Debt Free Colorado

FEBRUARY 21, 2022

The Fair Debt Collection Practices Act (FDCPA) applies to collection firms and debt collectors attempting to recover consumer debts. Consumer debts include credit card debts, vehicle loans, medical costs, and school loans. Which States Have the UCCC.

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Collection Industry News

JANUARY 25, 2023

Interest Rates on Mortgages, Cars, and Credit Cards Will Keep Getting More Expensive in 2023 Borrowing money to buy a house or a car won’t get any cheaper this year, the nation’s central bank just confirmed. People might find themselves in more credit card debt. as well as globally.

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Collection Industry News

OCTOBER 5, 2021

“We did have a crisis,” said Brian Riley, director of credit advisory services at Mercator Advisory Group, “but because of the support that was given, it really kept the market for consumer credit steady.”. He added that card issuers behaved “a lot more rationally” in comparison with the 2007-2009 crisis.

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Titan Consulting

MAY 17, 2020

If you are trying to establish credit for the first time, or just rebuild your credit after a financial hardship, non-traditional data sources may be helpful in establishing or improving your credit score. Rental agencies and alternative credit providers use the data to screen applicants and establish consumer credit scores.

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Troutman Sanders

DECEMBER 7, 2021

On December 1, the CFPB published research regarding banks and overdraft fees. It found that banks continue to rely heavily on overdraft and non-sufficient funds revenue, which reached an estimated $15.47 On November 8, New York Governor Kathy Hochul signed into law the “Consumer Credit Fairness Act” (S.153).

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Titan Consulting

MAY 3, 2020

All three for-profit credit reporting agencies, Experian, Equifax and Transunion compile and report consumer credit and debt payment activity and sell this consumer information to lenders seeking to grant credit. Amounts owed in relation to credit limits. Newly issued credit. Key Takeaways.

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Troutman Sanders

OCTOBER 30, 2023

The court’s ruling follows a period of mounting pressure on the Texas federal court and the CFPB by banks and financial institution trade associations advocating for the nationwide extension of a July 31 injunction, which enjoined the CFPB from implementing and enforcing the Final Rule against the plaintiffs and their members.

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Fico Collections

AUGUST 29, 2022

As shown in figure 3, recent missed payments are up most notably on bankcards , followed by auto loans. During the first year of the pandemic, the combination of government stimulus programs such as the CARES Act and payment accommodation programs offered by lenders helped millions of consumers stave off missed payments. See all Posts.

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Troutman Sanders

OCTOBER 4, 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. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability.

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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. Final Thoughts.

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Fico Collections

JANUARY 15, 2021

In our top post, Vice President and General Manager of Scores, Sally Taylor explained the new FICO Resilience Index, designed to provide lenders with a more precise assessment of consumer credit risk and consumers with demonstrated talent for weathering economic storms greater access to credit.

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Credit Corp

JANUARY 9, 2022

These are scores lenders use when evaluating you for credit, including mortgages, auto loans and credit cards. Seeing more than two dozen of your scores helps you get a comprehensive idea of where your credit stands. It contains valuable information on how to get and maintain good credit through valuable sources.

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Better Credit Blog

JANUARY 20, 2022

This is why many people engage the services of a debt relief agency. TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. It was for a PMSI loan for an outdoor wood burning furnace. I came to learn that FDR mainly only works with credit cards.

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True Accord

JULY 5, 2022

1.75% with the central bank expected to deliver more 50+ basis point rate hikes this year. While the markets are pricing these into forecasts , consumers will feel them more acutely in a number of ways. Missed payments on certain loans are already on the rise. After another rate hike in June, the federal interest rate sits at 1.5-1.75%

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Credit Corp

JANUARY 7, 2021

Unfortunately, holiday credit card debt lingers far longer than leftover turkey. If you don’t—or can’t—repay holiday debt promptly, it’ll accumulate over time. Here’s why: You can use a 0% introductory APR to pay your holiday debt off over time without incurring any interest charges. TD Cash Credit Card.

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FDCPA Defense

JUNE 9, 2012

The Credit Recovery Co. , 1998) (section 1692e(8) "requires a debt collector who knows or should know that a given debt is disputed to disclose its disputed status to persons inquiring about a consumer's credit history.") (emphasis added); Sunga v. Midland Credit Mgmt., Branch Banking & Trust Co.

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Troutman Sanders

JULY 11, 2023

Department of the Treasury (Treasury) launched an inquiry into specialty financial products, such as medical credit cards and installment loans, that consumers can use to pay for medical care. The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates.

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Collection Industry News

OCTOBER 17, 2023

Some lawmakers and regulators are calling for interest rate caps and lower fees on credit cards as debt levels march higher. Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. There are 70 million more credit card accounts open now than in 2019, it said.

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