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Breaking News

CFPB Small Entity Compliance Guide for Debt Collection Rule v1.0

Steel Rose

Section 809(a) of the FDCPA requires a debt collector to send a consumer a written notice containing the following information: The amount of the debt; The name of the creditor to whom the debt is owed; A statement that unless the consumer, within thirty days after receipt of the notice...

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The Bottom Line

Product Spotlight

CSS Product Spotlight

Henry Gardner

CSS, Inc., a leading provider of enterprise class accounts receivable management and financial software offers a broad portfolio of platforms & solutions. CSS enables companies to transition their legacy revenue & payment management systems to a modern, cognitive, centralized, cloud-based Financial Ecosystem®. CSS may be utilized to provide business financial...

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Skip Tracing Advisor

Developing a Network of Closed Sources by Ron Brown, Skip Tr…

Ron Brown

As we begin this article it is very important that the professional tracer clearly understand what constitutes a “CLOSED SOURCE”, the value of a closed source network and the obligation due to each closed source. Definition: CLOSED SOURCE… sources of information with restricted access and information available only through mutual information...

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Collection Software Roundtables

Shielding Collectors From TCPA and FDCPA Violations

Joshua Fluegel

The demands of regulators lead collection professionals to collect debt with the credo of “as little contact with the consumer as possible.” Every eliminated encounter with a consumer while the payment is still being collected is one less chance for a TCPA or FDCPA violation. For this reason many accounts...

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Feature Stories

Derogatory remarks remain on your credit reports for about s…

Steel Rose

Derogatory remarks can remain on your credit reports for about seven years. It takes time to make them disappear. The remarks will have less influence on your credit scores over time — and will even fall off eventually. Creditors, such as credit card issuers, mortgage lenders and student loan servicers, regularly send...

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Collection Agency Advisor

The Secret to Excelling in Profit AND Performance

Gordon C. Beck III

To each their own. That’s what I keep telling myself when discussing with my competitors what their strategy is to run and operate a successful collection agency. Everyone’s outlook is different, but the same. Sure, everyone wants to be a top agency, that’s what everyone is supposed to say. But...

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Legal Collection Advisor

Executive Orders Impacting Collections

Michael Starzec

No, this is not a review of the 1996 thriller starring Kurt Russell, Halle Berry and Steven Seagal but it does focus on the prestige of the word “Executive.”   At hotels and sports arenas, you want the executive suite. In Illinois, at least a 1,000 corporations integrate “executive” into their...

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Collection Industry Advisor

3 Options to Offer During Tax Season

Nick Jarman

When it comes to collecting debt, tax season is without argument the most profitable season of the year. Tax season starts at the beginning of February and wraps up in early May. February generally sees the highest return and slightly tapers off each month thereafter. One issue that can ease...

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Compliance Advisor

PCI Compliance, SOC, and HITRUST

Debra J. Ciskey

With the June, 2019, disclosure of a data breach at AMCA looming large in the rearview mirror, debt collectors both large and small are scrambling to verify the security of their consumer portals and their consumer information in general. With numerous vendors and auditors serving the industry in this key...

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First Circuit Affirms Collection Agency Assigned Rights of Credit Issuer

  • Written by Steel Rose

A federal court order compelling arbitration in a lawsuit against Midland Credit Management and law firm Schreiber/Cohen LLC over allegedly unlawful debt collection practices stands, after the U.S. Court of Appeals for the First Circuit concluded Wednesday that debt buyer Midland Funding holds all the same rights that Barclays held under its “Cardmember Agreement” with the plaintiff-debtor.

When Midland Funding purchased bundled debt from Barlcays that included plaintiff Jackeline Barbosa’s delinquent account, the bank assigned all of its rights and interests, including the right to invoke the cardmember agreement’s arbitration provision, Judge O. Rogeriee Thompson wrote for the court.

Barbosa argued that Midland Funding couldn’t be “both Barclays’ assignee and standing in for Barclays itself,” but offered no basis for deviating from the “long-standing given in contract law” that “an assignee stands in the shoes of the assignor,” Thompson said.

Just like the arbitration provision extended to Barclays’ agents, it extends to Midland Funding’s agents, MCM and Schreiber/Cohen.To read more click here