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Member Alert: CFPB Director Addresses Medical Debt

RMAi Blog

On October 1 st , 2024, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced actions to reduce the burden of medical debt and address medical debt collection practices in a coordinated event with the White House. Collecting amounts not owed due to Federal or State law. Collecting unsubstantiated medical bills.

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Voice AI Ushers a New Era of Intelligent Debt Collections

RMAi Blog

By Sourabh Gupta *Sponsored Blog Post* Confronted with growing challenges, financial institutions across the U.S. When collecting debt, phone calls are still an extraordinarily effective medium. Agent retention, regulations, and costs have created a challenging environment for collection agencies to survive and thrive.

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RMAI Update September 2024

RMAi Blog

On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report. The report stated that the CFPB received approximately 109,900 debt collection complaints in 2023. The number one complaint type was “attempts to collect debt not owed.”

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Unlocking Success: The Importance of Collection Training Seminars

Eastern Credit Management Services

In the dynamic landscape of debt collection, where regulations evolve, debtor behaviors change, and technology advances, staying ahead of the curve is crucial for success. In this blog post, we’ll explore the significance of these seminars and how they contribute to the success of individuals and organizations in the field.

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Member Alert: California Governor Signs Three Consumer Protection Bills into Law

RMAi Blog

The bill also prohibits using any medical debt listed on a credit report as a negative factor when making credit decisions and gives individuals more room to address their medical bills before debt collection and reporting actions can take place. This bill will be effective on January 1, 2025.

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RMAI Update October 2024

RMAi Blog

In This Update Earlier this month, the CFPB issued an Advisory Opinion reminding debt collectors of their obligation to comply with the Fair Debt Collection Practices Act and Reg F’s prohibitions on false, deceptive, or misleading representations in the collection of medical debt (see RMAI’s October 4, 2024 Member Alert ).

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Outsourcing vs. In-House Debt Collection: Pros and Cons

Eastern Credit Management Services

When it comes to debt collection, businesses are faced with a critical decision. Should they handle it in-house or outsource it to a professional debt collection agency like Eastern Credit Management Services (ECMS)? Resource Efficiency: Outsourcing debt collection saves your company time, manpower, and resources.