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. This bill will be effective on January 1, 2025.
RMAi Blog
SEPTEMBER 13, 2024
These acts, and those of other federal agencies, are indicative of the federal government desiring to move towards formal regulatory proposals. On September 5, 2024 the CFPB issued its annual Fair Debt Collection Practices Act report. The number one complaint type was “attempts to collect debt not owed.”
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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 ).
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.
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.
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.
Due
JANUARY 3, 2023
There are dozens of places where you can obtain your credit report. The three big credit bureaus, however, are Equifax®, Experian®, and TransUnion®. Often referred to as credit reporting agencies, these companies work independently. Credit Reports vs. Credit Scores. Foreclosures.
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