insideARM today announced the appointment of industry veteran Timothy J. Bauer to the newly created position of President. The appointment is part of an overall strategy to broaden the scope of products and services provided by the company.
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This past July, the collection agency I ran — Integrity Solution Services, Inc. (ISS) — was sold. The sale put me in a position where I had to make a decision about my future.
A report released Thursday by the National Consumer Law Center (NCLC) urges the CFPB to prohibit debt collectors from attempting to seek payment on accounts that are beyond the statute of limitations. It’s a reiteration of recommendations the group made in response to the CFPB’s advance notice of proposed rulemaking (ANPR) for debt collection last year.
A district judge in Georgia last week sided with a debt collector in an FDCPA suit where the consumer plaintiff claimed violations because collection efforts continued after she orally disputed a debt and did not dispute the debt in writing for seven months. The ruling, while positive for the ARM company, further confuses the oral vs. written dispute issue.
The plaintiff in a case decided last week in federal district court argued that because a debt collection agency technically violated the TCPA in a call to the defendant, the company was also on the hook for an FDCPA claim under that law’s prohibition on “illegal acts.” But the judge disagreed, ruling in favor of the debt collector.
In the six months from June to November 2014, consumers filing complaints concerning debt collection practices shifted their focus somewhat to include more complaints about debts arising from identity theft and “right to dispute” notices in communications.
In 2014, there were 9,720 lawsuits filed in federal courts claiming violations of the Fair Debt Collection Practices Act (FDCPA), a decline of 5.7 percent from 2013. It was the third straight year of significant declines in consumer FDCPA case filings.
In today’s ARM environment, compliance is the ultimate Trump card. Compliance will win over all other elements of the ARM industry. It is the differentiator. Companies with robust compliance programs will not only survive, they will succeed.
In its first full year of taking and publishing consumer complaints about debt collection, the Consumer Financial Protection Bureau (CFPB) made public just over 39,000 grievances logged against collection agencies, debt buyers, and creditors for actions taken in the debt recovery process.
The Federal Trade Commission has issued a follow-up study of credit report accuracy that found most consumers who previously reported an unresolved error on one of their three major credit reports believe that at least one piece of disputed information on their report is still inaccurate.
The New York Senate and General Assembly officially convened last Wednesday and lawmakers wasted no time in introducing bills that write into law many of the new rules published by state regulators late last year and introduce new requirements in their own right.
A bill introduced in the Minnesota Senate would explicitly add to the definition of “collection agency” and “collector” language that includes debt buyers. This would force debt buyers to get licensed as collectors in the state.
The Federal Trade Commission said Wednesday that on its behalf, the Justice Department filed a lawsuit in federal court against a Texas-based debt collection operation and its current and former principals for illegally threatening consumers with false claims that unless they pay a debt, they will face legal action or wage garnishment.
Collection agencies and debt buyers continue to be inundated with FDCPA and TCPA lawsuits, many of which drag on through months and even years of expensive discovery and motion practice. What if there existed a single argument that could be made in many consumer cases that would successfully remove the matter from Court and likely end the case in its entirety?
The Sixth Circuit Court of Appeals ruled Tuesday in a 2-1 decision that merely offering a settlement on a time-barred debt can run afoul of the Fair Debt Collection Practices Act (FDCPA) because a consumer might consider the word “settlement” to be a legal term and may assume they are being sued or that they could be sued in the future.
Account Control Technology, Inc. (ACT), a national leader in delivering debt management and recovery solutions, is pleased to announce its partnership with Student Account Management Services, LLC (SAMS 360), a premier student loan default aversion company serving colleges, universities and private lenders – as well as their borrowers. The partnership will enable ACT to offer its many education clients a comprehensive default prevention and cohort default rate management program.
Interest rates are low, the economy is growing, business is great and you want to make your first acquisition. Fortunately, financing options are available if you know how to take advantage of the resources available to you and you’re willing to jump through a few hoops.
The Federal Trade Commission Tuesday announced the publication of a short graphic novel intended to help Spanish-speaking consumers know their rights when dealing with debt collectors. The publication describes the rules debt collectors must follow, and what consumers should do if they don’t.
ARMing Heroes, the collection industry’s charity for military veterans, today announced that it raised more than $80,000 in 2014, with most funds received during its 2014 No Debts for Vets Charity Fundraising Drive.
The Department of Education will likely be delayed for several more months in announcing the winners of its debt collection contracts for larger companies. The procurement process in the Unrestricted category has been slowed by protests and amendments to the contract.
The American Bankers Association this week sent a letter to the Federal Reserve’s Office of the Inspector General (OIG) offering support for two ongoing audits of the CFPB’s complaints database and urging the OIG to expand the scope of the audits to address, among other things, the CFPB’s proposed plan to publish consumer narratives alongside complaints.
Continental Service Group, Inc., d/b/a: ConServe — a leading provider of accounts receivable management and innovative recovery solutions for colleges and universities, government agencies, and private lenders — today unveiled its new, state-of-the-art communication center in Cheektowaga, N.Y.
Two payday lending companies have settled Federal Trade Commission charges that they violated the law by charging consumers undisclosed and inflated fees. Under the proposed settlement, AMG Services, Inc. and MNE Services, Inc. will pay $21 million – the largest FTC recovery in a payday lending case – and will waive another $285 million in charges that were assessed but not collected.
Understanding that there is never 100% information security nor a standard or audit that is a silver bullet to eliminate risk, organizations are left with few choices to save time, money, job, customer confidence, and public image.
From a marketing standpoint, the Super Bowl is actually something us marketers can learn from. This year while you prepare to watch the big game, pay attention to these three takeaways.
Commercial Collection Agencies of America announced that members will meet in person at the organization’s Spring meeting to be held at the picturesque Sheraton San Diego Hotel & Marina on April 16-18, 2015.
Altus Global Trade Solutions President, Thomas E. Brenan, was inducted as the incoming president of the International Association of Commercial Collectors (IACC) at a ceremony held at The James Royal Palm Wednesday night in Miami, Fla
The Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General announced Thursday that they have taken action against Wells Fargo and JPMorgan Chase for an illegal marketing-services-kickback scheme they participated in with Genuine Title, a now-defunct title company. The Bureau and Maryland also took action against former Wells Fargo employee Todd Cohen and his […]
CSS, Inc., proudly introduces its IMPACT! HD 2.0 Portfolio Manager- Compliance Plus.
How much is my business worth? This seemingly simple, straight-forward question has vastly different answers depending on whom or why you’re asking