In the modern financial landscape, resolving debt involves a constant exchange of sensitive information and legal agreements. When a credit provider and a debt settlement advisor agree on a plan for a consumer, that agreement must be backed by a complete and accurate record. For collections executives and compliance leads, the goal is to ensure that every step of the negotiation is documented and ready for review.
Buy now, pay later (BNPL) services continue to grow in popularity, but recent survey data suggests repayment challenges are becoming more common among users. According to a recent LendingTree survey, 41% of consumers who used BNPL services reported making a late payment on an installment plan within the past year. That figure represents a notable increase from 34% reported during the previous annual tracking period, highlighting a steady rise in repayment issues across the BNPL market.
The Aspen Institute’s Financial Security Program has announced a significant new initiative designed to address what many now view as one of the most pressing consumer protection challenges facing the United States: the explosion of fraud and scams targeting American consumers. The newly launched Scam Prevention Initiative reflects an increasingly broad consensus that scams can no longer be viewed solely as an issue for consumers or financial institutions to solve on their own.
The Massachusetts Attorney General’s Office has obtained a preliminary injunction against a group of companies accused of operating a phantom debt collection scheme that allegedly used deception and intimidation to collect money from consumers. A Suffolk Superior Court judge issued the order against Assessment Resolution, LLC, East Coast Financial, and the companies’ owners and operators. According to the state’s lawsuit, the defendants engaged in debt collection activities involving debts that either did not exist or that they did not have the legal authority to collect.
The New Jersey Attorney General and Division of Consumer Affairs recently issued a comprehensive Enforcement Statement signaling an aggressive enforcement posture toward so-called “junk fees” under the New Jersey Consumer Fraud Act (CFA). The Enforcement Statement was issued in conjunction with Governor Mikie Sherrill’s Executive Order No. 19, which directs state agencies to review and recommend measures to eliminate or reduce junk fees across a broad range of industries.
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