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
Still, consumer credit scores have remained high, helped by a strong labor market and cooling inflation, along with the removal of certain medical collections data from consumer credit files, recent reports show. “My rent is going up, so even though all my bills are paid, sometimes I’m living paycheck to paycheck.”
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Debt Guru
JANUARY 27, 2021
The Federal Trade Commission recommends finding a reputable credit counseling organization that uses certified counselors trained in consumer credit and debt management. Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP. Student loans aren’t covered, either.
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.
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). consumer credit card debt has increased to nearly $1 trillion.
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.
Better Credit Blog
JANUARY 5, 2021
Citi also offers personal loans, lines of credit, and mortgages, which can prompt a hard inquiry. If you are overwhelmed by dealing with negative entries on your credit report, we suggest you ask a professional credit repair company for help. File a Dispute with the Credit Bureaus. Bankruptcy.
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