Credit Corp

AUGUST 8, 2024

Debt collectors can feel relentless. ” The answer is yes—debt collectors can sue you to recover the debts that you owe. There’s no single answer to how soon a debt collector can sue—it can be between weeks or months, but they’ll usually take steps before it gets to that point.

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Credit Corp

JULY 20, 2020

Once your debt is charged off, your creditor will send a negative report to one or more of the credit reporting agencies. It may also attempt to collect on the debt through its own collection department, by sending your account to a third-party debt collector, or by selling the debt to a debt buyer.

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Taurus Collect

JANUARY 2, 2023

A collection account is a debt turned over to a third-party debt collector or a debt collection agency because the borrower has failed to pay it as agreed. On the other hand, a charge-off is a debt that a creditor has written off as a loss because the borrower has not paid the debt for an extended period.

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Public Citizen

OCTOBER 31, 2020

holding that debt buyers who are collecting their own purchased debts are not considered to be “debt collectors” under the FDCPA, and thus not subject to its requirements. Santander Consumer USA, Inc., Congressional veto of CFPB Rule banning class action waivers in arbitration clauses.

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Better Credit Blog

MAY 1, 2022

Having a mortgage loan shows that your creditworthiness is good enough for a lender loan you a large sum of money. Use a Debt Validation Letter to Remove Old Debts. When your contacted by a debt collector about an old debt, I recommend replying with a debt validation letter.

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FDCPA Defense

MAY 6, 2014

The CFPB does not want debt collectors to tell consumers that paying their debts might help them to improve their credit score. Nor does the CFPB want collectors to encourage consumers to pay by informing them that their failure to do so might harm their credit. CBE Group, Inc., 558, 566 (D.

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Collection Industry News

JANUARY 29, 2021

Court of Appeals for the Seventh Circuit recently vacated judgment in favor of a debt collector against putative class action claims raised by a consumer that its collection letter violated the federal Fair Debt Collection Practices Act (FDCPA) by threatening action that could not legally be taken and amounting to a false representation.

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Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. Require debt collectors to obtain consent before using electronic communications and provide written validation notices.

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Better Credit Blog

OCTOBER 21, 2020

In addition to diminishing your creditworthiness, having debt in collections can make your everyday life pretty stressful. Debt collectors can call, leave you messages, and send letters rather frequently until you pay what you owe. 3 Ways to Remove Absolute Resolutions Investments LLC from Your Credit Report.

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Better Credit Blog

OCTOBER 21, 2020

In addition to diminishing your creditworthiness, having debt in collections can make your everyday life pretty stressful. Debt collectors can call, leave you messages, and send letters rather frequently until you pay what you owe. 3 Ways to Remove Absolute Resolutions Investments LLC from Your Credit Report.

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Collection Industry News

JUNE 1, 2023

Automated debt collection software, artificial intelligence (AI), and machine learning algorithms have improved efficiency, accuracy, and customer interactions. These technologies enable debt collectors to automate repetitive tasks, streamline workflows, analyze data more effectively, and personalize communication with debtors.

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Collection Industry News

JANUARY 10, 2022

The CFPB found that various debt collectors, in part, misrepresented to consumers that restarting and completing a payment plan would improve the consumer’s creditworthiness upon final payment under the plan and the deletion of the tradeline.

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Taurus Collect

APRIL 9, 2024

Offering flexible repayment plans can facilitate quicker settlements, reducing the need for formal debt collection interventions. Regularly Review Client Creditworthiness: Conduct periodic reviews of clients’ credit status. Offer Flexible Payment Solutions: Sometimes, clients face genuine financial difficulties.

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Troutman Sanders

MAY 9, 2023

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

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Better Credit Blog

MAY 4, 2022

But, in the longer term, debt consolidation often improves your credit score. If you’re not missing or making late payments anymore, your creditworthiness will increase. Also, if your credit utilization percentage (the amount of debt you owe vs. how much credit you have available) goes down, your score should increase.

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Troutman Sanders

APRIL 15, 2022

The plan includes four focus areas: Holding Providers and Collectors Accountable: The Department of Health and Human Services (HHS) will evaluate how providers’ billing practices impact access and affordability of care and the accrual of medical debt.

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Account Recovery

JANUARY 30, 2025

The agency cites research showing that medical debt is less predictive of credit risk than other types of debt and argues that credit reporting is often used as a coercion tactic rather than a legitimate assessment of creditworthiness. Learn more.

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