Links in “Debt Collection”
- FTC: I’ll Call Your Debt Collection Threat and Raise You a Filed Complaint
The FTC didn't blink on illegal debt collection practices as it charged Texas-based Commercial Recovery Systems, Inc. of illegally threatening consumers with legal action and wage garnishment. The company also had their representatives falsely claim or imply that they were lawyers or judicial employees. [1/22/15]
- National Consumer Debt Registry?
Two-thirds of respondents in a poll of bankers say that too often the same paper is resold to multiple collectors, resulting in multiple collection efforts of borrowers who have already paid. [1/13/15]
- Pursuing Old Debts Costs Encore
Encore Capital obtained judgments against consumers for debts that were too old to collect, and must now get more than 4,500 in judgements totaling $18 million thrown out under terms of a settlement with New York. [1/12/15]
- Debt Not a Game-Ender for Servicemembers
The CFPB reports that its fastest-growing category of debt collection complaints come from servicemembers and veterans. Though the negative implications of bad credit can effect servicemembers' careers, the CFPB explains how to minimize this effect. [1/9/15]
- “Law Suits” and Other Warning Signs of Scam Collectors
Colorado's attorney general is warning residents of a debt collection scam where the callers pose as government agencies and have the victims' Social Security numbers. Tell-tale signs include threats of arrest, refusal to provide proof of debt, and typos, such as "Court House," "law suit," and "United Stetes of America." [1/9/15]
- What’s on the CFPB’s Dance Card in 2015?
Payday loans, debt collection, overdraft protection and more. Here's a breakdown of the CFPB's action-packed agenda for 2015. [1/6/15]
- Attorneys Take FDCPA Where It Was Never Intended to Go
New breed of lawsuits stretches Fair Debt Collection Practices Act beyond its original intent of shielding borrowers from abusive and unfair debt collection practices. Now attorneys are challenging the validity of the venue of lawsuits brought where lenders have moved outside the state where the collateral for the mortgage is located. [1/5/15]
- CFPB Fines Companies $2.5 Million for Targeting Servicemembers
Three companies have been charged with conducting abusive practices against servicemembers in regards to debt collection. The CFPB has ordered these companies to pay $2.5 million in consumer redress efforts and $100,000 in civil penalties. Director Cordray emphasized, "our nation's servicemembers deserve better than to be targeted with illegal collections tactics when they are struggling to pay their bills." [12/19/14]
- CFPB Reports on Ailing Medical Debt Practices
The CFPB released its 53-page report on the medical debt collection and reporting industry. The report states that 43 million Americans have overdue medical debt on their credit reports, which significantly impacts consumer credit. The report provides actions for reporting agencies to promote dispute resolution. [12/12/14]
- CFPB Puts Debt-Settlement Firm in Chokehold
The CFPB recently brought charges against Premier Consulting Group for illegally charging up-front fees for debt-settlement services that customers never received. In many instances, the upfront fees coupled with the ineffective or non-existent services offered caused consumers to fall deeper in to debt. Premier Consulting Group is set to pay a fine of $69,075, and will be prohibited from future violations. [12/5/14]
