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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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. What is Colorado Uniform Consumer Credit Code (Colorado UCCC).

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Troutman Sanders

JULY 28, 2023

On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post , positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings accounts, may provide lenders with a better picture of a consumer’s ability to repay their loans than using a credit score.

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Fico Collections

APRIL 28, 2023

Credit Risk and FICO Score Trends? And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, such as in the form of rising balances, credit seeking behavior, and eventually for some, missed payments.

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Collection Industry News

JULY 27, 2021

Legislation that would cap all fees and interest at 36% would make it more difficult for many consumers to obtain credit, CUNA and other organizations wrote Senate Banking, Housing, and Urban Affairs Committee leadership Friday. For a loan product to be sustainable, depository institutions must be able to recover costs.”. “We

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Fico Collections

AUGUST 10, 2022

It is one of the biggest challenges lenders face over the next few years. Triggered in part by the US housing market collapse and an unprecedented number of loan defaults, the crisis uncovered a shocking level of unrestrained lending and excessive risk taking. Affordability models are primarily underpinned by credit data.

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Titan Consulting

MAY 17, 2020

Several services now exist to help you establish a credit score or improve a poor credit score using non-traditional payment data such as rent, utilities and bank deposit balances. Alternative credit sources that do not report to the credit bureaus can include payments for rent, utilities, service accounts, and personal loans.

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True Accord

APRIL 5, 2023

25% despite concerns around the turmoil that has shaken the banking system , landing it at 4.75-5%. Consumers trying to make ends meet have continued turning to credit cards and other credit types to bridge the income to expense gap. According to the Federal Reserve Bank of New York, U.S.

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Credit Corp

MARCH 8, 2023

Your credit history and scores can impact your entire life. Whether or not you can get a loan—and at what interest—often depends on your credit. Credit can also play a role in whether you can rent the apartment you want, get a credit card for use in daily life or enjoy a great deal on car insurance.

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Better Credit Blog

DECEMBER 18, 2020

Wondering about a credit inquiry from CBCInnovis on your credit report? An entry from CBCInnovis could be the result of several types of loan applications. While you may have applied for a loan from a popular lender or bank, their name isn’t necessarily the one that will appear on your credit report.

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Fico Collections

JANUARY 5, 2023

The data reflected in the UltraFICO® Score may improve an individual’s already-existing FICO® Score, but it also can provide credit scores to many individuals who are “unbanked” or “under-banked,” or those who have not had consistent or sufficient access to mainstream financial products, loans or services. See all Posts.

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Fico Collections

JANUARY 15, 2021

The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted. We hope that what readers learned helped instill confidence in keeping credit flowing during uncertain times.

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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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Nexa Collect

JULY 1, 2020

At any given point, we may have several credit scores based on our financial history, as measured by companies such as FICO or VantageScore Solutions, another credit analysis company. This doesn’t mean they have a bad credit history, because some of them may pay all their bills on time. Where to Look for Your Credit Score.

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Collection Industry News

MARCH 15, 2021

It has taken actions to collect data on a number of new industries, including debt relief and earned wage access providers, and has filed a cease-and-desist order against a student loan debt relief company charging borrowers exorbitant fees for the false promise of getting their student debt wiped.

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Better Credit Blog

DECEMBER 2, 2020

Banana Republic SYNCB stands for Banana Republic Synchrony Bank. When you apply for a Banana Republic credit card or get added as an authorized user on someone else’s account, it could lead to a hard inquiry. This type of entry can lower your score, particularly if you have several hard credit checks on your report.

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Better Credit Blog

DECEMBER 2, 2020

Banana Republic SYNCB stands for Banana Republic Synchrony Bank. When you apply for a Banana Republic credit card or get added as an authorized user on someone else’s account, it could lead to a hard inquiry. This type of entry can lower your score, particularly if you have several hard credit checks on your report.

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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.

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CSA

SEPTEMBER 11, 2020

The four months of consumer credit repayments recorded by the Bank of England during lockdown reflect this, but credit markets have now broadly returned to normal availabilities. s priorities remain encouraging borrowers to talk with their lenders and engage in order to resolve any problems and find solutions ?

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Collection Industry News

OCTOBER 5, 2021

economic crisis, credit card issuers last year mostly avoided clamping down on their existing customers’ borrowing limits, according to a new report from the Consumer Financial Protection Bureau. A fresh update on consumer borrowing is due to come in mid-October as banks start reporting their third quarter earnings results.

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Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. The CRA is a landmark law enacted in 1977 to address systemic inequities in access to credit.

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Troutman Sanders

JANUARY 19, 2022

The FTC alleged that ITMedia Solutions and its affiliates subsequently distributed 84% of the loan applications to different marketers, debt relief and credit repair sellers, without regard for how consumer information would be used. Use of credit scores for marketing was a violation of the FCRA, says the FTC.

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Titan Consulting

MAY 10, 2020

The new FICO XD scoring model retrieves information from sources like the National Consumer Telecom and Utilities Exchange to collect data on payments to utility, cell phone service, internet, and cable television providers and uses the payment history data from these and other sources to build a credit score. Final Thoughts.

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Better Credit Blog

DECEMBER 18, 2020

Cb/Vicscrt is short for Comenity Bank/Victoria’s Secret. The entry is most likely on your report as a hard inquiry, which happens when you apply for a retail credit card. If you never applied for a credit card from Victoria’s Secret, you should be able to get the inquiry deleted from your report. Cb/Vicscrt On My Credit Report.

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Troutman Sanders

JANUARY 26, 2023

On January 20, 2023, California Attorney General Rob Bonta submitted a letter to the CFPB agreeing with its preliminary determination that California’s Commercial Financing Disclosures Law (CFDL) is not preempted by TILA because the CFDL only applies to commercial financing and not to consumer credit transactions within the scope of TILA.

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Collection Industry News

MARCH 28, 2022

The top categories of complaints included debt collection, cryptocurrency, and “neo banks,” financial technology, or “fintech” service providers, partnering with banks to offer deposit account services. The Department has also begun licensing debt collectors. For more information about the DFPI, visit their website at [link].

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Fico Collections

JULY 15, 2022

As a data scientist working on credit models in the late 80s, it was a mission to help replace human bias with data-driven science. in 1989, it meant lenders of all sizes could leverage the technology of scoring and open up credit to consumers that they might not have lent to in the past. Hundreds of lenders in the U.S.

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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. Protecting your identity and your credit with comprehensive identity protection.

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Better Credit Blog

DECEMBER 31, 2020

Citi is a popular bank that provides credit cards for a wide range of retail stores like The Home Depot. With The Home Depot, in particular, Citi offers four credit options: Consumer Credit Card. Project Loan. With a hard inquiry, a lender might access one, two, or each of your three credit reports.

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Fico Collections

MARCH 8, 2021

That’s why FICO has been focused on finding new ways to demonstrate responsible financial behavior so that lenders can confidently extend credit to more consumers. . Over the past several years, we’ve helped lenders develop on-ramps to mainstream credit using alternative data for those seeking financial inclusion.

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Credit Corp

MAY 30, 2023

For example, if you fail to pay a debt, the lender can take you to court. Ultimately, if you don’t pay a debt , the lender or bill collector can file a lawsuit against you to recoup the money. That means judgment creditors can seek debt payment from more than your wages and bank accounts. What Is a Judgment on a Credit Report?

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Better Credit Blog

JANUARY 29, 2021

Macys DSNB On My Credit Report. Macys DSNB is the reporting code that represents the Macy’s credit card issued by Department Store National Bank. According to their credit card policy , the bank may obtain the following info when you apply for a card: SSN. Credit history. Hire a Credit Repair Company.

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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.

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Credit Corp

JUNE 3, 2020

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. That means judgment creditors can seek debt payment from more than your wages and bank accounts.

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Troutman Sanders

JANUARY 11, 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. The PPP will open to all participating lenders shortly thereafter.

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Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But more tellingly, the penalty related to the mistreatment of business and personal customers who fell behind on credit card and loan payments between 2014 and 2018 – well before many of us had even heard of COVID-19.

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