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Undue Medical Debt, formerly RIP Medical Debt, [1] is a Long Island City–based 501(c)(3) charity [2] focused on the elimination of personal medical debt. [3] Founded in 2014 by former debt collection executives Jerry Ashton and Craig Antico, [4] the charity purchases portfolios of income-qualifying medical debt from debt collectors and healthcare providers, and then relieves the debt. [5]
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 ...
A few months before that, the agency fined an Indiana company working with medical debt for violating collection laws. Regulators said the company had “risked harming consumers by pressuring or ...
According to a 2022 survey from the Kaiser Family Foundation, 47% of US adults with medical debt have been contacted by a collection agency within the past five years due to unpaid medical or ...
The nonprofit looks for bundled packages of debt from first or third party agencies which the group negotiates to purchase at discounted prices (pennies on the dollar). The two women initially raised $12,500 and used this money to purchase $1.5 million of medical debt through RIP Medical Debt, which was then forgiven. [33]
A debt collection bureau in Minnesota. Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [1]
The final rule comes after Equifax, Experian and TransUnion – the three nationwide credit reporting conglomerates – announced they would remove certain types of medical debt from credit ...
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector.CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the ...