Trends and challenges for collection agencies amid COVID-19

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Dublin, May 21, 2020 (GLOBE NEWSWIRE) – ResearchAndMarkets.com published a new article on the business and finance sector, “Collection Agencies Affected by New Debt Collection Rules in Light of COVID-19 Pandemic”

Seventeen U.S. states and the District of Columbia announced new regulations for debt collection during the pandemic. There are many rules that prohibit collection agencies from seizing stimulus payments. New York announced a temporary halt to student and medical debt collection while the District of Columbia passed a law in April banning collection agencies from calling, writing, or messaging consumers about their debt. debts up to sixty days after the end of the COVID-19 emergency.

With the cancellation of elective surgeries, collection agencies have seen an increase in demand for collection of overdue bills from healthcare providers. Some agencies are focusing on updating consumer databases while collections are down. However, working remotely has raised security concerns for some agencies that process debtors’ personal and financial information. The Consumer Financial Protection Bureau (CFPB) urged credit bureaus to continue reporting credit during the COVID-19 pandemic, but asked them to give those struggling wiggle room to pay their debts. They have also relaxed the application of dispute investigation deadlines in some cases to help collection agencies that are understaffed due to COVID-19.

To view the full article and a list of related reports in the market, visit “Collection Agencies Affected by New Debt Collection Rules in Light of COVID-19 Pandemic”

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