Taurus Collect

JUNE 16, 2022

Having debts in the collection primarily means that a third party is pursuing you to retrieve payments for your debts on behalf of your creditors. Debt collection is a process that gives debtors certain rights that debt collection agencies must respect. What does it mean to have debt in collections?

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Titan Consulting

JUNE 7, 2020

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. Benefits include a suspension of payments, no negative credit reporting, no collection activity, and no accrual if interest until September 30, 2020. Help Available for Borrowers with Student Loans.

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Fico Collections

JANUARY 13, 2022

Now that we’ve turned the page on the calendar, and entered the third year of the global pandemic, what are the challenges facing debt collection and debt resolution professionals? Many consumers have been paying down debts; outstanding credit card debt decreased 3.7% Stress on Household Wallets.

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Collection Industry News

JUNE 1, 2023

Introduction: The debt collection industry plays a vital role in the global economy, helping businesses recover outstanding debts and maintain financial stability. The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts.

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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. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit.

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Credits Inc

OCTOBER 26, 2019

Creditors give loans to millions of citizens, and thus credit companies are too busy to follow up on the debtors. For this reason, creditors are hiring debt collection agencies to collect debts that are 60 days past the agreed period. Therefore, the agencies act as middlemen collecting any delinquent loans.

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Debt Free Colorado

FEBRUARY 21, 2022

Does Colorado Law Protect Me From Debt Collectors? 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. What is the Federal Fair Debt Collection Practices Act (FDCPA)?

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Collection Industry News

MAY 19, 2023

During the first quarter, the increases in debt were seen across practically all categories, with larger (and new record) balances for mortgages, home equity lines of credit, auto loans, student loans, retail cards and other consumer loans.

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Fico Collections

SEPTEMBER 8, 2021

Here are some reasons why consumers were more focused on reducing their credit card debt: Reduced spending because of pandemic-related restrictions on travel and entertainment, along with a more judicious mindset because of the economic uncertainty created by the pandemic. by Tommy Lee.

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Collection Industry News

DECEMBER 21, 2022

News & World Report shows that more than eight in 10 Americans who have credit card debt are experiencing anywhere from a little to a lot of anxiety about it. Nearly 31% have at least $6,000 of credit card debt. have credit card debt of $10,000 or more. The appeal is obvious.

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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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Sawin & Shea

JANUARY 18, 2023

Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. What Happens After You File Chapter 7 Bankruptcy? Additionally, your creditors will not be allowed to contact you.

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Collection Industry News

SEPTEMBER 21, 2021

The report, “Financial conditions for renters before and during the COVID-19 Pandemic,” finds that some government relief efforts likely helped maintain the financial stability of renters and their families. Renters’ debt obligations also differed considerably from those of homeowners before the pandemic.

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Fico Collections

OCTOBER 28, 2022

We’ve seen FICO® Scores in Canada steadily increase throughout the pandemic due, at least in part, to strong performance of equity markets, sustained economic growth, a booming real estate market , payment accommodation programs by lenders , and government stimulus which helped boost household savings to unprecedented levels.

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Collection Industry News

FEBRUARY 2, 2024

The American love affair with debt took a timeout in December. After piling on debt for much of the year – in 2023, the type of credit commonly provided by charge cards and other loans increased 8.4 Credit expanded by just 0.4% And it still leaves consumers with record levels of credit card debt.

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Collection Industry News

OCTOBER 5, 2021

Mail solicitations for cards plunged last year, hitting a new low of 61.6 Credit card debt levels also fell sharply, as many borrowers paid off or lowered their balances with savings they accumulated from staying at home more often and government relief payments.

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Fico Collections

NOVEMBER 30, 2022

While the financial services industry would welcome the growth, the concern is that the share of debt transitioning into delinquency is also showing an increasing trend. Graph 1 : Quarterly credit card debt in the United States from 1st quarter 2010 to 2nd quarter 2022 ($ Billion) . Make a positive connection.

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National Service Bureau

JUNE 23, 2015

Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies. Student loans topped the list, increasing every year since 2011. Auto loans: $0.95

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Collection Industry News

JULY 12, 2021

This is the biggest increase since 2016, when consumer credit saw a seasonally adjusted annual increase of 6.9%. Use of revolving credit such as credit cards is a leading driver of this borrowing, although people are taking out more auto loans as well. Top credit card wipes out interest until 2023.

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Fico Collections

AUGUST 16, 2021

consumers have experienced disruption to their income since the onset of the pandemic, the combination of government stimulus programs such as the CARES Act and payment accommodation programs being offered by lenders continues to enable many consumers to avoid falling behind on their bills. Fewer consumers are actively seeking credit.

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Collection Industry News

OCTOBER 5, 2021

The Fintech Times heard from financial experts to get their views on BNPL: Andrea Woroch , Consumer and Money Saving Expert at www.AndreaWoroch.com said “According to a new report, 45% of consumers have taken on more credit card debt since March 2020, with one in five owing more than $20,000 on their cards.

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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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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. The letter asks the GAO to examine the role U.S.

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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. On November 8, New York Governor Kathy Hochul signed into law the “Consumer Credit Fairness Act” (S.153).

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Fico Collections

AUGUST 16, 2022

The key is how these macrolevel measures impact individuals’ finances – all consumers are paying higher prices at the grocery store and gas station, but not all cash strapped consumers are shopping for loans or carrying large amounts of debt. This is only a 3.6% decrease year-over-year, but is still ~18.2%

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Collection Industry News

AUGUST 30, 2021

Medical debt is still a uniquely American problem. of Americans had medical debt in collections as of June 2020, according to a study from the Journal of the American Medical Association (JAMA), which analyzed consumer credit reports between January 2009 and June 2020. Source: site. An estimated 17.8% Story continues.

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Sawin & Shea

AUGUST 4, 2021

Even if the lender does forgive the amount of the loan not paid upon closing, you may be taxed on this money by the IRS. A short sale is a significant negative on your credit score. A short sale can appear on your credit reports as “not paid as agreed.” A Chapter 7 bankruptcy will stay on your credit report for 10 years.

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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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Collection Industry News

NOVEMBER 16, 2021

Households that were supported by direct cash payments and forbearance programs to pause mortgage payments allowed many to largely reduce their credit card debt. Federal researchers said with the forbearance programs starting to wind down, consumers can use some of their available credit to make ends meet.

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Collection Industry News

SEPTEMBER 19, 2023

We don’t see a singular upcoming bearish catalyst, although strikes, the shutdown, and the resumption of student loan repayments collectively will sting and drive bumpiness in the data between now and their next decision. As a result, we believe that their next meeting will be live, but not a done deal,” Wilson-Elizondo said.

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Consumer Financial Services Law

AUGUST 30, 2016

Just when you think all you had were government regulatory rules and regulations that may impact your bottom line, along comes the sleeper regulator of a generation of consumers with an aversion to credit and its risks.

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Debt Free Colorado

DECEMBER 9, 2021

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. It’s a relatively straightforward technique to eliminate the majority of your debt. .

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Debt Recoveries

OCTOBER 24, 2021

Reading Time: 4 minutes Being a debt collection agency, we often receive queries asking for advice as to how one can get themselves out of debt. It’s not always easy and sometimes, paying off debts can take years. . Give priority to interest-bearing debt. Talk to your Debt Collector. Write a Budget.

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Fico Collections

JANUARY 26, 2022

consumers have experienced disruption to their income since the onset of the pandemic, the combination of government stimulus programs such as the CARES Act and payment accommodation programs being offered by lenders continues to enable many consumers to avoid falling behind on their bills. Fewer consumers are actively seeking credit.

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Troutman Sanders

JULY 11, 2023

Department of the Treasury (Treasury) launched an inquiry into specialty financial products, such as medical credit cards and installment loans, that consumers can use to pay for medical care. million to consumers who were allegedly charged illegal fees to reduce or eliminate their federal student loans.

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Collection Industry News

JANUARY 23, 2023

The US has hit its debt limit, with the Treasury Department now taking measures to prevent a potentially devastating default. Reaching the debt ceiling means the government is not allowed to borrow any more money – unless Congress agrees to suspend or change the cap, which currently stands at almost $31.4tn (£25.4tn).

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Collection Industry News

MAY 3, 2022

A number of people in the so-called “boomer” generation have hit out at President Joe Biden ‘s reported plans to forgive some student loan debt for millions of people. Mark Curtis , an television anchor for Arizona’s 12 News, added: “Cancelling accrued interest on a loan. Other bribe suggestions: Forgive auto loans?

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