article thumbnail

RMAI Update September 2024

RMAi Blog

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.

Collector 130
article thumbnail

RMAI Update December 2024

RMAi Blog

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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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 ).

article thumbnail

RMAI Update May 2023

RMAi Blog

The consumer filed suit, alleging that the letter violated Pennsylvania’s Fair Credit Extension Uniformity Act (“FCEUA”), which provides that “[i]t shall constitute an unfair or deceptive debt collection act or practice under this act if a debt collector violates any of the provisions of the Fair Debt Collection Practices Act.”

Collector 100
article thumbnail

RMAI Update December 2022

RMAi Blog

. – Counts toward identifying and avoiding discriminatory collection practices (Diversity, Equity & Inclusion). Debt Collection Law — Big Changes, Big Issues (November 16th). Texas Dow Employees Credit Union | TX. Miss a Webinar? Data Security as an Element of Vendor Management (December 1st).

Law Firms 130
article thumbnail

How Many Points Will My Credit Score Increase When I Pay Off Collections?

CreditStrong for Business

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.

article thumbnail

Top Reasons Banks Need Business Loan Automation

Biz2X

This guide makes the case for why lenders, including banks and credit unions, MUST invest in business loan automation. It also offers automated debt collection. Create and distribute scheduled and ad hoc debt collection notifications in different media. What is Business Loan Automation?