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Dealing with Debt Collectors

Debt Free Colorado

When collecting a debt from you, collection agencies must adhere to federal and state rules. Fortunately, the federal Fair Debt Collection Practices Act (FDCPA) protects all states. You have rights to help you gain control over your debt collection interactions. Call or text you to collect a debt between 8 a.m.

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Passage Of Debt Collection Bill Could Be A ‘Slippery Slope’ For Lenders

Collection Industry News

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans. Source: site. The bill, H.R. Maxine Waters (D-Calif.),

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Deep Dive into Distribution of the FICO® Score Across the US

Fico Collections

While the pandemic resulted in economic hardship for many people, it also changed the credit behavior and average credit score of millions of consumers and led to the deployment of payment accommodations offered by lenders to help impacted, creditworthiness customers with their debts. . consumer. .

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White House Signals Strong Consumer Protections in Medical Debt

Troutman Sanders

The Small Business Administration also has committed to ensuring credit access and a vested interest in accurate credit reporting and underwriting. Support Veterans in Financial Hardship: The Veterans Administration (VA) will virtually cease reporting unfavorable debt, including medical debt, to consumer reporting agencies.

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Biden Wants to Shut Down Credit Bureaus – What Would That Mean for You?

Collection Industry News

One of the more fascinating platform items of the Biden presidential campaign was the idea of transferring consumer credit ratings from Equifax (NYSE: EFX), Experian PLC (OTC: EXPGY) and TransUnion (NYSE: TRU) to a public registry under the Consumer Financial Protection Bureau. appeared first on Collection Industry News.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

Among other provisions under the stipulated order, the for-profit school must request that consumer reporting agencies delete the debt from consumerscredit reports. The FTC also alleges that the for-profit school encouraged students to use income-share agreements to pay for the school. For more information, click here.

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Experian Credit Score vs. FICO Score

Credit Corp

Lenders use a multitude of scoring methods to determine your creditworthiness and make decisions about whether or not to give you credit. It gathers credit reports from the three major credit bureaus and analyzes anonymous consumer data to generate a scoring model specific to each bureau. What Are FAKO Scores?