Collection Industry News

MARCH 15, 2021

The DFPI is aggressively exercising its new authority to regulate a large group of newly covered financial services, including debt collectors, credit reporting and credit repair agencies, debt relief agencies and others. Consumers can reach the DFPI at (866) 275-2677 or Ask.DFPI@dfpi.ca.gov.

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Collection Industry News

MAY 18, 2021

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. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. Complaints submitted under the new law, which covered debt collection activities in the first year, increased each quarter with a dramatic surge in the second half of the year when CCFPL complaints increased nearly 140 percent.

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Collection Industry News

APRIL 11, 2022

I want to make sure my credit report is accurate so I can at least qualify for loans.’. So they started looking at their credit report more, and they found more mistakes,” he said. But a trade group that represents the credit reporting companies questioned the reliability of the CFPB’s complaint reports.

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Katabat

MARCH 30, 2021

That’s the headline from a recent NBC News story about the millions of Americans who have deferred payment on mortgages, rent, student loans and utility bills. 26% of Consumers Have a Third-Party Collection Tradeline on Their Credit Report. But So Did Household Debt. What happens when those end?”.

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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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Troutman Sanders

APRIL 4, 2022

On March 30, the Consumer Financial Protection Bureau (CFPB) sanctioned Edfinancial for deceiving student loan borrowers about their eligibility for Public Service Loan Forgiveness, and the steps they could have taken to obtain loan cancellation. Treasury secretary to develop and issue a digital analogue to the U.S.

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Credit Corp

JUNE 3, 2020

When you borrow money, you are legally required to repay the debt. This includes opening a credit card account, getting a line of credit from your bank and obtaining financing for a big purchase. A consumer law attorney can help you understand your state’s laws on judgment collections. Nonwage garnishment.

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Credit Corp

MAY 30, 2023

That means judgment creditors can seek debt payment from more than your wages and bank accounts. These payments are sent to the judgment creditor until your debt is paid. The Consumer Credit Protection Act caps these types of garnishments. Some states add even more restrictions to the garnishment of bank funds.

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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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Better Credit Blog

JANUARY 29, 2021

Soft inquiries happen when you pre-qualify for a credit card or loan, compare quotes, check your score, or get vetted for a job or apartment application. HARD CREDIT CHECK. A hard inquiry can be prompted by an application for a credit card or loan, or in some cases a rental application. Debt collectors.

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Troutman Sanders

DECEMBER 21, 2021

The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology. Department of Education’s decision to terminate its federal student loan contracts with private collection agencies. For more information, click here.

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Troutman Sanders

JUNE 14, 2023

On June 8, the board of governors for the Federal Reserve (the Fed), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the OCC requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

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Financial services Financial Institution Student loans Student Loans 52

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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Lender Debt collector Loans Personal loans 52

Troutman Sanders

AUGUST 1, 2023

Dream First Bank, National Association, has agreed to assume all the deposits of Heartland and almost all of Heartland’s failed bank assets. Dream First Bank, National Association, has agreed to assume all the deposits of Heartland and almost all of Heartland’s failed bank assets. For more information, click here.

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Troutman Sanders

NOVEMBER 8, 2022

On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.

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Better Credit Blog

APRIL 5, 2022

A collection account will lower your credit score and can generally stay on your credit report for up to seven years. Often, a collection entry will even keep you from getting a mortgage or securing an auto loan, which is why it’s important to do all you can to remove collections from your credit report quickly.

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Troutman Sanders

JUNE 21, 2022

Covered institutions include banks, savings associations, credit unions, and mortgage companies. As the most comprehensive publicly available information on mortgage market activity, HMDA data is used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other purposes.

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Better Credit Blog

MAY 12, 2022

It’s still possible you could see a judgment pulling down your credit score. When you owe money to a credit card company, public utility, or bank, or any other creditor, you could be sued in civil court. Just like with consumer credit, debt from a civil judgment must be validated under the Fair Credit Reporting Act.

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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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Credit Corp

MAY 9, 2023

Renting a home, apartment or town house can affect your credit in a number of ways. It’s increasingly common for credit reporting agencies to include positive rental history in consumer credit reports. Having good credit can help you rent an apartment, and paying rent on time can help you build good credit.

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Better Credit Blog

JANUARY 20, 2022

It was for a PMSI loan for an outdoor wood burning furnace. I had to make my own payment arrangements with the debt collector so that we could keep our furnace. I came to learn that FDR mainly only works with credit cards. What to Know About the Debt Solution Industry. I was not told that by my consultant.

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Troutman Sanders

APRIL 15, 2022

The Consumer Financial Protection Bureau (CFPB) will investigate credit reporting companies and debt collectors that violate patients’ and families’ rights and hold violators accountable. For many watching legislative and regulatory developments in medical debt, this announcement may not have been a surprise.

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Fico Collections

JULY 6, 2020

We are likely to enter a period when consumers find it harder to service debts as the cost of living, tax and other liabilities increases. Data, such as open banking transactional profiling, that gives unparalleled insight into a consumer’s changing spending behaviour, is already recognised as key.

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Troutman Sanders

MAY 2, 2023

PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels. Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Dollar (USD) LIBOR after June 30. On April 27, the U.S.

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Troutman Sanders

AUGUST 31, 2020

Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19. ” Additionally, the CFPB recently released additional resources for Spanish speakers, which can be viewed here.

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