Debt Buyers Prey on New Yorkers
It isn’t a surprise that a recent study issued jointly by the Legal Aid Society, Neighborhood Economic Development Advocacy Project, MFY Legal Services, and Urban Justice Center found that debt buyers...
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Minnesota Star-Tribune Slams Debt Collection Agencies for Wasting Public Money
A scathing editorial in the Minnesota Star-Tribune denounces debt collection agencies like Portfolio Recovery Associates that use taxpayer dollars to obtain judgments against consumers and then have...
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Portfolio Recovery Associates Reaps Record Profits
Portfolio Recovery Associates has been making news. At the end of July, the publicly traded debt collection agency (PRAA) announced its second quarter results, boasting a profit of $19.5 million, or a...
View ArticleLitigious Debt Buyers Rake in Money from Minnesotans
The Minneapolis Star Tribune recently compiled a list of the most litigious debt buyers, who raked in over $223 million in court judgments against Minnesotans from 2005 to 2009. The top ten were:...
View ArticlePortfolio Recovery Associates Rakes in Profits
Reuters reported that debt collection agency Portfolio Recovery Associates raked in the profits during the third quarter. The publicly traded company (PRAA), earned $18.8 million profit in the third...
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Wall Street Journal Sheds Light on Debt Collection Robo-Signing
Last fall, mortgage lenders came under fire for a practice called “robo-signing,” whereby employees signed thousands of affidavits attesting to the accuracy of financial documentation without truly...
View ArticleWhy Debt Collection Agencies Should Stop Whining
The debt collection industry rakes in big money, yet one hears persistent whining from its trade association. The whining includes a constant stream of complaints about the ways in which the Fair Debt...
View ArticleU.S. District Court Grants Class Certification in Debt Collection Case...
We reached a milestone in Zimmerman v. Portfolio Recovery Associates, namely that the U.S. District Court granted our motions for summary judgment and class certification. We issued the following press...
View ArticlePortfolio Recovery Associates Loses TCPA Robocall Appeal
The U.S. Court of Appeals for the Ninth Circuit upheld a lower court’s ruling that a consumer only consents to a debt collection robocall to his or her cell phone if the cell phone number is provided...
View ArticleA Peek into the Business of Debt Buying
As we’ve often discussed, there are a three primary types of debt collectors. The first consists of debt collectors who are employees of original creditors (e.g., the hospital employee who calls about...
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