Laws

There are big changes to the way creditors report to credit reporting agencies. Changes that you will want to be aware of.

In 2015, Equifax, Experian and TransUnion announced the National Consumer Assistance Plan to enhance their ability to collect complete and accurate consumer information and provide consumers more transparency when interacting with consumer reporting agencies about their credit reports. The plan was announced after cooperative discussions and an agreement with the Attorneys General of multiple states.

In 2016 the three major Credit Reporting Agencies (CRA’s) stopped allowing the reporting of debt that did not arise from a consumer contract or agreement to pay. This included, […]

In the spirit of the Xmas season that is upon us and the New Year that is right around the corner, this question is for all the professional Debt Collectors out there as we welcome in 2016. As a Debt Collector what is worth believing in? The Consumer Financial Protection Bureau (CFPB) believes in ‘…empowering consumers to take control over their economic lives,’ how about you?

With the advent of the CFPB our industry is finally no longer an infant and has reached toddlerhood! Yes collections has been around ever since the first line of credit was extended and the first handshake agreement that binded the obligation was broken, but just because it’s been around for […]