Better Credit Blog

DECEMBER 31, 2020

Did a hard inquiry from THD/CBNA bring down your credit score? Whenever you apply for a retail credit card, it can lower your credit score by a few points and result in a new entry being added to your report. Citi is a popular bank that provides credit cards for a wide range of retail stores like The Home Depot.

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Collection Industry News

MARCH 22, 2022

Buy Now Pay Later (BNPL) deferred payment options are becoming increasingly popular with 56% of consumers using them, up from 38 % in July of 2020 — an increase of almost 50% in less than one year, according to a Motley Fool survey. Now, several credit bureaus are seeking to include these in credit reports.

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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. Ethan has a B.S. in management science/operations research from UC San Diego.

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Better Credit Blog

DECEMBER 18, 2020

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. How to Get Cb/Vicscrt off Your Credit Report.

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Fico Collections

JUNE 14, 2021

Invitations to buy even the smallest items on an installment plan seem to be everywhere online, and in-store, too: called “buy now, pay later” or BNPL loans, these offers let consumers buy what they want, now, and pay for it over time in four equal payments. BNPL: Even the smallest purchases can now be broken into bite-size chunks.

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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. For more information, click here.

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Troutman Sanders

MAY 9, 2023

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. 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.

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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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Better Credit Blog

NOVEMBER 23, 2020

Did the name ACRAnet recently appear on your credit report? While you might expect a credit check when you apply for a loan, many consumers don’t realize that background checks can result in a hard credit check as well. The company also provides retail, commercial, and automotive screening, but on a smaller scale.

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Better Credit Blog

DECEMBER 2, 2020

Banana Republic offers these cards through a partnership with Synchrony Bank, which issues credit cards for dozens of national retailers. Whenever you apply for a Banana Republic card or someone authorizes you to use their credit, it can lead to a hard inquiry on your report. Get a Free Copy of Your Credit Report.

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Better Credit Blog

DECEMBER 2, 2020

Banana Republic offers these cards through a partnership with Synchrony Bank, which issues credit cards for dozens of national retailers. Whenever you apply for a Banana Republic card or someone authorizes you to use their credit, it can lead to a hard inquiry on your report. Get a Free Copy of Your Credit Report.

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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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Better Credit Blog

JANUARY 29, 2021

If so, you shouldn’t be alarmed when you see a Macys DSNB entry on your credit report. Applying for new credit results in a hard inquiry, and it may have a small effect on your credit score. If you didn’t apply for a retail card from Macy’s, the inquiry could be a mistake, or it may be the work of an identity thief.

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Collection Industry News

JANUARY 25, 2023

UK Credit Card Borrowing Soars to Highest Monthly Level Since 2004 Credit card borrowing in the UK soared in November to its highest monthly level since 2004 amid mounting pressure on households from the cost of living crisis. The New York Times ] Consumers Are Placing Their Trust in Mobile Deposits.

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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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Consumer Financial Services Law

JUNE 11, 2016

The CFPB makes it clear it intends to “use the information it collects to continue monitoring arbitral proceedings to determine whether there are developments that raise consumer protection concerns that may warrant further Bureau action” and that it intends to publish the information on its website in some form. Proposed 12 CFR 1040.3

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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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Troutman Sanders

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

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Troutman Sanders

JANUARY 17, 2023

million to consumers and pay a $500,000 civil penalty for deceiving consumers with false claims about their services. In November 2022, Genesis announced that it will prohibit retail investors from withdrawing their cryptocurrency deposits from Gemini Earn accounts due to liquidity risks. For more information, click here.

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Collection Industry News

OCTOBER 17, 2023

Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. Some cards — retail store cards, in particular — charge more than 30%, said Ted Rossman, industry analyst for CreditCards.com. Federally chartered credit unions have an 18% limit. proposed a 36% cap on consumer loans in 2021.

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