, 2020

They are a third-party debt collector and auto loan financer out of California. In order to request debt validation, you have to send Wilshire Consumer Credit a Section 609 letter. This is a formal request for them to send you the information they have on your debt.

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Better Credit Blog

OCTOBER 2, 2020

That means the agency can contact you at multiple stages, whether your debt has reached collections yet or not. Third-party debt collectors are often hired by agencies to collect on unpaid debts. Other times, they buy debts from service providers and creditors for pennies on the dollar.

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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.

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Better Credit Blog

OCTOBER 19, 2020

Companies opt for assistance from third-party debt collectors like ACT when they are unsuccessful at collecting payments. These debt collectors either buy the debts from the companies (for pennies on the dollar), or they are hired to help with the collections process.

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Better Credit Blog

OCTOBER 19, 2020

Companies opt for assistance from third-party debt collectors like ACT when they are unsuccessful at collecting payments. These debt collectors either buy the debts from the companies (for pennies on the dollar) or they are hired to help with the collections process.

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