ANSWERING CREDIT REPORTING QUESTIONS ABOUT COVID-19, AUDITS, DATA RELIABILITY
- The COVID-19 pandemic has definitely made credit reporting a lot more complicated for companies that furnish data to credit reporting agencies. Noting whether an account is current or not, if a collection moratorium has been put in place, or using the right condition codes when furnishing information has all become more convoluted. Understanding what is expected and required of furnishers is more important, which is why a number of questions have been submitted to “Ask The Credit Reporting Expert” about how to address different situations. In the latest episode, David Schultz, a partner at the law firm of Hinshaw & Culbertson answers questions from members of the accounts receivable management industry about credit reporting in the pandemic, how to handle audits of credit reporting submissions, and the reliability of credit scores in helping determine a borrower’s propensity to repay a debt.
JUDGE DENIES PLAINTIFF’S MOTION FOR PARTIAL JUDGMENT IN FDCPA LETTER CASE
- Would a least sophisticated consumer understand — when reading a collection letter related to the collection of a deficiency balance on her car loan — that the debt is a “consumer debt” as defined by the Fair Debt Collection Practices Act? A District Court judge in Arizona thinks the answer to the question is yes and has denied a plaintiff’s motion for partial judgment on the pleadings after the plaintiff accused the defendant of allegedly violating the FDCPA through what it said in that collection letter.
JUDGE CERTIFIES CLASS IN FDCPA SUIT
- A District Court judge in California has certified a class in a case accusing a company that performs billing and collection services for a car rental company of violating the Fair Debt Collection Practices Act by sending letters from the billing arm of the company without the mini-Miranda notice.
ED. DEPT. EXPANDS MORATORIUM ON COLLECTION OF DEFAULTED STUDENT LOANS
- A day after it announced it was canceling the student loan debt for 230,000 individuals with student loan debt who had become permanently disabled during the COVID-19 pandemic, the Department of Education yesterday announced it was expanding a moratorium on federal student loan interest and collections on all defaulted loans under the Federal Family Education Loan (FFEL) program. The moratorium will affect more than 1 million student loan borrowers.
SPIRE RECOVERY SOLUTIONS PROUDLY SUPPORTS FAMILIES OF FALLES SPECIAL OPERATIONS WARRIORS
- Spire Recovery Solutions is honoring fallen Special Operations personnel with a charitable contribution to Special Operations Warrior Foundation. Through this foundation, surviving children of fallen warriors, as well as children of all Medal of Honor recipients, are afforded the opportunity of post-secondary education and other types of financial assistance for their educational endeavors.
WORTH NOTING: Is wearing masks here to stay, permanently? … Pfizer said that its COVID-19 vaccine is 100% effective to use on kids as young as 12 years old … For companies looking for examples about how other financial services companies are handling their employees returning to work … A new crop of web browsers with stronger privacy protections are now available … Today is Taco Day and tomorrow is National Burrito Day … Stories from people who talk about how the moratorium on student loan collections has affected them … How to find appointments for the COVID-19 vaccine … Why you need to keep your vaccination cards safe.
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