Collection Industry News

Home - Collection Industry News
administrator
Government News

US watchdog issues warning to medical debt collectors

Oct 1 (Reuters) – The top U.S. consumer financial watchdog on Tuesday warned medical debt collectors they face enforcement action by federal regulators if they illegally attempt to collect on inaccurate or legally invalid medical debts. Around 100 million Americans…
Editorial News

Social Security’s death benefit has been $255 since 1954. Some senators want to change that

When a Social Security beneficiary dies, their loved ones may qualify for a one-time $255 lump-sum death payment. Yet that amount has not changed in 70 years — since 1954 — while inflation has pushed the costs for funerals higher. On Wednesday, Sen.…
Bankruptcy News

J&J subsidiary files for bankruptcy to advance $8 billion talc settlement

A Johnson & Johnson subsidiary filed for bankruptcy for a third time on Friday as the healthcare giant seeks to advance an approximately $8 billion proposed settlement that would end tens of thousands of lawsuits alleging that the company’s baby powder and…
Legal News

Here’s what could happen to inflation, jobs and the deficit if Trump or Harris win

In poll after poll, Americans have indicated the economy is their top concern as they prepare to cast votes this election. Dealing with high inflation for years will do that to you. Although inflation has cooled significantly since it peaked at a…
Educational News

US bans Navient from servicing federal student loans

WashingtonCNN —  A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million. The agreement settles a lawsuit brought by the Consumer Financial Protection Bureau in 2017, which claimed the company misled…
Government News

America’s economic engine is still revving, despite fears of a slowdown

WashingtonCNN —  A key driver of the US economy remains solid. Spending at US retailers rose 0.1% in August from the prior month, the Commerce Department reported Tuesday. That’s a much slower pace than July’s upwardly revised 1.1% gain, but well…
Editorial News

FTC Provides Annual Letter Summarizing Debt Collection Activities

The Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) with its annual summary of activities to protect consumers in the debt collection arena. The summary is used by CFPB in its annual report to Congress on the activities of…
Bankruptcy News

Americans are drowning in credit card debt. Trump’s proposed cap on interest rates probably won’t help

New YorkCNN —  It’s easy to see why many Americans would welcome former President Donald Trump’s proposal to cap credit card interest rates at less than half their current level — even if only temporarily. At $1.14 trillion, Americans’ credit card debt is…
Legal News

IRS: New contracts awarded to private collection agencies; taxpayers may be contacted by one of three groups

WASHINGTON — The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today’s expiration of the old contracts. Beginning Thursday, Sept. 23, 2021, taxpayers with…
Educational News

What happens if you don’t pay your student loans?

Student loan payments are due in October for the first time in three-plus years – but for the next 12 months, borrowers will be able to skip payments without facing the harsh financial consequences of defaulting on their loans. The Biden administration…