Fico Collections
DECEMBER 8, 2022
Such events cast many borrowers into uncomfortable territory, creating what may be a defining moment in the relationship between them and their lenders. Lenders who get the strategy right may earn a loyal customer for life, while those who misfire risk cannibalizing valuable long-term relationships that often span multiple asset classes.
Fico Collections
JULY 15, 2022
As a data scientist working on credit models in the late 80s, it was a mission to help replace human bias with data-driven science. in 1989, it meant lenders of all sizes could leverage the technology of scoring and open up credit to consumers that they might not have lent to in the past. Hundreds of lenders in the U.S.
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Fico Collections
AUGUST 10, 2022
It is one of the biggest challenges lenders face over the next few years. Lenders could no longer base decisions simply on a customer’s history of repaying. Lenders have refined and improved their affordability models over the years in adherence to regulatory requirements. Affordability is top of mind.
Fico Collections
MARCH 8, 2021
That’s why FICO has been focused on finding new ways to demonstrate responsible financial behavior so that lenders can confidently extend credit to more consumers. . Over the past several years, we’ve helped lenders develop on-ramps to mainstream credit using alternative data for those seeking financial inclusion.
Troutman Sanders
OCTOBER 18, 2022
1987 (i)(6) (“The term “consumer credit” … does not include a loan procured in the course of purchasing a car or other personal property, when that loan is offered for the express purpose of financing the purchase and is secured by the car or personal property procured.”). No court order is required.
Fico Collections
FEBRUARY 16, 2021
It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But more tellingly, the penalty related to the mistreatment of business and personal customers who fell behind on credit card and loan payments between 2014 and 2018 – well before many of us had even heard of COVID-19.
Troutman Sanders
JUNE 14, 2023
On June 6, Colorado Governor Jared Polis signed HB 23-1229, which amends the state’s Uniform Consumer Credit Code (UCCC). These amendments will become effective on July 1, 2024, and will govern consumer credit transactions occurring after that date. For more information, click here.
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