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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.

Enforcement

FTC Joins NY and GA in Action Against 3 Collection Agencies

The Primary Group is alleged to have sent consumers multiple text messages, and, in most cases, failing to disclose the company as a debt collector. Per Jessica Rich, Director of the FTC’s Bureau of Consumer Protection: “[Debt collectors] can’t harass or lie to you, whether they send a text, email, or call you.” She also stated that “legitimate debt collectors know the rules.”

ARMing Heroes

Honor a Vet in Your Life on ARMing Heroes’ Facebook Page

With Memorial Day quickly approaching, ARMing Heroes (www.armingheroes.org), the collection industry’s charity for military veterans, invites you to publicly honor the dedicated service of a veteran on its Facebook page now until midnight this Monday, Memorial Day. This open invitation may include mentioning a veteran on the page who is still with us, or sharing […]

welcome_mat

Richard Sleeth Joins Stellar Recovery, Inc. as Executive Vice President of Sales

John Schanck Chairman of Stellar Recovery announced today Richard Sleeth has joined the company as Executive Vice President of Business Development.   Sleeth brings over 12 years of industry experience and has been very successful in working with Fortune 500 Companies. I am extremely excited to join the Stellar Team and look forward to working with […]

Credit Report

Credit Reporting Agencies Agree to Pay $6M to Resolve Complaints

The multi-state investigation was initiated in 2012. The investigation focused on consumer disputes about credit report errors, monitoring and disciplining data furnishers (providers of credit reporting information), accuracy in consumer credit reports, and the marketing of credit monitoring products to consumers who call the credit reporting agencies to dispute information on their credit report. Under the terms of the 54 page settlement agreement, the credit reporting agencies have agreed to make a number of changes to their business practices to benefit consumers.