Category Dollar$ and $en$e

CFPB Stepping Into Healthcare Collections

The CFPB has been increasingly present in the medical/healthcare market in regards to regulations of the debt collection industry. It is clear that the CFPB will be putting this industry under the microscope in the near future.The CFPB has been pushed by consumer groups to place more restrictions on medical debt collections. In particular, the CFPB is honing in on general consumer confusion over medical billing and the impact medical debt has on consumer credit reports.

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Medical Debt Credit Bureau Reporting

Just recently announced, under an agreement with the state of New York, and will be mandated nationwide, the three largest credit reporting agencies will change the way they handle errors and list unpaid medical bills. Equifax Information Services, Experian Information Solutions and TransUnion collect and report credit information on more than 200 million Americans.

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Reporting Payments

One litigation trend we are seeing increase in our industry is the timely reporting of payments to the various Credit Bureaus. On a bi-monthly basis, we send a file to all three Credit Bureaus reporting new accounts and all payments received by us and our clients. If payments are not reported to us in a timely fashion, by the creditor, erroneous information could be reflected upon the referral’s credit file.

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Consumers on the Move

Consumers are moving at higher rates during unexpected months according to a new study and analysis from TransUnion. While the study shows August as the peak moving month due to the new school year, the analysis shows that the more unexpected months of September through December are also popular months to move.

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The Fine Line of Interest Charges

Ryne Kajewski, Account Representative

From small practices to large offices with multiple locations, the question that comes up most often when it pertains to financial policies is interest charges. Almost daily, we are asked about why we can or cannot collect on interest charges. Once you look into the letter of the law, you can understand why. It’s a fine line and it can be confusing.

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Medical Providers Beware of New FICO Scoring

A new credit scoring model by FICO ensures that medical collection accounts have a lower impact on FICO scores. FICO states this new scoring model is more predictive of a consumer’s likelihood to repay debt than previous models. The new scoring model also bypasses paid collection agency accounts.

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Time Is Ticking On Your Delinquent Accounts

In a recent court of appeals case Crawford v LVNF Funding, LLC, the Eleventh Circuit became the first federal circuit court to rule that filing a proof of claim on a time barred debt (past the statute of limitations), in a bankruptcy case, is a violation of the Fair Debt Collection Practices Act (FDCPA).

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Medical Identity Theft on the Rise

It is no surprise that identity theft is growing. We have all heard the stories of chain stores being hacked into and millions of consumers’ credit card information being taken as hackers are now targeting businesses to obtain a mass amount of information at one time. What we are seeing now, is a growth of medical identity theft.

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Best Practices for Resolving Patient Medical Accounts Announced by ACA International and HFMA

A taskforce headed by ACA International and HFMA released recommendations of best practices for managing and resolving patient medical accounts.

The taskforce was put together to identify current methods of resolving the patient’s responsibility of medical bills, and then provide a guideline for educating patients about the account resolution process and any available assistance programs. This comes as a precautionary step to anticipated new laws and regulations on those who collect medical debt.

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Wisconsin Judgments Looking at 12% Yearly Interest, Again

Through an enormous effort by the Wisconsin Collectors Association, A.B. 523 is quickly moving one step closer to law.

The bill would help restore the interest rate on judgments issued in small claims court to 12%. In 2011, the 12% interest rate was changed to 1% plus the prime rate set by the Federal Reserve Board. Since then, the lower interest rate has been affecting collections on small claims judgments.

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