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Debt Buying

A debt buyer is a firm that purchases debt from another company, usually a creditor or bank, at a deeply discounted rate. The debt purchaser then attempts to collect the debt through its own operations or through the use of a third-party debt collection agency. Some debt buyers may sell all or part of the debt to another party at a profit. Most debt buyers are small and privately held, though there is a handful of publicly traded debt buying companies.

Recent changes in law and legal rulings have seen the debt buying industry regulated like collection agencies, or servicers of debt, rather than creditors, or owners of the debt. Debt buyers must adhere to the FDCPA.

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CFPB Outlines Debt Collection Rulemaking Proposals

The Consumer Financial Protection Bureau (CFPB) has released its long-awaited Outline of Proposed Rules governing third-party debt collectors. The proposal, released in advance of today’s 2:00 PM EDT CFPB Debt Collection Field Hearing in McClellan Park, California, is 117 pages and covers a wide range of topics that had been raised nearly three years ago […]

Debt Buyer PRA Group Acquires Payment Portal eGov Systems

NORFOLK, Va., — PRA Group, Inc.  (PRAA), announced that it has acquired eGov Systems, a provider of web-based payment portals and integrated revenue administration solutions for the government sector. The transaction will allow PRA’s government business to develop and maintain scalable online payment portals, as well as enhance its ability to expand its services and […]

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New Credit Bureau Reporting Requirements for Debt Collection Agencies and Debt Buyers Become Effective This Week

New mandatory credit bureau reporting process changes that had been announced earlier this year will become effective this Wednesday, June 15.  The three major credit bureaus issued a memo in March, stating that the purpose is to provide consumers more transparency. The bureaus established the plan in conjunction with several states’ Attorneys General. New requirements […]

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HBO’s John Oliver Skewers Debt Buying Industry

On last night’s episode of “Last Week Tonight with John Oliver” on HBO the host dedicated the entire show to absolutely skewering the debt-buying industry. He has recently done shows on other industry-related topics, including predatory lending and student loan debt. With great hype, Oliver “gave away” $15 million (in the form of forgiven debt), double the value of the infamous Oprah Winfrey car giveaway.

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Maryland Debt Collection Litigation Bill Signed Into Law

SACRAMENTO, Calif. — On Thursday, May 19th, Maryland Governor Larry Hogan signed SB 771/ HB 1491 (Chapter 579) into law, addressing the treatment of out-of-statute debt and statutorily codifies several provisions contained in the Maryland Rules of Procedure (MRP) concerning the litigation of consumer debt. Given that the language from the MRP was copied verbatim, DBA International […]