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  1. The Banking Law Journal, February 2014, pp 143-152 http://www.stroock.com/SiteFiles/Pub1436.pdfREGULATORY SCRUTINY INCREASES ON LENDERS’ COLLECTION PRACTICES WITH RESPECT TO THIRD PARTIES AND DATA INTEGRITYby Benjamin G. Diehl This article examines the nature of the Consumer Financial Protection Bureau and other agencies’ focus on debt collection practices and strategies creditors and other interested parties may wish to consider as a result.pp 147-148'Moreover, a creditor can expect to face substantial regulatory scrutiny in its dealings with third parties even if it elects to sell its debt rather than retain a third party to assist in collecting it. In the Advance Notice, the CFPB makes clear that it intends to draft “proposed rules for creditors, debt buyers, and third-party collectors to create a comprehensive and coherent system for information about debts” and makes clear that it seeks comment on the appropriate level of oversight of both third party debt collectors as well as debt buyers even “after debt sales are completed.” Similarly, the OCC has stated that it is “developing [a] supervisory guidance that outlines safe and sound banking principles that should be followed in connection with sales of charged-off consumer debt.” This can be expected to include “documentation requirements to ensure accurate and reliable information is provided to the debt buyer at time of purchase” and third party “due diligence requirements and ongoing due diligence monitoring requirements.”' 'Accordingly, creditors should also evaluate their best practices regarding their handling of debt sales while also examining the policies and procedures with respect to collection activities handled by third party service providers. Oversight of debt buyers should include monitoring their handling of consumer complaints, programs for ensuring debt buyers have all necessary licenses and are familiar with and compliant with applicable laws, and protocols for ceasing to sell debt to entities found to have engaged in misconduct. It should be expected that the CFPB would strongly consider bringing an enforcement action against a creditor that did not have or did not follow adequate protocols for ensuring compliance with applicable policies and laws and sold debt to a third party that then engaged in misconduct.'
  2. **Found this online this morning** Harassing text messages aren't just for scorned lovers anymore. At least one debt collection agency has been using texts to go after indebted consumers -- and the government says that those texts broke the law. The Federal Trade Commission regularly sues debt collectors for illegal collection practices, but for the first time it's gone after a debt collector for chasing consumers with text messages. National Attorney Collection Services, Inc. and National Attorney Services LLC, which are both based in Glendale, Calif., and owned by Archie Donovan, have agreed to pay $1 million in the case. It's not actually illegal to use text messaging to collect on outstanding debts. The big issue here is the name: Not only did the debt collectors fail to disclose they were calling from a debt collection firm, the companies' names gave the false impression that they were law firms. And according to the FTC, collectors represented themselves as attorneys or legal assistants in their text messages and phone calls. FTC.govThe collectors also broke the law by revealing people's debts to their friends, family and co-workers -- specifically, by using envelopes with a cartoon of a man having his pockets shaken out by Uncle Sam. To protect consumers' privacy, debt collectors aren't supposed to reveal on their envelopes that there is a collection notice enclosed. In a blog post amusingly titled "DONT VIOL8 FDCPA. K? THX," the FTC said that the debt collectors also directly disclosed debts to family members in phone calls and texts. Trying to shame consumers like that is a big violation of the Fair Debt Collection Practices Act. In addition to the $1 million fine, the companies will have to cease any debt collection practices that violate the FDCPA, including changing the names of the businesses so as to stop giving the impression that they are lawyers.
  3. First I want to apologize for the length of this post, however I want to provide as much information as possible to get a correct answer or insight or help to my situation. On 7/3/2013 at approximately 6:30pm I was served a summons with notice from a constable for an alleged debt that I owe in New York State. This summons is from the Attorney Generals Office Civil Recoveries Bureau. It states that I have 20 days to appear in this action by serving notice of appearance on plaintiff's attorney. It further states the following: "Take notice that the nature of this action and the relief sought is to recover damages for overpayment of financial aid, OR unpaid charges, OR room and/or board OR fees OR fines. for the Spring and or Summer of 2008. The amount sought is a little of $2,000.00. It further states that this is not for any Student Loans or Guaranteed Funds. Ok - so here is the history. In 2006 I received what is called a living expense check from this college, which is a refund that I am entitled to once all of my education costs have been met. This was sent to me directly and I cashed it. In 2007 - Actually January 2, 2007 is when I first received any communication from the Attorney Generals Office stating that there was a mistake and demanding that I repay the college. I also received another letter on January 22, 2007. I did respond disputing this alleged debt. There was NO REPLY from the Office of the Attorney General for 2 years. In 2009 - April 12 & 28 I received letters demanding payment of alleged debt from one of their collection specialist. I again disputed the debt with them. In June of 2009 I received a summons similar to the one that I received on 7/3/2013 - stating that I had to appear in court. I disputed this summons as the constable left this summons on my roommates car in the pouring rain so it was never handed to me personally or left on my door. I called the Attorney General and stated that I was not served properly, so they sent a summons to me by regular mail and told me that constitutes "Legal Service". I sent my response to their summons certified mail shortly after. There was no court case or Judgment - I was not served any further papers. There was NO REPLY or communication from the Attorney Generals Office for another 2 years. In September of 2011 I then received a letter from the Attorney Generals Office which reads: Supreme Court of the State of New York, County of Albany State of New York, Plaintiff v. Me, Defendant. NOTICE OF DISCONTINUANCE -received by the Albany County Clerk 9/30/2011 at 11:31pm PLEASE TAKE NOTICE that, pursuant to CPLR 3217 (a)(1), the undersigned attorney for the plaintiff herein discontinues the above mentioned action without costs and without prejudice. Dated September 26, 2011. Yours, etc., Assistant Attorney General. There was no other communication from them until August 29, 2012 - when I received a letters stating that I owed them $3,347.45. I did not respond to this letter (which is my fault). There was no further communications from them until July 3, 2013 which is when I received the summons and notice. Now this is my perspective on the whole situation and maybe my defense. I am going to write them a letter sent CMRRR demanding a complaint, which I have never received. I am also thinking about asking for the check that I cashed back in 2006. I am going to dispute the amount that I owe as they can not come up with one sum that matches. My biggest defense with this is that they are saying it is from the Spring and or Summer of 2008, however I have proof that my first communication from them regarding this debt was in January of 2007 - so with that being said I believe that the Statute of Limitations has expired on this debt since the statute is 6 years in New York State, and since I am actually a Pennsylvania resident the Statute here is 4 years. There is no way I can make the trip to Albany NY to appear if is 400 miles which is almost an 8 hour drive for me. I do need some help if there is any out here, what do I do next - do I have a chance at all of fighting this? The college messed up not me.
  4. Hello All, I am new to this forum and could use some help. After a stretch of unemployment and wife's medical issues, i have fallen behind on my CC payments. This all started 2 years ago and i have yet to pay one bill since. I would like to start the process of at least negotiating. I have received collection letters of up to 70% off some balances. Here are my questions: Is it possible to deal with only one agency during the process or do i have to work with all of them? Should i call the credit card company directly and ask if they can offer the same or did they already charge-off? Like i said, this is new to me, so any help is appreciated. Of course, the easy way out and the cheapest route is BK, which i really dont want to do. Thanks in advance.
  5. I have a letter for pre-approval on a debt to pay back from Midland Credit they have given me 3 options or call to set up payment plan. Should I accept this or wait for them to sue me? ;0 Thank you in advance.
  6. There is some good news believe it or not regarding how credit scores are calculated. Vantage score which is the new score created by the 3 major credit bureaus has made some adjustments in their model which will help many who have paid off old debt or been victims of natural disasters. You can read the article here: http://tinyurl.com/a29uvh4 This may help many of you in terms of raising your score which is always a big issue in this forum.
  7. New to the thread - I've got 2 questions. After being an irresponsible idiot in my younger days, I'm really trying to clean my report up. I had 4 negative accounts, 3 smaller accounts listed in collections and a student loan I decided to stop paying years ago. As for the student loan, last week I settled with the collection agency hired by the bank that backed the loan. I paid half and they will have it listed as settled in full (wasn't getting a PFD or anything else for that). The thing is, it's also listed 3 or 4 separate times on my credit report as charged off, filed with gov't, etc. This is with AES/NCT, things like that. How do I go about getting the other listings removed? Do having those listed affect my credit score? Just wondering because if I paid to have this settled (had to, since it was a student loan) should I still be getting dinged for the same thing by multiple other negative listings? Also, I had three other small debts in collections. I sent them letters offering payment for deletion from the 3 CR agencies (used form letters I found online - not accepting it's my debt, but offering payment if I got written agreement, etc.). I got a call from one of them today that they wouldn't PFD or even put paid in full but would take a smaller payment and put settled in full. I even offered to pay the full amount for deletion but they won't accept that. It seems they would rather take less money and give me a settled in full than full payment for a PFD. I asked for a number to the original creditor (Best Fitness). She said she'd give it to me, but I'd just be routed back to her since they were the collection agency in charge of Best's debt. I found it odd that they'd settle for less than full but wouldn't PFD if I gave the whole amount. Any suggestions here? I told her I'd have to consider my options and call back next week. Side note - this was regarding a contract I thought I had terminated but apparently had not completed the termination. Finally, does speaking about these debts restart any clock or anything, or will they still fall off 7 years after original delinquency? Thanks again for any input.
  8. I received a letter from Encore yesterday stating that I owe XXX but it just says payment to FIA Card Services, not to the bank I owe. The problem is, is I already made the minimum payment on my card via online bill pay because the card is linked with my checking account. Should I ignore the letter from Encore? Write them a letter?
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