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ICYMI: CFPB Takes Action Against Fair Collections & Outsourcing for Misrepresentation and Failing to Investigate ID Theft.

In case you missed it, on August 17, 2021, the CFPB issued a press release in which it announced it filed a proposed settlement agreement to resolve a lawsuit against Fair Collections and Outsourcing (FCO). The settlement would require FCO to pay $850,000 and overhaul its policies and procedures. 

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Are “No Injury” FCRA Lawsuits in The Rearview Mirror? Yes, according to two recent court decisions.

When a consumer is denied credit due to an inaccuracy in their consumer report they can prevail on a claim against the CRA who issued the report under Section 1681e(b) of the Fair Credit Reporting Act (“FCRA”). This section requires CRAs to follow reasonable procedures to assure the maximum possible accuracy of the information in their reports. But what if nothing bad actually happened to the consumer as a result of the the inaccuracy? Do they still have an FCRA claim? Recent decisions by the U.S. Supreme Court in TransUnion v. Ramirez and the Ninth Circuit Court of Appeals in Leoni v. Experian Info. Solutions have said no. These decisions show how CRAs can defeat “no injury” FCRA lawsuits.

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California Posts Debt Collection License Application to NMLS

On August 25, 2021, the California Department of Financial Protection and Innovation (DFPI) announced that a checklist of the requirements needed to obtain a California Collection License is now available on Nationwide Multistate Licensing System & Registry (NMLS). The application will be available on NMLS starting September 1, 2021. After an initial application is received, instructions will follow on completing fingerprinting requirements.

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TCN Launches “The Complete Guide to Managing Call Center Agents,” a Free Online Resource for Managers

ST. GEORGE, UT -- TCN, Inc., a global provider of a comprehensive cloud-based call center platform for enterprises, contact centers, BPOs and collection agencies, today announced the launch of “The Complete Guide to Managing Call Center Agents,” a free online resource for managers.

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Central Portfolio Control Raises Money for St. Jude Children’s Research Hospital

MINNETONKA, Minn. -- Central Portfolio Control, Inc (CPC) hosted a Summer Party in July to celebrate employee achievement, enjoy time with family and friends, and raise money for another great cause. The Minnetonka, MN-based collection agency was able to donate over $1,700 for St. Jude Children’s Research Hospital (St. Jude’s) from the party’s dunk tank donations to support children undergoing treatment for disease. Another in a succession of charity-driven employee events, the team raised money for St. Jude Children’s Hospital while they and their families enjoyed games and food from local favorite, Veteran-owned, GI Joe’s food truck.

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10th Circuit Says Single Phone Call is Sufficient for Standing, Blasts Defense Counsel for Presenting Bona Fide Error Defense Without Procedures.

In an appeal that can only be described at best as a head-scratcher, in its attempt to pursue a bona fide error defense without producing a written procedure, a debt collector managed only to give consumers a path forward on Article III standing issues. On August 17, 2021, in the case of Lupia v. Mericredit Inc. (Case #20-1294, 10th Cir), the Tenth Circuit Court of Appeals held (1) a single unanswered telephone call/voicemail made to a consumer is sufficient for standing, and (2) a bona fide error defense requires the production of procedures.

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Women in Consumer Finance 2021

6 December 2021 at 02:45 p.m.

Sharpen your leadership skills, expand your professional network and help improve your workplace culture when you attend Women in Consumer Finance 2021 – a conference and networking experience for ALL women in consumer finance.

Event Details »