Search results
Results from the WOW.Com Content Network
By 2009, in New York City alone, collection agencies that had bought the debt for "pennies on the dollar from card issuers" issued high volumes of lawsuits in the city's civil court against debtors—approximately 1,000 cases a day. [26]
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that ...
The Bureau of Consumer Financial Protection, housed within the U.S. Federal Reserve, also has regulatory power over collection agencies. [29] The CFPB announced on 24 October 2012, that it had finalized the rule for supervising debt collection agencies and debt buyers under a definition that would include about 175 U.S. companies. [30]
The share of credit card holders making only minimum payments on their bills rose to 10.75% in the third quarter for 2024, the highest it's been in 12 years, the Fed's data shows.
New York City: Headquarters: 42 Broadway, Manhattan, New York City, U.S. Motto: To protect and enhance the daily economic lives of New Yorkers to create thriving communities. Employees: 457 (FY 2024) Annual budget: $67.7 million (FY 2024) Department executive
In May 2015, a jury ordered Portfolio Recovery Associates to pay $82,990,000 in punitive damages for the malicious prosecution of Maria Guadalupe Mejia, a Kansas City woman who was pursued by PRA for a $1000 credit card debt she did not owe. The company was also fined $250,000 for violating the Fair Debt and Collection Practices Act. [20]
Credit invisibility combined with the rise of big data and artificial intelligence has given rise to a new market that challenges the traditional FICO model of credit scoring. [44] The use of alternative data has been pursued as a means to access more consumers, a form of market competition in an industry seeking greater profits. [ 44 ]
The New York City Department of Investigation (DOI) is a law enforcement agency of the government of New York City [2] that serves as an independent and nonpartisan watchdog for New York City government. [3] Established in 1873, it is one of the oldest law enforcement agencies in the country.