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Collection Industry News
JANUARY 12, 2023
Credit card balances reached a record-setting $866 billion in the third quarter of last year, which represents a year-over-year increase of 19%. Credit balances reached a record-setting $866 billion in the third quarter of last year – and they are expected to keep climbing, the report from TransUnion said.
Collection Industry News
NOVEMBER 13, 2023
As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. Why credit card debt keeps rising Despite the steep cost, consumers often turn to credit cards, in part because they are more accessible than other types of loans, according to Matt Schulz, chief credit analyst at LendingTree.
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True Accord
APRIL 5, 2023
Directly impacting creditors and debt collectors, a January ruling from the District Court of Puerto Rico found that sending debt collection communications prior to any knowledge of a debtor’s bankruptcy filing is not a violation of the Fair Debt Collection Practices Act (FDCPA). And delinquency is trending.
Titan Consulting
MAY 17, 2020
As lenders acknowledge the need for alternative credit data, companies are finding innovative ways to track non-traditional payments without requiring consumers to borrow money or use a credit card. Rental agencies and alternative credit providers use the data to screen applicants and establish consumer credit scores.
Titan Consulting
MAY 10, 2020
In the last 30 years, the Fair Isaac and Company, better known as FICO, changed the way the lenders evaluate consumer applications. The FICO score, introduced in 1989, uses consumer credit payment history, to create a proprietary three-digit number predicting future repayment risk. Which Lenders Use the FICO XD.
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