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CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection Practices

Collection Industry News

The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. Accordingly, the CFPB has taken numerous actions on the issue of medical debt.

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ARM 2025: Technology Adoption and Regulatory Uncertainty Ahead

Collection Industry News

According to aTransUnion report, approximately 11% of third-party debt collectioncompanies were already using AI and machine learning (ML) technologies. And around 60% of third-party debt collectors were in the process of deploying AI/ML-based technology.