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National Financial Awareness Day: Why Financial Literacy is Beneficial For Everyone

True Accord

August 14 is National Financial Awareness Day , making it an appropriate time to shine a spotlight on initiatives that can help improve consumer financial awareness in the collections space. Overall, lower levels of financial literacy end up contributing to increased rates of bankruptcy, defaults, and foreclosures.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

On May 9, the Consumer Financial Protection Bureau (CFPB) published an advisory opinion to affirm that the Equal Credit Opportunity Act bars lenders from discriminating against customers after they have received a loan, not just during the application process. For more information, click here. For more information, click here.

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How To Remove Fairway Collections From Your Credit Report

Better Credit Blog

Are collections accounts weighing heavily on your credit report? If you’ve fallen behind on any of your accounts, you could find Fairway Collections on your credit report. As long as the collections entry stays on your report, it’s hurting your score. About Fairway Collections. Self-pay collections.

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How To Remove FCO Collections From Your Credit Report

Better Credit Blog

If you’ve received calls or letters from FCO Collections or noticed the name on your credit report, you probably have questions. Collections agencies like FCO may show up on your report when you forget to pay a bill or fall behind on your payments. About FCO Collections. Fair Collections & Outsourcing Inc.

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10 Reasons You Were Rejected for Credit

Credit Corp

This code can mean two different things: You don’t have enough accounts for lenders or credit scoring models to effectively gauge your risk as a borrower. Even if you’ve paid your bills on time, if you only have one credit card that’s been open three months, that’s not enough information for many lenders.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. These FAQs are a Compliance Aid designed to help collection agencies comply with Reg F, which goes into effect on November 30, 2021.

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Financial Inclusion Using Analytics

Fico Collections

in 1989, it meant lenders of all sizes could leverage the technology of scoring and open up credit to consumers that they might not have lent to in the past. For many, it creates an opportunity to improve their life circumstances; to get an education, to buy a car to get to work, or to own a home. Hundreds of lenders in the U.S.

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