Account Recovery

JANUARY 4, 2023

Sherrod Brown [D-Ohio], the chair of the Senate Banking Committee, have opened an investigation into medical credit cards and the “potential harm they may inflict on patients.” The post Senators Launch Inquiry into Medical Credit Cards appeared first on AccountsRecovery.net.

Banks 246

Banks Healthcare 246

Account Recovery

JANUARY 24, 2023

Amidst all the talk about credit reporting and what should and should not be on a consumer’s credit report, a bill has been introduced in the House of Representatives that would amend the Fair Credit Reporting Act in order to prohibit including evictions due to the COVID-19 pandemic from consumers’ credit reports.

240

240

Credit Corp

APRIL 2, 2024

Whether you realize it or not, your credit score can have a significant impact on your life. If your credit is anything less than stellar, you may need to ask yourself, “Is it time to fix my credit?” Get a Copy of Your Credit Report The first step to repairing your credit score is to request a copy of your credit report.

Bankruptcy 106

Bankruptcy Loans Lender Credit Bureau 106

Account Recovery

NOVEMBER 7, 2023

Here’s a shocker … removing medical debt tradelines from consumers’ credit reports has led to fewer consumers having medical debts on their credit reports and improved the credit scores of individuals who used to have medical debts on their credit reports, according to a published report.

Consumer Credit 130

Consumer Credit Healthcare 130

Account Recovery

APRIL 12, 2024

The general counsel of the Consumer Financial Protection Bureau gave a speech yesterday to a group of consumer advocates and the two main areas of focus were debt collection and credit reporting. Within those two areas, Seth Frotman drilled down into discussing medical billing and collections, and landlord-tenant screening and debt.

Collections 130

Collections 130

Account Recovery

JANUARY 10, 2022

As Buy Now, Pay Later becomes a more popular topic, especially among regulators, another key group in the financial services is looking at measuring the impact of those who take out this new form of credit — credit bureaus.

Financial services 243

Financial services 243

Account Recovery

MARCH 8, 2024

As promised, the Chamber of Commerce, along with a number of other banking trade groups — including some from Texas — filed a lawsuit yesterday against the Consumer Financial Protection Bureau, saying the regulator overstepped its authority it issuing a rule capping late fees that can be charged for missed credit card payments.

Trade 147

Trade Banks 147

Account Recovery

FEBRUARY 26, 2024

The number of consumers who are carrying more credit card debt than emergency savings has reached its highest point since Bankrate began tracking the metric 13 years ago. Another day, yet another sign that consumers are over-extended and are at risk of falling off a financial cliff.

Credit Card Debt 246

Credit Card Debt 246

Account Recovery

MARCH 14, 2024

Another day, another state looking to prohibit medical debt from being included on consumers’ credit reports. This time it’s Illinois, which voted a bill out of committee this week and advanced it to the full state Senate for its consideration. What and Who: SB2933 was introduced in late January by state Sen.

Healthcare 130

Healthcare 130

Account Recovery

JUNE 6, 2022

Thanks to Michael Lamm at Corporate Advisory Solutions for giving me a heads up about this issue… Equifax has been telling lenders that about 12% of the credit scores it has been providing recently are inaccurate, likely a result of a coding error.

Lender 246

Lender 246

Account Recovery

FEBRUARY 20, 2024

Three days after the Consumer Financial Protection Bureau released a report indicating that large banks are offering higher credit card interest rates to consumers than smaller banks and credit unions, one of the nation’s largest credit card issues — Capital One — announced it was buying another of the nation’s largest issuers (..)

Credit Unions 147

Credit Unions Credit Unions Banks 147

Credit Corp

OCTOBER 31, 2023

Snapshot: The Secured Chime Credit Builder Visa® Credit Card 1 doesn’t have interest 4 or an annual fee, which makes it a great credit-building 2 option. No interest 4 You have to secure your credit limit with a deposit. No interest 4 You have to secure your credit limit with a deposit. No annual fee.

Collateral 105

Collateral Credit Card Debt Banks Lender 105

Account Recovery

OCTOBER 5, 2022

A group of more than 90 state and national consumer organizations have submitted a petition to the Consumer Financial Protection Bureau, asking it to issue a rule that would prohibit medical debts from appearing on consumers’ credit reports, if the debts resulted from medically necessary services.

246

246

Account Recovery

JANUARY 9, 2024

Nearly half of all credit card users are carrying a balance from month to month, up from 40% just three years ago, according to data released by Bankrate, indicating the impact that high inflation has had on consumers who have been forced to turn to credit to help make ends meet during the past few […]

Credit Card Debt 130

Credit Card Debt 130

Account Recovery

MARCH 28, 2024

A District Court judge in West Virginia has denied a motion to dismiss filed by a credit union that is facing a class-action lawsuit for violating the West Virginia Consumer Credit and Protection Act by charging a $5 fee to make payments over the telephone, ruling the credit union is a debt collector under the […]

Credit Unions 130

Credit Unions Credit Unions Debt collector Consumer Credit 130

Account Recovery

SEPTEMBER 6, 2022

The Federal Trade Commission has fined Credit Karma $3 million misrepresenting to consumers that they had been pre-approved for credit card offers, thereby enticing those individuals to apply for cards they ultimately were not qualified to be approved for.

Trade 246

Trade 246

Consumer Finance

FEBRUARY 15, 2024

The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey.

Credit Unions 145

Credit Unions Credit Unions Banks Financial services 145

Account Recovery

MARCH 6, 2024

The Consumer Financial Protection Bureau has determined that the cost of collecting on unpaid credit card debts for larger companies can be covered by charging an $8 late payment fee, but will allow those issuers to charge more if they are willing to show why their collection costs are higher than that threshold. The move […]

Credit Card Debt 130

Credit Card Debt Collections 130

Credit Corp

APRIL 19, 2023

Many people with good credit scores own at least one credit card, with 82% of all credit card holders boasting credit scores of 680 and higher. When used responsibly, credit cards can be a great tool for building credit. Here’s a complete guide on how to build credit with a credit card.

Collateral 106

Collateral Loans Credit Card Debt Lender 106

Consumer Finance

APRIL 7, 2024

The CFPB today published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system.

143

143

Credit Corp

APRIL 23, 2024

Medical debt can negatively impact your credit score by increasing your credit utilization ratio. Or, if you don’t pay off the debt, by being listed as a charge-off or an item in collections on your credit reports. Medical debt can have a direct impact on your credit score in a few different ways. and VantageScore 4.0

Debt collector 52

Debt collector Collection Agencies Collections Agency Collections 52

Credit Corp

NOVEMBER 30, 2023

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Snapshot: This card is great if you have a weaker credit score and are looking to access a potentially larger line of credit than most credit cards for bad credit offer. Is a credit check required?

Credit Bureau 103

Credit Bureau 103

Consumer Finance

NOVEMBER 19, 2023

The Consumer Financial Protection Bureau (CFPB) today ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments.

Loans 143

Loans Financial services 143

Credit Corp

JULY 25, 2023

You can contact Equifax®, Experian®, or TransUnion® online, over the phone, or by mail to unfreeze your credit. Someone might freeze their credit for several reasons, including identity theft concerns. However, they’ll eventually need to unfreeze their credit by contacting the three credit bureaus—Equifax, Experian, and TransUnion.

Creditors 97

Creditors Loans 97

Credit Corp

NOVEMBER 2, 2023

Snapshot: While this card does offer some limited cash-back perks, its real purpose is as a credit-building card. If you have poor or bad credit and want a Visa you don’t need a security deposit for, this may be an option to consider. Cash Back Rewards We love a cash back rewards card (who doesn’t).

Banks 105

Banks Lender 105

Credit Corp

NOVEMBER 8, 2023

Have you ever wondered how miles work on credit cards and how they can benefit you? Understanding credit card miles is essential for hardworking individuals seeking to benefit from credit card rewards and improve their financial well-being. What Are Miles on Credit Cards? How Do You Earn Credit Card Miles?

Creditworthiness 99

Creditworthiness Retail Banks 99

Credit Corp

MARCH 6, 2023

Quick answer: You can try joining a credit union, signing up for a starter credit card, getting a credit card through your current bank, applying for a secured credit card, becoming an authorized user on another person’s account or taking out a credit builder loan.

Credit Unions 98

Credit Unions Credit Unions Retail Loans 98

Credit Corp

SEPTEMBER 13, 2023

There are five main factors that make up your credit score: the amount of debt you owe, your payment history, new credit inquiries, length of credit history, and credit mix. What does credit mix mean? The credit bureaus have determined that the types of accounts you have is predictive of your future credit risk.

Credit Unions 97

Credit Unions Credit Unions Student loans Student Loans 97

Credit Corp

OCTOBER 16, 2023

The credit score was invented in 1989 to make credit reports more actionable for lenders. Credit scores affect many parts our lives: whether we qualify for a loan, what interest rate we pay, even where we can rent or whether we get our dream job. When Credit Scores Were Invented People have borrowed and lent money for centuries.

Lender 98

Lender Loans Credit Bureau Bankruptcy 98

Consumer Finance

MARCH 4, 2024

The Consumer Financial Protection Bureau (CFPB) ) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers.

145

145

Credit Corp

JUNE 1, 2023

Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. How Does Collections Debt Affect Your Credit Score?

Collections 127

Collections Debt collector Collection Agencies Collections Agency 127

Credit Corp

APRIL 9, 2024

The short answer: In most cases there isn’t an instant fix for improving your credit score. Building, improving or even repairing credit takes time. Your credit score is like a snapshot that lenders use to determine your financial trustworthiness. But what if you’re in a pinch and need to improve your credit quickly?

Creditors 52

Creditors Lender Banks Loans 52

Credit Corp

OCTOBER 24, 2023

The average credit score by age 18 is 679. Source: Experian Q3 2022 A good credit score can help you apply for loans, pay less for insurance, and qualify for lower interest rates. For young adults, starting to build credit earlier than later can make the biggest difference in the future.

Credit Management 98

Credit Management Loans Student loans Student Loans 98

Credit Corp

JUNE 8, 2023

In July 2016, the Consumer Federation of America (CFA) and VantageScore Solutions reported that most consumers—more than 80%—knew basic facts about their credit scores, including that credit scores are used by lenders to approve or deny mortgages and by credit card issuers to approve or deny credit cards.

Lender 98

Lender Loans Creditors Credit Unions 98

Credit Corp

MARCH 21, 2023

According to TransUnion , the total number of consumers that own a credit card account reached 166 million in the fourth quarter of 2022. Even with that many credit cards in circulation, though, not everyone can get one. Why can’t you get a credit card? It may have to do with your credit score. is around 714.

Loans 98

Loans 98

Credit Corp

OCTOBER 24, 2023

Not using your credit card can have negative effects, such as your issuer closing your account or accruing fraudulent charges you aren’t aware of. Decide carefully if the benefits of not using your credit card outweigh the consequences. After all, many people hurt their credit score by accumulating too much credit card debt.

Credit Card Debt 103

Credit Card Debt Accrued Interest Banks Trade 103

Credit Corp

OCTOBER 5, 2023

Snapshot: This OpenSky Secured Visa credit card offers a way for those with poor or no credit to build credit. It has a fairly low annual fee ($35 ) and is simple to qualify for, making it an affordable way to enter into the credit card market for younger adults.

105

105