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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.
Recent changes to the system that tracks recovery performance in the Department of Education’s (ED) private student loan debt collection contract may have resulted in either overpayments or underpayments to the 23 collection agencies on the contract, according to a report from ED’s Office of the Inspector General.
Value Healthcare Services announces CEO Ezra Zucker will be a featured speaker at the summer meeting of Keystone AAHAM. The event will be held on July 18 at the Penn National Conference Center in Grantville, Pennsylvania. Keystone is one of the 32 local chapters of AAHAM, American Association of Healthcare Administrative Management.
DECA Financial Services, LLC, a nationally-licensed collection agency, recently announced that it has joined the Fishers, Indiana, Chamber of Commerce.
The motto of the local organization is “Connecting People for Success” and, according to its website, members of the Fishers Chamber “have a voice voice with other businesses in helping guide, promote and develop the economic and civic well-being of one of the fastest growing communities in Indiana.”
AMG Financial Services, LLC, a fast growing master servicer of receivables, whose principals are industry veterans, Michael Chiodo and John Hill, is pleased to announce the company’s strategic alliance with Jeffrey A. Schreiber and The Schreiber Law Firm, PLLC, for the purpose of providing a complete range of collection services.
So, where does this leave us and what does all of this mean? Clearly, the TCPA and the interpretation thereof are in flux. Creditors and debt collectors have come to rely upon the 2008 FCC ruling as a means in which to establish prior express consent under the TCPA. Mais now holds that neither a creditor nor a debt collector have consent to call a cell phone number via automated dialing equipment or to leave prerecorded messages under the TCPA merely by obtaining a phone number provided on a credit application.
Two bills in major Western U.S. states aimed at reining in debt collection practices have recently advanced in their respective legislative chambers. One targets debt buyers specifically while the other is designed to more tightly control debt collectors working for government clients.
A United States District Court recently concluded that certain states’ judicial structures provide that the Circuit Courts are considered “judicial districts” for purposes of the required venue provisions in the Fair Debt Collection Practices Act, 15 U.S.C. § 1692i, but township small claims courts are not.
Lowell Group, a leading purchaser of non-performing consumer debt portfolios in the United Kingdom, today announced the acquisition of Interlaken Group, including its widely known Fredrickson International brand. The deal, for an undisclosed sum, will see ownership of the Surrey-based debt collection agencies group transfer to Lowell Group, along with the 300 plus employees.
For the second straight quarter, the percentage of Americans with at least one account in the third party debt collection system hit an all-time high in the first three months of 2013. Close to 15 percent of consumers have an account being worked by debt collectors.
AnaCap Financial Partners LLP, a specialist European financial services private equity firm, announced Wednesday the sale of Cabot Credit Management (CCM) to funds managed and advised by J.C. Flowers & Co. LLC. The transaction agreements have been signed, and the transaction is expected to complete imminently.