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COLORADO NOT REPORTING UNPAID DEBTS TO CREDIT BUREAUS BECAUSE OF ANTIQUATED COMPUTER SYSTEM
- The state of Colorado has not reported $340 million in unpaid debts owed to the state, such as child support or parking tickets on state college campuses, to credit bureaus for more than a year and will not be able to do so for at least another 12 months as the agency’s computer system is upgraded, according to a published report. The state is spending $7 million to upgrade the agency’s computer system, which is 30 years old. In the meantime, hundreds of thousands of individuals will not have their credit scores impacted by the unpaid debts. The state is still able to garnishee wages and assess additional penalties and fines on unpaid debts.
NEW DEBT COLLECTION RULES GO INTO EFFECT IN MISSOURI
- New debt collection rules have gone into effect in Missouri. One of the rules bars individuals from being sued once a debt is past the statute of limitations, while the other now prohibits collectors from tricking borrowers into re-affirming a debt to restart the statute of limitations. The rules were originally announced last December and went into effect on July 1. A copy of the rules can be downloaded here.
CORDRAY RECEIVING SUPPORT AS VEEP CANDIDATE
- While he might not be on the short list, a growing number of Democrats are pushing for Richard Cordray, the director of the Consumer Financial Protection Bureau, to be the vice presidential candidate alongside Hillary Clinton. Cordray is from Ohio, a key battleground state, is a former Congressman and attorney general from the Buckeye State, and would bring an era of authenticity to the campaign. Meanwhile, Sen. Tim Kaine [D-Va] is considered the “safe” pick as Clinton’s running mate.
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
