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Debt Collection

Debt collection refers to the work done to recover balances from credit accounts that are past due. Most commonly, debt collection specifically references third party debt collectors whose clients include banks, credit card issuers and other credit grantors, debt buyers, governments, and any organization that extends credit or owns an account where a balance is due. Collection methods traditionally include phone calls from call center agents, e-mails, and letters, and increasingly, SMS text. If an account remains in arrears after these efforts, the collection agency may contract with a collection attorney to file suit to recover the debt, if the collection agency is not positioned to do so.

You've Got Mail

CFPB’s Email Notification for Debt Collection Complaints Portal Still Working Out Kinks

Email notifications to collection agencies from the Consumer Financial Protection Bureau remain a hit-or-miss function of the debt collection complain portal. One the one hand: a recent fix ensured subscribers would receive emails only in the event of a new complaint or new activity on an existing complaint. Before, daily emails from the CFPB arrived […]

irs-building-dc

Bipartisan Plan to Privatize Tax Collection Hits Opposition

The study compared private collections and IRS collections during four consecutive six-month intervals. Taxpayer Advocate Service found that while private collectors collected more tax dollars in the first six-month period than the IRS, over time IRS collections were more consistent. Private collection agencies had six months of success, before drastically decreasing the dollar amount and percentage of available taxpayer dollars collected.

Fireside Chat

LiveVox Presents A “Fireside Chat” With CFPB Examination Consultant, Joe Adams

LiveVox Inc., a leading provider of cloud contact center solutions for enterprise operations, announced that it has partnered with Joe Adams of The Hampton Pryor Group to host a CFPB compliance webinar for contact center executives.  Attendees will have a chance to catch up on the latest developments and get answers to their specific questions […]

Corporate Ladder

Stanley to VP Role at ARM Tech Company

Ontario Systems, a leading receivables management technology and services provider, announced the promotion of Casey Stanley to Vice President of Marketing. Stanley rejoined Ontario Systems as Senior Director of Marketing almost three years ago, and has been responsible for developing and executing the company’s strategic marketing, communications, and lead generation strategies. “Casey has done an […]

old-people

Social Security Halts Collection of Debts Older than 10 Years

The Social Security Administration announced Monday that it will immediately stop efforts to collect on taxpayers’ debts to the government that are more than 10 years old. This means the SSA will no longer seize state and federal refunds from people who had relatives who owed money to the agency. While the SSA will no longer seize federal and/or state refunds to pay for government debts past the federal statute of limitations, this does not have any impact on other time-barred debts on a state-by-state basis.