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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Debt Free Colorado

FEBRUARY 21, 2022

Does Colorado Law Protect Me From Debt Collectors? When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. What is the Federal Fair Debt Collection Practices Act (FDCPA)?

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Nexa Collect

JUNE 27, 2023

The agency will then take over the task of contacting the borrower and attempting to collect on the debt. the Department of Education may use the Treasury Offset Program to seize federal tax refunds or other government benefits to repay the debt. Offset Tax Refunds and Government Benefits : For federal student loans in the U.S.,

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Credit Corp

JANUARY 21, 2021

How Does the Law Protect Your Rights Regarding Credit Collections and Reporting? Numerous federal and state laws protect your rights to fair and accurate credit reporting. Some of those laws also cover your rights as a consumer to fair debt collection practices. Credit law can be complex.

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Troutman Sanders

MAY 2, 2023

CFS Associate Addison Morgan represents several of the nation’s preeminent financial institutions in litigation arising under the Fair Credit Reporting Act, Telephone Consumer Protection Act, Fair Debt Collection Practices Act, Federal Trade Commission Holder Rule, and other consumer protection state analogs.

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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. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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True Accord

MARCH 25, 2021

In this blog post, Kelly Knepper-Stephens, TrueAccord’s VP Legal & Compliance, highlights the recent laws and regulations designed to protect consumer preferences in debt collection. At least one carrier, T-Mobile, has gone as far as to ban debt collection text messages as reported by InsideARM.

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Credit Corp

NOVEMBER 1, 2020

That increases the likelihood of data being misconstrued and debts being assigned to the incorrect party. You also want to make sure the debt isn’t part of an identity theft issue because you didn’t know about it already. The process may start when you get a phone call from a debt collector.

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True Accord

OCTOBER 11, 2022

Fortunately, the knowledgeable team at TrueAccord is here to help break down some of the top questions around compliance in the collections industry. The Questions: What are the major regulations lenders need to know about? What are the top challenges that you see ahead for compliance in collection?

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Better Credit Blog

APRIL 4, 2022

Regardless of what a debt collector might tell you, you have a lot of rights when it comes to how debt can be collected. In fact, merely mentioning that you understand your rights will, many times, stop debt collectors in their tracks. Your rights come from the Fair Debt Collection Practices Act (FDCPA).

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Better Credit Blog

OCTOBER 14, 2020

When you fall behind on credit card or loan payments, or you fail to pay your service providers, they can turn your debt over to a collections agency like ARS. These agencies are either paid to help out with collecting your debt or buy it outright from the lender or provider.

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True Accord

OCTOBER 20, 2022

Just as technology has evolved leaps and bounds, so have consumer communication preferences with that technology, especially when it comes to debt collection. So in 2021, the Consumer Financial Protection Bureau (CFPB) rolled out Regulation F under the existing Fair Debt Collection Practices Act (FDCPA).

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Credit Corp

JUNE 1, 2023

Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. ® and VantageScore 4.0®.

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Better Credit Blog

APRIL 1, 2022

When you stop making payments on an auto loan, the lender will take the vehicle back. Your first option is to start negotiating with your original auto lender. This could be a bank, an online lender like Capital One, or the in-house finance company at the dealership. It means your lender has lost money on your loan.

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Collection Industry News

MAY 2, 2023

. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. The prohibition applies even if the debt collector does not know that the debt is time barred.

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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. Debt Validation. Provided by the Fair Debt Collection Practices Act, you have the right to demand debt validation from a collection agency.

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Credit Corp

JUNE 14, 2020

The most common cases of zombie debt involve collection activities. Here’s one example of how a zombie might rise with help from a collection agency. You default on a debt. The original lender or collection agency fails to collect within the statute of limitations.

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Credit Corp

SEPTEMBER 12, 2023

FAQ Consider Hiring a Credit Repair Company How Collection Accounts Impact Your Credit Collection accounts have a significantly damaging impact on your credit score because they’re negative marks that indicate to lenders you may not pay your bills on time—or ever. Debt also can end up in collections by mistake.

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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. Portfolio Recovery buys multiple accounts with old debt from companies that have given up and “charged off” the accounts.

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Better Credit Blog

OCTOBER 30, 2020

Individuals who have been contacted due to a reporting error or identity theft should certainly try to dispute their debts. When collections agencies buy debts from providers and lenders, they don’t always have the paperwork they need to see their collections attempts through. Negotiate a Pay-for-delete Agreement.

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Better Credit Blog

MARCH 2, 2021

When your healthcare provider is unsuccessful at collecting your debt, they could contact a third-party agency such as H&R Accounts. Debt collectors buy your debts from providers and lenders, or they employ them to manage the collections process. Unvalidated debts. Harassment. and 9 p.m.

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Credit Corp

DECEMBER 14, 2020

The statute of limitations for most debts starts when you go into default. If a debt is 10 years old but you were making payments under an agreement with the lender until 3 years ago, the debt is likely still within the statute of limitations and can be pursued by a debt collector.

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Better Credit Blog

AUGUST 12, 2020

Often times, companies and debt collectors do not have sufficient documentation of customers’ debts. The Fair Debt Collection Practices Act requires debt collectors to provide valid proof of debts if you submit a validation letter within 30 days of being contacted by a company.

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Consumer Finance Watch

MARCH 21, 2019

The United States Supreme Court holds businesses conducting nonjudicial foreclosures are not “debt collectors” under the FDCPA, but lenders and foreclosure firms should take note that the Court specifically chose to leave open the question of whether businesses that conduct judicial foreclosures are “debt collectors” under the statute. .

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Better Credit Blog

FEBRUARY 17, 2021

Also frustrating, the collections agency has likely been sending letters and calling you regularly. Collections accounts appear on your credit report when you fall behind on payments to a lender or a service provider. Oftentimes, debt in collections is handled by third-party agencies like Bridgeport Financial.

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Collection Industry News

MARCH 15, 2021

A woman who claimed “stress and confusion” as injuries after she was contacted by a debt collector without her permission could not convince the 7 th Circuit Court of Appeals that the company had violated the Fair Debt Collection Practices Act. 1692c(a)(2) and (c) of the Fair Debt Collection Practices Act.

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Troutman Sanders

OCTOBER 26, 2020

October 26, 2020, marks the 50th anniversary of the Fair Credit Reporting Act (FCRA, 15 U.S.C. which along with the Fair Debt Collection Practices Act, Telephone Consumer Protection Act, Section 5 of the Federal Trade Commission Act, and the Truth in Lending Act, forms the foundation of federal consumer rights law in the United States.

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True Accord

SEPTEMBER 28, 2022

Just as technology has evolved leaps and bounds, so have consumer communication preferences, especially when it comes to debt collection. Code-based compliance is a critical component for the debt collection industry.

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Troutman Sanders

APRIL 2, 2021

The Sixth Circuit recently confirmed student loan servicers, who begin servicing debts after default and resale, are not liable to borrowers under the Fair Debt Collection Practices Act (FDCPA) because the servicers are not acting as “debt collectors.”. On March 25, in Willison v. Nelnet, Inc. , 682.405(a)(1).

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Troutman Sanders

SEPTEMBER 6, 2023

District Court for the District of New Jersey found that the plaintiff had not suffered an injury in fact and therefore lacked standing to assert a claim under the Fair Debt Collections Practices Act (FDCPA). The plaintiff incurred a debt to a bank, which sold the account to a new creditor.

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Better Credit Blog

OCTOBER 16, 2020

If you send Asset Acceptance a short debt validation letter (using our free template) within 30 days, the agency has to provide you with details about the debt. This should include information like who the original lender or creditor was, how much you owe, and your account number. Failing to validate the debt.

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Troutman Sanders

MARCH 29, 2021

On March 25, Senators Chris Van Hollen and Sherrod Brown, along with Representative Chuy Garcia, announced legislation to repeal the Office of the Comptroller of the Currency’s True Lender Rule through the use of the Congressional Review Act. For more information, click here.

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Credit Corp

FEBRUARY 23, 2024

It may be possible to settle zombie debt with your original creditor. The Fair Debt Collection Practices Act (FDCPA) helps protect you from harassment. How Does Zombie Debt Work? Collection activities are the most common causes of a zombie debt outbreak.

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Better Credit Blog

OCTOBER 5, 2020

Has your credit score recently taken a dive as a result of a collections entry from Penn Credit? If you forgot to pay a bill or you’ve gotten behind on payments to a lender or service provider, it can have some nasty effects on your credit. Try out one of the approaches below, and you could be collections-free in a few weeks.

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Better Credit Blog

NOVEMBER 5, 2020

When you forget to pay a bill on a loan, credit card, or medical debt, and the original lender or provider is unsuccessful at getting you to pay your debt, they turn to debt collectors like RMS. Here are three methods that may work: Ask RMS for proof that the debt is yours. Ask RMS for Proof the Debt is Yours.

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UK debt collections

JUNE 23, 2020

“We agree the time has come for comprehensive legislation to provide a clear, fair and coherent framework for government debt collection to match the practices of the regulated credit sector. “In Now is the perfect time to right that failure.”.

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Collection Industry News

NOVEMBER 17, 2024

Gavin Newsom recently signed SB 1286 amending the Rosenthal Fair Debt Collection Practices Act’s coverage to certain commercial debt. Prior to this amendment, the RFDCPA’s restrictions applied only to certain debt collectors and creditors collecting consumer debt. California Gov.

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