Collection Industry News

JUNE 14, 2023

There are several key consumer laws that collectors should be concerned with when engaging in debt collection practices. These laws aim to protect consumers from unfair, deceptive, or abusive practices. Here are some important consumer laws that collectors should be familiar with: 1.

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Debt Recoveries

JUNE 25, 2023

There are several obstacles that business owners must overcome in order to operate a successful company in Australia, and one of the most typical of these is debt collection. Although giving consumers credit is important for organisations, dealing with unpaid bills and late payments can negatively affect cash flow and impede growth.

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Better Credit Blog

FEBRUARY 15, 2021

Are collections accounts weighing heavily on your credit report? While missing a payment on one of your accounts might seem like a minor offense, it can have major consequences on your credit. If you’ve fallen behind on any of your accounts, you could find Fairway Collections on your credit report.

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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. What’s Impacting Consumers and the Industry?

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Fico Collections

APRIL 28, 2023

Credit Risk and FICO Score Trends? economy, credit scores, and credit risk trends were headed. government and financial institutions to implement significant guard rails and safety net programs for consumers such as the government stimulus, extended unemployment benefits, and payment accommodations.

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Collection Industry News

OCTOBER 10, 2022

The just recently released Federal Reserve Consumer Credit-G.19 consumer credit outstanding has reached historic levels; outstanding consumer credit is now at $4.7 In August, consumer credit increased at a seasonally adjusted annual rate of 8.3 19 report shows that U.S. The post U.S.

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Collection Industry News

NOVEMBER 13, 2023

Credit card delinquency rates also rose across the board, according to the New York Fed, but especially among millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt. The post Credit card balances spiked in the third quarter to a $1.08 trillion record.

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Fico Collections

FEBRUARY 7, 2023

Saxon Shirley Fri, 05/20/2022 - 06:06 by FICO expand_less Back To Top Tue, 02/07/2023 - 19:10 As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem. million previously “unscorable” consumer files.

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Collection Industry News

AUGUST 17, 2023

The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. Credit card balances increased by $45 billion, from $986 billion in Q1 2023 to a series high of $1.03 Other balances, which include retail cards and other consumer loans, increased by $15 billion.

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Fico Collections

AUGUST 29, 2022

As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem ranging from originations, underwriting and account management to collections and asset-backed securitization. For some consumers, this has caused a financial strain leading to missed payments.

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CSA

SEPTEMBER 11, 2020

in the collections and credit management market. The impact of the pandemic on the credit/consumer eco-system has been profound, but the CSA?s s member firms have continued to facilitate payment deferrals and offer forbearance beyond the Government?s Meeting, setting out his analysis of the current ?state

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True Accord

MARCH 31, 2022

Add these all together and the financial outlook for consumers, especially those in debt, is scary. For one, the consumer credit market is looking strong with signs of expansion, specifically, originations for credit cards and personal loans are increasing. But there are silver linings, as well.

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Troutman Sanders

JANUARY 19, 2022

ruling that the plaintiff failed to specifically allege facts to support an inference that Navient Corporation and Navient Solutions LLC violated the Fair Credit Reporting Act (FCRA) and the California Consumer Credit Reporting Agencies Act (CCRAA). Navient Corp.

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Collection Industry News

JULY 12, 2021

Americans borrowed a lot more money in May, according to new data from the Federal Reserve’s Consumer Credit Report released in July. There was a 10% increase in credit use on a seasonally adjusted annual basis in May 2021. In May 2021, the total outstanding balance of consumer credit hit $4.25

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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

MAY 18, 2021

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. Require discharge of private student loans due to total and permanent disability.

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Public Citizen

OCTOBER 24, 2020

  In addition, the Symposium welcomes discussion over the recent decision by the Uniform Law Commission to address debt collection efforts by third-party debt collectors or buyers based on default judgments.    Selected papers are due after the Symposium on June 4, 2021.   

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Collection Industry News

MARCH 28, 2022

The Federal Trade Commission (FTC) took action against a firm that used a government website as part of its scheme connected with consumer credit reports. The complaint seeks both civil penalties and consumer redress, according to the news release. Source- site.

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Fico Collections

JUNE 23, 2023

In October 2022 , the FHFA validated and approved FICO® Score 10 T for use by Fannie Mae and Freddie Mac, two government-sponsored enterprises that guarantee most of the mortgages in the US. mortgages, auto loans, credit cards, etc.) offering continuity and stability for lenders, investors, and consumers.

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Fico Collections

OCTOBER 28, 2022

Information and data continue to be key tools at our disposal to better understand the dynamics of the last couple of years, and better navigate what lies ahead for the Canadian consumer credit environment. In this post, we have been citing trends and insights based on the latest FICO® Score for the Canadian market – FICO® Score 10.

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Troutman Sanders

OCTOBER 16, 2023

On October 11, an automotive management company settled claims by the Department of Justice (DOJ) alleging that the company had violated the False Claims Act by knowingly providing false information in support of its Paycheck Protection Program (PPP) loan forgiveness application. For more information, click here.

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Collection Industry News

MARCH 7, 2022

More than half of the debt that appears on credit reports as being in collection stems from medical bills, the agency found. Unpaid medical bills became a bigger concern during the pandemic, and now, a federal consumer agency is considering whether those debts should be banned from consumer credit reports.

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Troutman Sanders

DECEMBER 7, 2021

The research notes that, despite a drop in fees collected, many of the fee practices persisted during the COVID-19 pandemic. On November 30, Regulation F of the Fair Debt Collection Practices Act became effective. The CFPB published a guide to help consumers understand the new regulation. For more information, click here.

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Collection Industry News

SEPTEMBER 21, 2021

Millions of renters, and especially minority and low-income families, may suffer previously avoided economic harms of the COVID-19 pandemic as federal and state relief programs end, according to a report released today by The Consumer Financial Protection Bureau. Renters represent over 30% of U.S.

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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. For more information, click here. For more information, click here. For more information, click here.

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Collection Industry News

JUNE 19, 2023

The CFPB also released several reports shining a light on factors that may influence fair access to credit, including how medical debt affects tens of millions of consumers’ credit profiles, how people in under-resourced rural areas struggle to access financial services, and the challenges faced by justice-involved individuals and families.

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Collection Industry News

DECEMBER 21, 2022

Credit Card, Personal Loan Delinquencies Expected to Surge in 2023. The company’s 2023 Consumer Credit Forecast released Wednesday projects serious credit card delinquencies will climb to 2.6% The number of “buy now, pay later” loans grew more than tenfold during the pandemic, a U.S.

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Troutman Sanders

APRIL 4, 2022

The bill requires stablecoins to be backed by government securities with maturities less than 12 months or domestic dollars, while requiring stablecoin issuers to publicly release audited reports of reserves executed by third-party auditors. All three affect debt collection in D.C.; For more information, click here.

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Fico Collections

JUNE 30, 2023

What the FICO Score is not designed to do is provide a specific, fixed estimate of credit risk; we know from tracking the scores over three-plus decades that the relationship between the FICO Score and consumers’ likelihood of loan repayment can and does shift over time and across economic and financial cycles. originations).

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Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans.

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Fico Collections

JANUARY 5, 2023

FICO has been the pioneer in incorporating data from outside the credit bureaus, like cash flow data, to obtain a clearer and more accurate picture of consumer financial risk. Among consumers who don’t have enough credit history to generate a traditional FICO Score, over 15 million could receive an UltraFICO Score.

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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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CSA

MARCH 4, 2021

Economic outlook: The principal economic policy of the Government has been the rapid programme of vaccinations against Covid, with 20m adults inoculated to date. The fate of the economy rests on four pillars: business investment, government expenditure, exports and consumer spending. No-Interest Loans? Chancellor?s

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Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

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Troutman Sanders

OCTOBER 30, 2023

This bill would instruct the Consumer Financial Protection Bureau (CFPB) and the Government Accountability Office to conduct a study on BNPL and EWA services to help determine the degree to which consumers are utilizing both services for retail purchases. For more information, click here. financial institutions.

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Troutman Sanders

NOVEMBER 2, 2020

In particular, the minimum loan size for three Main Street facilities available to for-profit and nonprofit borrowers was reduced from $250,000 to $100,000, and the fees were adjusted to encourage the provision of these smaller loans. The legislation would benefit banks and credit unions with assets under $15 billion.

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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.”. Their ascendance has prompted credit card heavyweights to add similar products within traditional cards.

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