RMAi Blog

SEPTEMBER 25, 2024

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.

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RMAi Blog

SEPTEMBER 13, 2024

California SB 1286 – This bill would expand the scope of the Rosenthal Fair Debt Collection Practices Act to prohibit debt collectors from engaging in unfair or deceptive acts or practices in the collection of commercial debts owed by a natural person of $500,000 or less that were entered into, renewed, sold, or assigned on or after July 1, 2025.

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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

AUGUST 27, 2024

Credit Karma describes charge-offs as unpaid debts that a creditor (lender) has “given up” trying to recover from the borrower. Here, lenders formally stop any direct debt collection efforts and often sell the old debt to third-party debt collectors or collections agency companies. How Long Does It Stay on My Credit Report For?

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Credit Absolute

MARCH 1, 2023

The Fair Credit Reporting Act (FCRA) was passed to assure the privacy, accuracy, and best use of each American’s credit information. Specifically, Credit Reporting Agencies (CRA), collectors, and lenders are cautioned against misusing or misreporting consumer information.

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CreditStrong for Business

JULY 29, 2024

The credit score of an individual with otherwise good credit will typically decline somewhere in the range of 100 points after the unpaid collection debt becomes formally factored in by the credit reporting agency. Multiple negative credit report entries might appear pertaining to the same debt.

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CreditStrong for Business

SEPTEMBER 4, 2024

What Happens to Your Credit Score Once Collections Fall Off It? The Fair Credit Reporting Act (FCRA) requires that original lenders or debt collectors that report unpaid accounts to credit reporting agencies include the original date of delinquency that represents the “starting point” for the seven-year period when the account is removed.

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