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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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Massachusetts Jumps into the Active Debt Collection Regulation Pool

The Massachusetts Division of Banks and the Massachusetts Office of the Attorney General have scheduled a meeting to seek input on the current state of debt collection and debt collection regulation within the State. They are considering whether changes may be warranted. This announcement comes, literally, at the same time the CFPB holds its debt collection SBREFA hearing in Washington, D.C.

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7th Cir. Deepens Split on FDCPA Liability for ‘Time-Barred’ Claims

This article was originally published on the Maurice Wutscher blog and is republished here with permission. Filing a proof of claim with a bankruptcy court representing a debt subject to an expired state law limitations period does not violate the federal Fair Debt Collection Practices Act (FDCPA) under an opinion released yesterday from the Seventh Circuit Court […]

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PRAA Announces Financial Results for Q2 2016; Comments On CFPB Outline of Proposed Debt Collection Rules

On Monday, PRA Group (PRAA) reported its financial results for the second quarter of 2016. The company also hosted a conference call for investors.  PRAA is one of the largest purchasers of defaulted receivables worldwide. Second Quarter 2016 Highlights Cash collections of $387.2 million, (currency adjusted cash collections of $391.3) million versus $389.6 million in […]

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insideARM Perspective on CFPB Outline of Proposed Rules – Litigation and Time-Barred Disclosures

This is the fourth in our series of “perspective” articles about the CFPB’s Outline of Proposed Debt Collection Rules, released last week. This post covers the subjects of litigation disclosure and time-barred and obsolete debt, which includes some of the most problematic proposals in the CFPB’s Outline for those who engage in litigation and/or collect late-stage or out-of-statute debt.

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Real Time Resolutions, Inc. Becomes Certified Debt Buyer

DALLAS, Texas – As the DBA Executive Summit commences, Real Time Resolutions, Inc. (RTR) today announced that it has earned the highly­ regarded  designation  of Certified Professional Receivables  Company  (CPRC) after completing the comprehensive national standards contained in DBA International’s certification  program. These standards  have been recognized for exceeding state and federal laws and regulations through […]

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DBA Announces New Version of Certification Program, Effective August 1, 2016

SACRAMENTO, Calif. — DBA International created its certification program to promote transparent, consumer-oriented, best practice standards for the receivables management industry — exceeding many of the consumer protection requirements in state and federal law. It was evident that DBA International’s Receivables Management Certification Program was used by the CFPB in the development of the proposals […]