Collector Credit and Collections Credit Unions 
RMAi Blog
SEPTEMBER 13, 2024
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.”
RMAi Blog
OCTOBER 14, 2024
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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CreditStrong for Business
JULY 29, 2024
When a consumer has an unpaid debt, the lender will generally conduct their own in-house collection efforts for approximately 30 to 60 days. If the debt remains unpaid for 90 days, most original creditors will forward the account to a third-party debt collection agency. Can You Remove Paid Collections From Your Credit Report?
Fundera
SEPTEMBER 18, 2018
When a credit bureau computes your credit score, their job is to produce a number that estimates—given your past and current financial history—how likely you are to default on future debts. There are five notable components of a personal credit score. There are five notable components of a personal credit score.
RMAi Blog
MAY 12, 2023
Nat’l Credit Sys. , A debt collector unaware of the discharge, allegedly due to a bona fide error, sent several collection letters to the consumer regarding the past-due rent. The consumer filed a lawsuit claiming the debt collector, by seeking payment following the discharge, “violated 15 U.S.C. 21-3131, 2023 U.S.
Due
APRIL 2, 2024
Life’s uncertainties—job loss, emergencies, foreclosures, bankruptcies—can severely damage credit. With a commitment to bouncing back, discipline, careful planning, concrete goals, and strategic choices, it is possible to recover from financial troubles and rebuild your credit status. Bad credit carries numerous disadvantages.
RMAi Blog
DECEMBER 13, 2024
CFPB expressed concern over social media influencers on platforms like TikTok and Instagram spreading misinformation about debt collections. The consumer didnt pay the providers bills, and eventually the provider retained a collection agency which reported the debts to credit reporting agencies. 1692, et seq.
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