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LENDER FINED $1.4 MILLION FOR VIOLATING MASS. COLLECTION LAWS; MORE REGULATION IN STATE TO BE DISCUSSED
- The attorney general of Massachusetts has levied a $1.4 million fine against Ditech Financial for violating state collection laws, including calling individuals as much as 12 times per day. Ditech had been trying to collect on 5,000 accounts in which individuals were delinquent on their mortgage payments. It is expected that the fine and settlement will fuel further discussions about more regulation of debt collectors in Massachusetts, according to a published report.
BILLINGTREE WEBINAR TEACHES FUNDAMENTALS OF CARD COMPLIANCE
- Navigating the alphabet soup of requirements to be able to accept credit and debit card payments is a difficult task for even a seasoned industry veteran. BillingTree, a payments provider, hosted a webinar Tuesday that taught the fundamentals of complying with information and data security standards required for any organization that seeks to process card-based transactions.
FCDPA, FCRA LAWSUIT TOTALS INCREASE, TCPA NUMBERS DECLINE
- After five straight months of declines, the number of lawsuits alleging violations of the Fair Debt Collection Practices Act increased slightly in August, compared with the month before, according to data released Tuesday by WebRecon.
COLLECTOR HIT WITH $1.4 MILLION IN PENALTIES FOR NOT HAVING LICENSE
- National Credit Adjusters has been hit with $1.4 million in sanctions for operating as an unlicensed collection agency in the state of Connecticut. The company will repay $70,000 to borrowers, was fined $40,000, and agreed not to collect $1.3 million in other unpaid debts.
COLLECTION AGENCY GETS EXTENSION FOR RECOVERING TWICE AS MUCH AS EXPECTED
- A hospital network in California is praising the work of Hospital Billing & Collection Services in doubling the projected rate of unpaid debts and has extended the contract with the agency for another year. The collection agency recovered nearly $8 million, nearly double the $4 million that was expected. Under the contract extension, an additional 10,000 accounts will be placed with the collection agency.
WORTH NOTING: Security took a backseat to making email look cleaner at Yahoo, even as hackers were stealing the account information of 500 million users … TV ad spending shows where Hillary Clinton and Donald Trump are fighting the hardest … California will stop doing business with Wells Fargo for the next 12 months … BlackBerry is going to stop making smartphones. Here is the history of the company, in 10 phones … Whether interest rates matter to the average person … Millennials are spending their money on food, rent, alcohol, and fun, according to Venmo which processed $4 billion in payments during the second quarter … The most unaffordable place to live in the U.S. is not in San Francisco or Manhattan. It’s in Brooklyn … Students at for-profit universities represent 35% of all student loan defaults … This wallet is the most popular investment on Kickstarter … Six signs you will have a successful future.
If you drilled a hole in your iPhone to create a headphone jack, then you get what’s coming to you
Why building a wall won’t work
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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.
