FDCPA Class-Action Filed Over MVN Date Issues
- A collection operation is facing a class-action lawsuit alleging it violated the Fair Debt Collection Practices Act because the Model Validation Notice that was sent to the consumer used an itemization date that was the same date the letter was mailed to the consumer, yet still informed the recipient that fees had been incurred on the unpaid debt, amounting to 25% of what was owed.
- More details here
- This series is sponsored by WebRecon
Court Rejects MTD, Says 1692e(8) Claim Doesn’t Require Written Dispute
- A District Court judge in Georgia has denied a defendant’s motion to dismiss a Fair Debt Collection Practices Act, ruling that the plaintiff did not have to submit a dispute in writing in order to allege the defendant violated Section 1692e(8) of the statute.
- More details here
DFPI Reaches $2.3M Settlement With Servicer for Overcharging Consumers
- The California Department of Financial Protection and Innovation has reached a $2.3 million settlement with Caliber Home Loans, Inc., after finding the Coppell, Texas-based company overcharged nearly 5,000 borrowers in the state and failed to maintain proper trust account practices.
- More details here
Volatility in Economy Shifts Credit Card Usage and Consumer Health
- A new study from J.D. Power highlights growing financial strain among U.S. credit card customers, with more than half of cardholders carrying revolving debt and 56% classified as financially unhealthy. The findings reveal widening divides in consumer satisfaction and underline the pressure many households are facing in today’s economy.
- More details here
WORTH NOTING: A new report from the U.S. Chamber of Commerce shows how small business are adopting the use of artificial intelligence … Wage increases still are not keeping up with the pace of inflation, putting consumers in a deeper financial hole … Credgenics, a debt collection technology software provider, has acquired a majority stake in an Indian collection operation … Ten different use cases for artificial intelligence in debt collections … The impact of financial dynamics on relationships is huge … A psychiatrist shares how to reduce anxiety in 15 seconds with a breathing technique … Which car models have the most comfortable seats? … Why buyers are gaining the upper hand in the housing market.
Trailer Tuesday, part I
Trailer Tuesday, part II
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