Account Recovery

SEPTEMBER 16, 2024

Collection agencies, debt buyers, and financial institutions will need to adapt to these trends by integrating these payment methods into their systems. However, the rise of instant payments, projected to capture 22% of the market, offers debt collectors an opportunity to accelerate payment processing and improve efficiency.

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Troutman Sanders

MAY 5, 2022

Debt Collection. The CFPB believes that debt collectors misrepresent consumers’ responsibilities in cases of identity theft. The CFPB might also see this as a sustained deviation from debt collectors’ policies and procedures. The CFPB alleges debt collectors fail to refund overpayments in a timely manner.

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True Accord

JANUARY 27, 2025

SMS allows creditors, debt collectors, and financial institutions to communicate with individuals in a brief and direct manner, more so than traditional methods such as letters or phone callsor even email. SMS offers several practical advantages for both debt collectors and consumers.

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True Accord

JULY 13, 2023

Updates to the Gramm-Leach-Bliley Act (GLBA), the Safeguards Rule , provide financial institutions, including those in the accounts receivable management industry, with requirements on how to safeguard customer information, went into effect on June 9.

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Nexa Collect

JUNE 21, 2023

Fair Debt Collection Practices Act (FDCPA) : While primarily focused on the practices and behaviors of debt collectors, the FDCPA also contains provisions that protect consumers’ personal information. This includes protecting consumer data from unauthorized access or data breaches.

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Collection Industry News

MAY 9, 2022

Debt Collection. The CFPB believes that debt collectors misrepresent consumers’ responsibilities in cases of identity theft. The CFPB might also see this as a sustained deviation from debt collectors’ policies and procedures. The CFPB alleges debt collectors fail to refund overpayments in a timely manner.

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Troutman Sanders

JULY 29, 2020

This bill protects stimulus funds provided under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) from being garnished by private debt collectors. 3841 allows individuals to request that their financial institution protect these payments from debt collection garnishment. “The As part of S.

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Nexa Collect

JANUARY 14, 2023

Extra costs to comply with these laws would be passed on to businesses /creditors, who are already unwilling to pay the current costs associated with hiring a professional debt collector. As per FTC, starting June 9, 2023, all collection agencies will be treated as financial institutions. New Regulations.

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Consumer Financial Services Law

MAY 10, 2017

A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. As most know, Bank of America (BoA) acquired Countrywide Bank FSB and its mortgage portfolio in 2008.

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National Service Bureau

APRIL 29, 2015

Have you been contacted by a debt collector recently, and not sure what to do? Your options are to dispute the debt, restrict the activities of the collection agency, or to pay the debt. Option 1: Dispute the debt. You don’t owe this debt. It doesn’t belong to you. I don’t want to be contacted at all.

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Better Credit Blog

FEBRUARY 18, 2021

You may start getting calls from a debt collector. Failing to pay your bills will cause the debt to move to collections. One such debt collector that you may hear from is called FirstPoint Collections. Removing a debt collector from your credit report isn’t easy, but it is worth it. public utilities.

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Consumer Finance Watch

MAY 8, 2024

Financial institutions, credit furnishers, debt collectors, and other businesses reporting consumer information to credit reporting agencies should take note that the Eleventh Circuit Court of Appeals has declined to impose a bright-line rule that only purely factual or transcription errors are actionable under the Fair Credit Reporting Act (“FCRA”). (..)

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FDCPA Defense

SEPTEMBER 26, 2017

Can a bank be sued for acting as a “debt collector” under the California Rosenthal Act? You are probably tempted to answer “yes” it can, because you know the Act defines a “debt collector” to include an entity that is collecting on behalf of itself or on behalf of third parties. Code § 1788.2(c) 3d 1055, 1065 (9th Cir.

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PDC Flow

OCTOBER 12, 2021

On November 30, 2021, debt collectors are expected to be fully ready to comply with this long-awaited rule. We have wanted a road map of what a regulator would feel is appropriate conduct for us, to communicate to consumers and collect debt. ”. how to present your company’s name without revealing you are a debt collector.

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True Accord

MAY 19, 2021

“I look forward to working with this group representing diverse stakeholders in the debt collection industry,” said DFPI Commissioner Manuel P. The committee’s perspectives and advice will be critical in helping the Department effectively oversee debt collectors and protect consumers.”.

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True Accord

JUNE 29, 2023

Let’s take a look at how the new updates to GLBA Safeguards Rule, how these security policies are important specifically for debt collection, and what best practices your business should follow to protect consumers’ data. Failure to implement these best practices can result in a security incident or worse, a data breach.

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Better Credit Blog

OCTOBER 14, 2020

Though the agency is headquartered in Pennsylvania, they collect on consumer debt nationwide. ARS collects on debts for several types of businesses, including: Telecommunications services. Healthcare debt. Debt from financial institutions. Curious about the debt collection process? Utility bills.

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Debt collector Fair Debt Collection Collections Agency Collection Agencies 81

Troutman Sanders

JANUARY 6, 2023

15, 2022, the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F. OCC examiners will rely on this new interagency guidance instead. FFIEC is a U.S.

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Consumer Finance Watch

SEPTEMBER 16, 2022

Wayne Streibich, Diana M. Eng, and Andrea M.

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Consumer Finance Watch

AUGUST 19, 2022

Wayne Streibich, Diana M.

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Katabat

DECEMBER 16, 2019

Katabat’s full suite of debt management solutions helps lenders, financial institutions and debt collectors streamline communications and optimize engagement throughout the entire customer lifecycle.

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Better Credit Blog

NOVEMBER 3, 2020

You likely have an old debt hanging over your head that they are trying to collect payment on. Advanced Collection Services is a debt collector that works on behalf of other companies to get people to pay up on their old debts. Steps to Remove Advanced Collection Services from Your Credit Report. Final Words.

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True Accord

JULY 13, 2020

Now more than ever, it’s clear that the collections industry needs to catch up with other financial services and provide modern solutions for the consumers it services. Debt collectors can pave the way for an improved consumer experience with context-aware messaging, flexibility, and opportunities for consumers to engage on their own terms.

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Burr Forman

MAY 20, 2021

Overall, the CDCIA’s proposed changes to consumer finance laws tend to support pro-consumer policies and will require financial institutions, debt collectors, and loan servicers to re-evaluate their business practices if the bill is ultimately passed.

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Consumer Finance Watch

APRIL 8, 2021

Roberts Financial institutions, debt collectors, and consumer-facing businesses should take note that the United States Supreme Court has ruled that the definition of an “autodialer” under the Telephone Consumer Protection Act, as written, requires … Continue reading → Wayne Streibich, Diana M.

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Troutman Sanders

AUGUST 11, 2022

Associate Carlin McCrory is a regulatory, compliance, and payments attorney with experience representing financial institutions, fintechs, lenders, debt collectors, payment processors, neobanks, virtual currency companies, and mortgage servicers.

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Re:Ceeve

JULY 16, 2020

In this post, we explore the details of the strategies which banks and debt collectors ought to adopt, and what they risk by delaying and denying these changes in their business models. Their aversion to waiting and their need for control call for a complete remake of what it means to interact with financial institutions.

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Troutman Sanders

JUNE 13, 2022

On June 7, the Federal Reserve announced it will release a second tool to help community financial institutions implement the Current Expected Credit Losses (CECL). City Council unanimously approved the “Protecting Consumers from Unjust Debt Collection Practices Amendment Act of 2022.” For more information, click here.

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Fico Collections

SEPTEMBER 19, 2022

These rules require the debt collectors and recoveries staff to—if non-complaint—make significant changes on how and when they can communicate with debtors. Here are some highlights: The 7-in-7 rule: Regulation F stipulates that there may be no more than seven calls made by a debt collector to a consumer in a span of seven days.

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Collections Debt collector Financial Institution Banks 52

Katabat

NOVEMBER 20, 2019

It delivers enterprise-scale functionality with a price point attractive for small to medium-sized debt collection agencies. Katabat’s full suite of debt management solutions helps lenders, financial institutions and debt collectors streamline communications and optimize engagement throughout the entire customer lifecycle.

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Collection Industry News

JULY 20, 2020

Conducted on behalf of a company called Symend — which claims to be “a leading customer engagement platform designed to better engage, treat and retain financially at-risk customers” — the study shows that, since the pandemic began, 38% of Americans say they’ve had a bill in collection. They have an illness?

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National Service Bureau

OCTOBER 13, 2015

More importantly, Congress decided that it was critical for military members to focus exclusively on their mission rather than dealing with potential financial distractions. How does the Servicemembers Civil Relief Act affect debt collections? They also complain about debt collectors calling their place of employment or third parties.

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Public Citizen

JULY 9, 2021

Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debt collectors.

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Collection Industry News

JUNE 14, 2023

Here are some important consumer laws that collectors should be familiar with: 1. Fair Debt Collection Practices Act (FDCPA): The FDCPA sets standards for debt collection practices in the United States. It prohibits debt collectors from engaging in abusive, deceptive, or unfair practices when collecting consumer debts.

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Better Credit Blog

AUGUST 31, 2020

If you have started hearing from a company called Convergent Outsourcing, it means that you are being pursued for a debt. Besides being annoying and aggressive, debt collectors like Convergent Outsourcing can have a major impact on your credit score. This legislation is called the Fair Debt Collection Practices Act.

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Collection Industry News

MAY 16, 2022

“Financial service providers increasingly recognize the need for more services and customer-facing materials in languages other than English,” the CFPB reports in a blog post. The CFPB also provides “ considerations and guidelines ” that companies can use when working with consumers in languages other than English.

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Consumer Finance Watch

MAY 10, 2019

Financial institutions and debt collectors should take note of, and provide comments on, the CFPB’s recent Notice of Proposed Rulemaking, which attempts to provide consumers with “clear protections against harassment by debt collectors and straightforward options to address or dispute debts.” .

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