Usually, settling a debt shows up as negative information in a consumer's credit report. However, negotiating a settlement indicates that the consumer took responsibility for paying as much as they could on the debt. The credit report will show that the settled debt is not outstanding anymore. It is important to understand from a business point of view, the need for settling outstanding bills though we may end up receiving only a part of what the original due amounts were. As a result of our diverse experience, we at BACS have handled various types of settlements. Our experience with financial institutions includes overdraft fee, lender placed insurance mortgage, and service members Civil Relief Act (SCRA) matters, to name just a few. We have experience in private class actions as well as on matters involving relevant regulatory bodies such as attorneys general, the CFPB, the DOJ, and the OCC.
In 2014, the Court approved a notice program and plan of allocation related to proposed settlements with multiple defendants under antitrust class action lawsuits.
Five of 13 defendants agreed to settlements totaling S39.5 million due to certain passengers for travel between the United States and Asia/Oceania. SourceHOV was engaged to provide notice and administer the settlement.