Collection Industry News

MARCH 19, 2024

For lenders, service providers and debt collectors, guaranteeing repayment will still be a challenge [in] 2024.” Bottom line: households took on more debt at the end of last year and we’re seeing loans increasingly going bad, according to data from the Federal Reserve Bank of New York, leading to a shift in consumer spending for 2024.

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Collection Industry News

APRIL 11, 2022

The student loan crisis is a hot topic of conversation in Washington because student debt is felt by a lot of us, 45 million of us to be exact, for a total debt of 1.6 We often break our pink piggy bank that says student loan on it, in an attempt to pay back our debts. The history of student loans.

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Student loans Student Loans Loans Education 40

Debt Guru

JANUARY 27, 2020

But if you can’t pay and remain in delinquency for a certain amount of time (for federal loans, the time frame is typically nine months without making a payment), your lender will declare the loan in default. . Be sure to update your bank if your address or phone number changes. Keep your contact info current.

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Troutman Sanders

JANUARY 20, 2022

On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient over allegedly unfair, deceptive, and abusive student loan origination and servicing practices.

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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® If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. In This Piece: What Is Collections Debt?

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Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders.

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True Accord

APRIL 5, 2023

With uncertainties about how the end of various pandemic-era benefits will impact consumers, it’s more important than ever for creditors and collectors to implement strategies that consider consumer situations and preferences when attempting to collect. According to the Federal Reserve Bank of New York, U.S.

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True Accord

MARCH 31, 2022

While student loan payments are still paused through May, the day is quickly approaching when many will see their financial obligations increase yet again, compounding the burden and financial pressure on consumers. And lenders are happy to lend.

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True Accord

JULY 13, 2023

With tumult in the banking industry in Q2 and inflation and economic stressors persisting, the financial outlook for American consumers remains uncertain. The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. NPAS, Inc., In the Branham v. 9%) to $17.05

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Financial Institution Student loans Student Loans Loans 65

True Accord

JANUARY 10, 2024

If you’re a creditor or collector working with financially distressed borrowers, considering consumer situations against the economic landscape and accommodating their financial needs and preferences when collecting is critical to your success. million borrowers missed their student loan payment —that’s 40% of loan holders.

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Student loans Student Loans Loans Banks 58

Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees. Are Student Loans Consumer or Non-Consumer Debts?

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Fico Collections

JANUARY 26, 2022

2021 saw debt collection and recovery professionals grappling with new regulations while they developed better ways to monitor and handle vulnerable customers during the pandemic. Collection strategies and apportioning of related costs are therefore concentrated on the appropriate customer level cases.

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Collections Student loans Student Loans Government 52

Debt Free Colorado

APRIL 9, 2020

Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. Unlike mortgage lenders, most landlords are simply not in a financial position to weather the loss of rental income due to the high expenses associated with the rental property itself.

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Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 82

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. What’s On Credit Reports?

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Troutman Sanders

FEBRUARY 13, 2024

On February 6, the Federal Trade Commission (FTC) announced that it will ban a group of student loan debt relief “scammers” (defendants) from the debt relief industry. On February 5, several banking and commerce associations filed a complaint in the U.S. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Collection Agencies 52

Taurus Collect

JUNE 16, 2022

Having debts in the collection primarily means that a third party is pursuing you to retrieve payments for your debts on behalf of your creditors. Debt collection is a process that gives debtors certain rights that debt collection agencies must respect. What does it mean to have debt in collections? to 9 p.m.,

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Debt RR

AUGUST 3, 2020

Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts. Review this guide for everything businesses need to know about bank account garnishment in Texas and how to avoid it.

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Collection Industry News

JUNE 1, 2023

Introduction: The debt collection industry plays a vital role in the global economy, helping businesses recover outstanding debts and maintain financial stability. The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts.

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True Accord

OCTOBER 12, 2022

Simultaneously, regulatory activity in the debt collection space has also been on a roll as organizations try to make sense of how technology can (and should) be used to innovate the industry. A report by Bank of America found that a large majority of workers (71%) feel their pay is not keeping up with the cost of living.

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Student loans Student Loans Debt collector Lender 68

Credit Corp

DECEMBER 14, 2020

Whether you have medical debt, credit card debt or unpaid student loans , getting calls or letters from debt collection companies can be frustrating. Can a debt collector collect after 10 years? Here’s an overview of the timelines for debt collection and what to do if you’re contacted about an old debt.

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Debt collector Collections Judgment Collection Agencies 98

Credit Corp

JULY 25, 2023

Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off. Good credit is important because it tells lenders you’re not a risk and that you pay loans on time. But good credit can help you get approved for loans and save money.

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Loans Student loans Student Loans Retail 96

Troutman Sanders

JULY 12, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On July 5, a new Massachusetts law went into effect, requiring licenses for any business servicing student loans within the state.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

APRIL 18, 2022

Federal Activities: On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled, “ Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends.” Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans.

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Financial services Student loans Student Loans Loans 52

Fico Collections

APRIL 28, 2023

economy, the removal of medical collections data from consumer credit files, and the final outcome of the student loan forgiveness plan by the current administration. announced that, as of April 2023, medical debt collection accounts under $500 have been removed from consumer credit reports.

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Student loans Student Loans Consumer Credit Lender 52

Credit Corp

DECEMBER 22, 2020

App Best Used For Price Platform Tally Credit card management Free to download iOS and Android Debt Book Borrow/lender communication Free Android Debt Manager Snowball Method, debt summary and tracking, progress bar $0.99 Debt Book is an app for borrowers as well as lenders. iOS Pay Off Debt Motivation to make your debt payments $4.99

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Student loans Student Loans Debt Management Loans 105

Credit Corp

OCTOBER 25, 2023

Bad credit can prompt frequent collection calls and take a long time to repair, while no credit can reduce your eligibility for most loans. No credit means that lenders can’t easily review your credit history, while bad credit means you’ve earned derogatory marks on your credit profile. What Are the Impacts of Each?

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Loans Lender Credit Bureau Collection Agencies 52

Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors.

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Troutman Sanders

FEBRUARY 22, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Borrowers deserve and desperately need relief from their Federal student loan burden, and they need that relief immediately.”

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Financial services Student loans Student Loans Financial Institution 52

Collection Industry News

OCTOBER 3, 2022

Some people might get a surprise boost — if they have student loans poised for forgiveness under President Joe Biden’s executive order wiping away federal student-loan debts up to $10,000 and, in some cases, $20,000. And a noticeable share of those people had student loan balances under $10,000.

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Student loans Student Loans Loans Lender 40

Re:Ceeve

JULY 9, 2020

How is it shaping the world of debt collection? Collectively, these factors have pushed millennials into a debt trap. The problem typically started when they took on student loans. These loan amounts grew to become a burden that never let them hit life’s major milestones in time. Changing attitudes.

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Student loans Student Loans Loans Debt collector 68

Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. Department of Justice announced that Patriot Bank agreed to pay $1.9 On January 17, the U.S.

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Troutman Sanders

JANUARY 17, 2023

The case marks the first time that the FTC has collected civil penalties against a company that received the “notice of penalty offenses” for money-making opportunities sent in October 2022 and the first civil penalties for violations of the Restore Online Shoppers’ Confidence Act. billion in 2022. For more information, click here.

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Financial services Student loans Student Loans Education 52

Credit Corp

SEPTEMBER 13, 2023

Try a Secured Credit Card A secured credit card is a type of credit card that most people can acquire through their bank regardless of their credit score. On your own, you may not receive approval on a personal loan or car loan. They will investigate then respond with the results, typically within 30 to 45 days.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. This Bulletin serves as an update to that non-exhaustive compilation of information.

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Financial Institution Garnishment Collections Foreclosure 52

Troutman Sanders

AUGUST 9, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. s emergency debt collection bill. Privacy and Cybersecurity Activities. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

OCTOBER 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021.

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Financial services Student loans Student Loans Debt collector 52

Troutman Sanders

OCTOBER 22, 2021

12 CFR 1090 currently provides for CFPB supervision of the consumer reporting, consumer debt collection, student loan servicing, international money transfer, and automobile financing markets, and for each of those markets, it prescribes a test or threshold for determining a person’s status as a larger participant.

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