Debt Collection Feed Link

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.

Old Books

The CFPB Has a Back-to-School Reading List for You

LAS VEGAS — During the panel discussion on Impacts of Regulations, Greg Nodler, an enforcement attorney for the Consumer Financial Protection Bureau, suggested that those in the debt industry should spend some time making themselves acquainted with three CFPB Bulletins: CFPB Bulletin 2013-08 (Fair Debt Collection Practices Act and the Dodd-Frank Act) Date: July 10, […]

time-is-money

Regulators Urge Caution and Full Disclosure on Time-Barred Debt Collection

At a collection conference in Las Vegas, regulators shared some insight into how they view out-of-statute debt. They called for fuller disclosures to consumers, both on legal action (agencies can’t take any) and responsibility to pay (the consumer, in an out-of-stat-debt situation, has none). Will the insight make it into the Policies and Procedures of collection agencies, though?

cell phone

BofA Wins Dramatic Attorney Fee Reduction in TCPA/Debt Collection Call Class Action

Last fall, Bank of America entered into a $32 million settlement to resolve a TCPA lawsuit over debt collection calls the bank made within its credit card and mortgage units. It has been called the largest TCPA settlement ever. Late last month, the judge in the case drastically lowered the amount of money the plaintiffs’ attorneys will see for their work in the final settlement approval.