Under current Office of the Comptroller of the Currency (OCC) rules, when principal balances on debts are forgiven, the banks must write off the amounts forgiven and report it to the IRS. For debtors, that means they may be hit with the double whammy of a tax burden while they are still trying to pay [...]
Entries Tagged as 'collection agency'
Do Collection Agency “Cease and Desist” Letters Prevent Response to Credit Disputes?
July 10th, 2009 · 2 Comments · Consumer Debt, Debt Collection, Legal Stuff
The FDCPA was written with an eye towards protecting consumers from collection agency harassment. Under the FDCPA, a collection agency must cease communication with a consumer upon written request from that consumer.
Under the Fair Credit Reporting Act, consumers are allowed to directly dispute negative listings with information furnishers. An example of [...]
Tags: cease and desist·collection agency·Consumer Debt·consumers·credit disputes·credit report·FCRA·FDCPA·FTC·information furnishers·investigation request·written request
New Service Provides Collection Agencies List of Clients in Litigation
June 25th, 2009 · 3 Comments · Debt Collection, I'm suing those guys!, Legal Stuff
As an unintended consequence, consumers who defend themselves against collection agencies who violate of the Fair Debt Collection Practices Act (FDCPA) will now find themselves on a special list. One company is now offering its clients a list of everyone who has sued a creditor or collection agency. This is meant for the clients [...]
Tags: collection agency·collections·consumers·court cases·Courts·Fair Debt Collection Practices Act·FDCPA·lawsuits·Litigation·transunion
NY State Attorney General’s Office Shuts Down Two Collection Firms
June 1st, 2009 · 1 Comment · Consumer Debt, Debt Collection
What goes around….
New York State Attorney General’s Office shut down two collection firms, Emanee Development, Inc. and Dial Tech LLC, run by Lamont Cooper. The collections firms also did business under the names of various shell companies and fictitious law firms across the state, including: Claims Process Services, Claims America, CMC Recovery Services, Lomax [...]
Tags: Claims America·collection agency·consumers·Debt Collection·debts·Dial Tech·Emanee Development·harrassment·Lamont Cooper·New York·State Attorney General
