Deceased Debt Feed Link

Deceased Debt

When a consumer passes away owing money, the debt is satisfied in the deceased debt collection or probate process. If the deceased leaves an estate that is valued above the debt, then creditors will typically be paid off. Secured debt is also usually satisfied. But the probate process can become very complicated based on where a consumer was living, where in the collection process certain accounts were at the time of death, and if debts exceed the value of the estate.

Adjustment Bureau

CFPB Spells Out Debt Collection Industry Larger Market Participants

At a field hearing later today (10AM PST) in Seattle, Wash., the Consumer Financial Protection Bureau will release its final rule defining “larger market participants” in consumer debt collection. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, “The Bureau has the authority to supervise nonbank covered persons of all sizes in the residential mortgage, private [...]