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U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]
There are also many boards, commissions and offices, [1] including: Abraham Lincoln Presidential Library and Museum; Attorney Registration & Disciplinary Commission of the Supreme Court of Illinois
An organization that specializes in debt collection is known as a collection agency or debt collector. [1] Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. [ 2 ]
The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in medical debt, to shut down as a result of what CFPB determined ...
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These agencies help employ more than 124,000 employees with a payroll of $5 billion. In addition, third-party collection agencies contributed more than $108.3 million to charitable organizations and volunteered more than 524,000 hours in 2018—including 229,800 hours for company-sponsored activities. [3]
[1]: iii Thirty years after FDCPA was enacted, a workshop hosted by the FTC with "consumer groups, the collection industry, academia, and government agencies" participating, found that "most significant change in the debt collection business" [from 1997 to 2007], was the "advent and growth of debt buying (i.e., the purchasing, collecting, and ...
The Chicago metropolitan area – also known as "Chicagoland" – is the metropolitan area associated with the city of Chicago, Illinois, and its suburbs. [2] With an estimated population of 9.4 million people, [ 3 ] it is the third largest metropolitan area in the United States [ 4 ] and the region most connected to the city through geographic ...