RMAi Blog

SEPTEMBER 13, 2024

On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report. Medical debt, rental debt, and consumer complaints were among the topics focused on in the report. The report stated that the CFPB received approximately 109,900 debt collection complaints in 2023.

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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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RMAi Blog

MAY 12, 2023

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. See you in Monterey! Help RMAI Grow!

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RMAi Blog

DECEMBER 13, 2024

CFPB expressed concern over social media influencers on platforms like TikTok and Instagram spreading misinformation about debt collections. The collection agency provided an account itemization and threatened to pursue legal action if the bills werent paid. RMAI will collaborate with the CFPB on addressing these issues in 2025.

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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.

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Due

AUGUST 27, 2024

Multiple lenders to choose from Unlike larger traditional loans available from banks and credit unions, which may often limit the number of options available, there are plenty of title loan lender options available to choose from. However, any remaining debt will not be passed through to a debt collector or reported as a delinquency.

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CreditStrong for Business

JULY 24, 2024

How Long Does It Take for Your Credit Score to Update After Paying off Credit Cards? Luckily, it doesn’t take most financial institutions longer than 30 days to send updates to the credit bureaus. But if you’re working with a smaller lender or credit union, they might only report to the credit bureaus once a quarter.

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