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. It’s important to keep in mind that your score is calculated using both positive and negative information on your credit reports.

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Bankruptcy Lender Credit Unions Credit Unions 130

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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Financial services Financial Institution Government Education 40

Troutman Sanders

OCTOBER 4, 2021

Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. On September 28, Federal Trade Commission (FTC) Chair Lina M.

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Financial services Financial Institution Foreclosure Student loans 52

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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Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 11, 2024

On March 6, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam called on Congress to pass legislation addressing regulatory jurisdictions in the crypto industry. The SEC alleged that Shapeshift violated Section 15(a) of the Securities Exchange Act of 1934 by facilitating trades in crypto assets without registration.

Financial services 52

Financial services Garnishment Lender Banks 52

Credit Corp

DECEMBER 14, 2020

Why does the credit repair industry exist? As long as data is being collected for credit reports, there’s room for mistakes. They could be the difference in someone qualifying for different credit lines or not. So credit repair, consumer credit and credit bureaus—they’re all tied together.

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Financial Institution Lender Consumer Credit Creditors 105

Troutman Sanders

JUNE 14, 2023

On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. For more information, click here.

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Financial services Financial Institution Student loans Student Loans 52

Better Credit Blog

APRIL 6, 2022

Since you are more of a participant in the process, you’ll have a better understanding of your individual situation when you reach out to a credit repair company. Tax liens : Whether local, state, or federal, a tax lien from the government can put a huge dent in your credit profile for the foreseeable future. This isn’t true.

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Fico Collections

JANUARY 26, 2022

FICO® Score At 716, Indicating Improvement In Consumer Credit Behaviors Despite Pandemic. Ethan Dornhelm wrote: The FICO® Score is the lingua franca, or common language, for the credit scoring industry. It serves as a broad-based, independent standard measure of credit risk. Fewer consumers are actively seeking credit.

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Troutman Sanders

AUGUST 1, 2023

For example, the bill distinguishes a “digital asset” from a “digital commodity,” empowering the Securities and Exchange Commission (SEC) to regulate the former and the Commodity Futures Trading Commission (CFTC) to regulate the latter. On July 26, the CFPB published a blog focused on consumer credit scores.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

JANUARY 30, 2023

On January 26, the Securities and Exchange Commission (SEC) rejected Cboe BZX Exchange’s (BZX) request to list and trade Ark 21Shares, the proposed spot-Bitcoin exchange traded fund (ETF) managed by asset managers ARK Investment Management and 21Shares (collectively hereinafter, the “trust). For more information, click here.

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Financial services Foreclosure Banks Trade 52

Fico Collections

JUNE 20, 2022

Key findings from FICO research on consumer credit files with recently opened Buy Now, Pay Later loans. market: BNPL reporting approach: How a BNPL lender reports these accounts to a credit bureau can materially influence the impact these loans ultimately have on the FICO® Score. consumer credit files.

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Loans Consumer Credit Credit Bureau Personal loans 52

Troutman Sanders

JANUARY 17, 2023

Federal Activities: On January 13, the Federal Trade Commission (FTC) announced that an investment advice company agreed to a proposed court consent order, requiring it to refund more than $1.2 million to consumers and pay a $500,000 civil penalty for deceiving consumers with false claims about their services.

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Financial services Student loans Student Loans Education 52

Collection Industry News

JANUARY 25, 2021

20 tapped Uejio, previously the Consumer Financial Protection Bureau’s chief strategy officer, to run the agency until his nominee for permanent director, Rohit Chopra, is confirmed. Chopra is currently a member of the Federal Trade Commission. President Biden on Jan.

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Student loans Student Loans Debt collector Trade 40

Troutman Sanders

MAY 2, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan, as well as provide a framework for how these loans will be treated under the Truth in Lending Act. On April 27, Federal Trade Commission (FTC) Chair Lina M. Brown argued that medical debt “correlates with illness,” not with credit risk.

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Financial services Trade Consumer Credit Government 52

Collection Industry News

OCTOBER 17, 2023

There are some exceptions: The Military Lending Act caps interest for active duty servicemembers and dependents at 36% for consumer credit. Federally chartered credit unions have an 18% limit. Eight trade groups representing lenders such as banks and credit unions wrote a letter to Sen. For example, Sen.

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Troutman Sanders

OCTOBER 24, 2023

On October 18, the Federal Trade Commission (FTC) announced that a for- profit college has been ordered to cancel $3.4 Among other provisions under the stipulated order, the for-profit school must request that consumer reporting agencies delete the debt from consumers’ credit reports. For more information, click here.

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