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Debt Collection

Debt Collectors and Credit Bureaus to Report to the Consumer Financial Protection Bureau

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The CFPB has just announced they will be rolling out new proposed rules that will regulate consumer debt collection and consumer reporting markets. Proposed rules would mark the first time these important markets would be subject to federal supervision. “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to ... Read More »

    There are Good Debt Collectors and Then There Are Debt Collectors That Lie, Cheat, Steal, and Threaten

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    A reader brought the following article to my attention, America’s Abusive Debt Collectors on the DailyBeast.com. It is an interesting look into some of the bad collection outfits by Gary Rivlin. Gary includes first-person accounts of some of the actions they were asked or required to do to keep their jobs as collectors. These bad acts included everything you wished ... Read More »

      NCO Financial Systems Settles Multi-State Issues Regarding Consumer Debt Collection

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      On the heels of the recent settlement with the FTC and DOJ by Asset Acceptance, NCO Financial Systems has announced a settlement with a number of states over “irregularities” or problems. The states included in the settlement are: Alaska, Arkansas, Idaho, Illinois, Iowa, Kentucky, Louisiana, Michigan, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, ... Read More »

        Robo-Signing Fraud Hits Credit Card Companies. Makes Lawsuits Problematic.

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        Photo Credit: Sebastianlund In the last year there has been quite a lot of news about the mortgage industry using a technique called robo-signing. This is where a person is supposed to review documents to proceed against a homeowner and foreclose on their home but in fact never examines the information to see if it is accurate. Rather than check ... Read More »

          FTC and DOJ Announce Asset Acceptance Settlement Which They Want to Be Framework for Debt Collection Industry

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          David Vladeck director of the FTC’s Bureau of Consumer Protection and DOJ Assistant Attorney Tony West today conducted a conference call I attended to provide additional information regarding an announced settlement with collection company Asset Acceptance. In the settlement Asset Acceptance agreed to pay the second largest fine ever against a collection company for alleged violations. Asset Acceptance is one ... Read More »

            Chase Stops Suing Consumers Over Debt

            In a move that will most certainly not be permanent, JPMorgan Chase is reported to have stopped suing consumers over debts. The American Banker is reporting that almost overnight, suits to collect debts by Chase have nearly stopped. A rumor exists that the Office of the Comptroller of the Currency is looking into issues surrounding Chase consumer debts. Those actions, ... Read More »

              FTC Report on Debt Collection Complaints

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              FTC Report on Debt Collection Complaints From DebtCollectionAnswers.com With the credit crunch in full swing, many consumers are receiving calls from debt collectors. While most collectors are just trying to do their jobs, some are so eager to get paid (often with a commission or bonus) that they will go to just about any length to collect past due consumer ... Read More »

                Can Credit Card Companies Put a Lien on My House for My Charge Offs?

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                Q: Can credit card companies put a lien on my house for my charge offs? – Mitch A: We are guessing that you are asking this question because a creditor or debt collector has mentioned the possibility that it may try to get a lien against your home if you don’t pay a past due debt. But the fact is ... Read More »

                  DEBT COLLECTOR BLUNDERS? GET A RECORDING!

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                  This post was submitted by Adam S. Alexander, Attorney At Law, 17200 W. Ten Mile Rd., Ste. 200, Southfield, MI 48075. You can reach him directly at www.myfaircreditsite.com or (248) 246-6353. Before you implement the suggestions in this article, check to make sure it is legal to record calls in your state. Millions of Americans are constantly being called by ... Read More »

                    LVNV Funding and Resurgent Capital Services Lose Ability to Collect from Maryland Residents

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                    According to a tip a reader sent in after noticing a mention of this issue from CollectionsCreditRisk.com the following State of Maryland press release was found. Maryland Commissioner of Financial Regulation Suspends Collection Agency Licenses of LVNV Funding, LLC and Resurgent Capital Services BALTIMORE, MD (October 28, 2011) – The Maryland Department of Labor’s (DLLR) Office of Financial Regulation (FinReg) ... Read More »

                      What Do We Do About a Dental Debt for My Full Time Student / Son

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                      Q: My son had is wisdom teeth removed a couple months back, he is 19 and full time college student. Well insurance did not cover what we thought it would and now there is a $1200 balance due. They are calling him stating they are going to send him to collections as he is an adult. I realize the easy ... Read More »

                        Corona California Debt Collection Fake Process Server Operation Stopped by Court

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                        It appears the Federal Trade Commission has just successfully taken action against a network of debt collection agencies that was targeting consumers as fake process servers. I’ve covered this and similar groups, here and here. The FTC has just announced new action in this case. At the request of the Federal Trade Commission, a U.S. district court has halted a ... Read More »

                          FTC Goes After Fake Debt Collectors Posing as Process Servers

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                          Previously I wrote about an enterprise of fake process servers that appeared to really be debt collectors, see Fake Process Servers Work Hard to Scare Money Out of Consumers. The companies included in that article were located in Corona, California and were Superior Filing Service, Nationwide Filing Service, Capital Filing Service, Southcoast Financial Services, Eagle Filing Service, Asset Filing Service, ... Read More »

                            How to Handle Collection Calls For A Deceased Person’s Debt

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                            By Mary Reed and Gerri Detweiler, coauthors of Debt Collection Answers: How to Use Debt Collection Laws to Protect Your Rights Are you being contacted about a deceased person’s debt? The last thing you need when you are mourning the death of a loved one are calls from debt collectors demanding that you pay his or her past due debts. ... Read More »

                              Crazy Australian Debt Collector Story of the Day

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                              From The Canberra Times comes this story out of Australia. An alleged kidnapper says he was collecting a debt owed for vehicles and drugs when he entered a top-floor apartment and terrorised two men hiding in a cupboard. Ngata told the jury yesterday that he was collecting a debt when he arrived at a top-floor apartment at the Bentley Suites ... Read More »

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