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Top 5 DebtCollection Posts of 2022: Crisis and Opportunity. As more people enter the collections queue due to rising costs and economic wobbles, our collections experts share their tips for early collections, digital approaches and more. Here are the top five posts from 2022 on debtcollection trends.
New York AB 1035 – This bill would prohibit debt collectors from communicating with consumers through the use of email, text messaging, or private communication tools offered by social media companies. The bill also provides for a private right of action for failure to provide a payoff letter in the required time.
But among the critical learnings from the 2008 global financial crisis was the importance of flagging and helping at-risk and pre-delinquent borrowers as soon as possible to prevent financial disaster — especially when their deteriorating financial position was being influenced and undermined by a mix of external factors.
New York AB 1035 – This bill would prohibit debt collectors from communicating with consumers through the use of email, text messaging, or private communication tools offered by social media companies. DFS is struggling with how to develop an appropriate consumer notice since the CCFA does not apply to all forms of consumer debt.
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