Collection Industry News

SEPTEMBER 19, 2022

On August 30, the Commissioner of the California DFPI issued a notice of rulemaking proposing new regulations and amendments to current regulations implementing the state’s student loan servicing laws. revising certain existing regulations to remove requirements deemed unnecessary to reduce regulatory burden on student loan servicers.

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Collection Industry News

MAY 9, 2022

As President Joe Biden considers using executive action to cancel some federal student loan debt , the financial burden on today’s students continues to rise. According to the College Board , which tracks trends in college pricing and student aid, average tuition and fees for the 2021-2022 academic year jumped higher by 1.6

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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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Collection Industry News

MARCH 19, 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. million borrowers missed their student loan payment, equating to 40% of loan holders.

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Collection Industry News

NOVEMBER 16, 2021

by facilitating payments related to an unlawful student loan debt relief scheme. The post FTC Reaches $500,000 Settlement with Payment Processor for Its Role in Alleged Student Loan Debt Relief Scheme appeared first on Collection Industry News. The order also contains a $27.5

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Debt Guru

JANUARY 27, 2020

Be sure to update your bank if your address or phone number changes. During the first 15 days of delinquency, your loan holder is required to send you a written notice of your late status. Collection letters are quick to follow, and those are just the start – and they can get nastier and more threatening as the days stretch out.

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Troutman Sanders

OCTOBER 25, 2023

Notably, the proposed rule only provides for narrow exceptions, such as community banks and credit unions that have no digital interface with their customers. The CFPB plans to issue supplemental rulemakings with respect to other consumer financial products and services, such as mortgage, automobile, and student loans.

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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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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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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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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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Taurus Collect

MARCH 7, 2022

Debt collection is the approach of pursuing payments of debts owed by different entities (individuals or businesses). It occurs when a collection agency or a company attempts to collect past-due debts from borrowers. Debt collection often varies depending on the agency that is collecting the debt.

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Taurus Collect

JUNE 13, 2022

The debt collection process involves recovering debts from the borrower who has initially failed to repay or recover payments on accounts that are past their due date. When asked about “what collection agencies do?”, Debt collection varies depending on the company collecting the debt. The Process.

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Collection Industry News

FEBRUARY 6, 2024

On Black Friday, Jason Apley was shopping with his wife when he checked his bank account and noticed he had about $500 less to spend than last holiday season. Unlike many Americans with crushing student loan debt, the 44-year-old father of three from Knoxville, Tennessee, thought his debt had been canceled. This year, on Jan.

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Credit Corp

MAY 17, 2021

Federal Student Loan Debt: No. Your stimulus payment won’t be used to offset student loan debt if it’s a federal loan. This is not necessarily true for private student loans, though. Delinquent Loan Debt: Yes. Debt Collections: Yes. That includes tax debt.

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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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Taurus Collect

JANUARY 24, 2023

But while it can be exciting to think about that refund cheque hitting your bank account soon, there’s another equally pressing reason why you should pay attention this tax season – debt collection! Other tactics used by debt collection companies include offering repayment plans and settlement options.

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Troutman Sanders

OCTOBER 16, 2023

On October 11, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion concerning consumers’ requests for information regarding their accounts with large banks and credit unions. On October 11, the CFPB published its analysis regarding the nonsufficient fund (NSF) fee practices of a number of banks and credit unions.

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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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Collection Industry News

AUGUST 17, 2023

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. Student loan balances fell by $35 billion and stood at $1.57 Student Loans Outstanding student loan debt stood at $1.57 trillion in Q2 2023.

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Collection Industry News

JUNE 7, 2021

A new federally backed program featuring some of the nation’s biggest banks aims to help you open a credit card even if you have no credit score. Banks such as JPMorgan Chase, Wells Fargo and U.S. When evaluating credit applicants, banks will review account balances, payments and overdrafts. How Will the Program Work?

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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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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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Collection Industry News

FEBRUARY 19, 2024

central bank has raised interest rates aggressively and kept short-term borrowing costs high, which in turn has made credit more expensive and challenging to manage for borrowers. Some of those issues manifested in delinquency transition rates for all types of debt except student loans, which increased at the close of 2023, with 8.5%

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The Kaplan Group

JANUARY 7, 2021

How did Covid-19 and the resulting economic downturn affect the collections industry? TransUnion recently released a report on the state of Collections in 2020. There are fewer third-party collections agencies. The number of collection firms has been in decline since 2011, from 9,400 to 7,401 in 2018. That’s a 2.5%

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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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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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Collection Industry News

SEPTEMBER 27, 2022

BUSINESS WIRE)–An annual survey from Discover ® Student Loans revealed that 58% of parents with college-bound students didn’t plan on applying for federal aid, but now have changed their minds. Parents bear a lot of the stress of paying for college, but so do students. Sheetal Shah, September 22, 2022. RIVERWOODS, Ill.–(BUSINESS

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Debt Free Colorado

APRIL 9, 2020

While credit cards and other unsecured loans are almost always the most aggressive when it comes to collecting debts, they should generally be your lowest priority. Student Loans. You should call your student loan servicers about forbearance, which will temporarily stop or reduce your payments.

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Collection Industry News

NOVEMBER 22, 2023

The rule proposed today would ensure that these nonbank financial companies – specifically those larger companies handling more than 5 million transactions per year – adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB. Read today’s Notice of Proposed Rulemaking.

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Katabat

DECEMBER 7, 2021

Collections Industry Increases Hiring and Technology Investments While Preparing for the ‘Next Normal.’”. The report also notes that auto debt increased by $28 billion in the third quarter and student loan balances grew by $14 billion. Student Loan Borrowers Beware: Government Collection Activities Resume Next Year.”.

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Katabat

DECEMBER 7, 2021

Collections Industry Increases Hiring and Technology Investments While Preparing for the ‘Next Normal.’”. The report also notes that auto debt increased by $28 billion in the third quarter and student loan balances grew by $14 billion. Student Loan Borrowers Beware: Government Collection Activities Resume Next Year.”.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. On November 8, while at the Central Bank of Ireland, Federal Reserve Governor Lisa D.

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Credit Corp

JULY 25, 2023

You’ll need a strong credit score for things like: Loan applications: Lenders assess your credit to determine how likely you are to repay a loan. People with poor credit may face higher interest rates, smaller loans, or rejection. Unpaid parking tickets in collections can impact your payment history, for example.

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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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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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Credit Corp

JUNE 8, 2023

When you borrow money, whether through a revolving account, like credit cards , or an installment account, like an auto loan or student loan , the information is gathered by the credit bureaus. When you apply for a loan or card, the bank or issuer may look at just your credit score or at your entire credit file.

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