Debt Collection Answers

FEBRUARY 21, 2024

This article aims to shed light on what pre-screen firm offers entail, their significance, and how debt consolidation lenders acquire your information to send those enticing marketing mailers. Two entities that may send debt consolidation loan mailers are Symple Lending and Secure One Financial.

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Nexa Collect

SEPTEMBER 15, 2020

Need a Collection Agency – Serving Nationwide? The financial pressures have triggered feverish increases in the number of loan impairments for residential and commercial real estate loans. In response, lenders are moving into defensive positions, putting aside record amounts to cover potential losses.

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FFGN COLLECT NY

OCTOBER 14, 2021

Credit card processors often offer loans to businesses that accept credit cards. While these loans may have seemingly inviting agreements, there are some terms that offer the credit card processor speedier debt collection relief against you. Here are a few things you may want to consider before agreeing to the terms of the loan.

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Credit Corp

MARCH 7, 2021

Everything is online these days—including personal loans. Online lenders make it easy to compare rates and terms and find the right online personal loan for your situation. Personal loans were the fastest-growing category of consumer debt in 2019 , according to a survey from J.D. What is an online personal loan?

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The Kaplan Group

NOVEMBER 7, 2023

Qualifications for Women-Owned Business Loans/Grants Numerous loan programs and grant opportunities are accessible to women entrepreneurs, each characterized by its own set of requirements and criteria. Loans also adhere to specific guidelines that may not be influenced by whether you are a woman.

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Katabat

AUGUST 29, 2023

We look forward to helping Harmoney improve its collections efficiency, with smarter, more-effective strategies, increase customer satisfaction with personalized treatment strategies, and ultimately, collect more,” said Tim O’Brien, Chief Executive Officer at Finvi. “By © 2023 Finvi.

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Troutman Sanders

OCTOBER 25, 2023

On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).

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Troutman Sanders

MAY 2, 2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule.

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Troutman Sanders

APRIL 20, 2022

On April 18, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post , scrutinizing the practice of withholding transcripts from students with delinquent accounts and who are attending an institute of higher education. As recently as December 2021, U.S.

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Collection Industry News

JANUARY 19, 2021

I am reporting a potentially fraudulent credit collection and reporting issue,” said a third. The firm, Capio Asset Servicing, came under investigation last year as part of Operation Corrupt Collector, an enforcement sweep of the debt-collection industry by federal and state officials. who represents debtors in collection cases.

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Troutman Sanders

APRIL 18, 2022

On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends. Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans. Multiple student loan servicers.

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Troutman Sanders

JULY 25, 2023

One of the aspects of the proposed rule that changed dramatically when the Final Rule was issued was a series of new provisions and sections of the Official Commentary prohibiting small business lenders from discouraging applicants from providing the data required to be collected by the Final Rule.

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Qualco

OCTOBER 6, 2022

Digital collections tools and self-service platforms are on the rise and have empowered lenders to work more efficiently with their customers. Due to the limited agents' experience and financial literacy, customers usually don't get a proper explanation for the plans they are proposed to follow.

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Fico Collections

SEPTEMBER 15, 2022

Saudi Credit Bureau Delivers Access To Loans For Millions with Score. SIMAH wins FICO ® Decisions Award for financial inclusion using FICO ® Scores. This growth in Saudi financial inclusion was made possible by SIMAH’s advocacy efforts with financial institutions and a parallel education campaign with consumers. “We

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Fico Collections

SEPTEMBER 3, 2020

We are thrilled and honored to be recognized by Aite Group as best in class and the overall rankings leader for our Loan Origination Solution. FICO’s Loan Origination Solution was also recognized as a category leader in: Client Strength. FICO Origination — A Loan Origination Solution You'll Never Outgrow. Client Service.

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Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. Consequently, financial institutions operate within an economy marked by contraction and sustained inflationary pressures.

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Troutman Sanders

JULY 5, 2023

In September 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule with more than 900 pages of supplementary material. For financial institutions that originated at least 2,500 covered credit transactions in 2022 and 2023, the compliance date is October 1, 2024.

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection.

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The Kaplan Group

MAY 3, 2022

Jump To A Section: Qualifications for Veteran Business Loans/Grants Different Types of Loans Available For Veterans How To Apply to Business Loans Veteran Business Loans FAQ More Business Credit and Loan Resources For Veterans. Qualifications for Veteran Business Loans/Grants.

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True Accord

AUGUST 25, 2020

Banks are accelerating their adoption of new digital debt collection tools in anticipation of a “tidal wave of consumer debt issues” when government stimulus programs end and financial institutions stop offering forbearance and loan deferral options. About TrueAccord.

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Credit Corp

SEPTEMBER 13, 2023

You can start by getting a secured credit card, becoming an authorized user, or getting a cosigner on a loan. A low credit score leads to higher interest rates, larger deposits, and a low approval rate for loans and lines of credit. On your own, you may not receive approval on a personal loan or car loan.

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Collection Industry News

SEPTEMBER 14, 2021

The Consumer Financial Protection Bureau has recently come up with a rule that should help enhance transparency around loans for small businesses. This rule would apply to a wide range of credit services, including lines of credit, credit cards, term loans, and merchant cash advances.

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Fico Collections

JULY 19, 2021

Lenders face a myriad of challenges these days. A pooled model is a scoring model built on “pools” of historical data from many financial institutions. No data is required from the customer because it’s built on pools of historical data from other financial institutions. What Is a Pooled Model?

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Troutman Sanders

APRIL 27, 2023

District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Lenders that originate at least 500 loans annually must collect data starting April 1, 2025.

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Troutman Sanders

SEPTEMBER 17, 2020

On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small business lending data collection rulemaking. Implementing a period for financial institutions to comply.

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Collection Industry News

SEPTEMBER 7, 2021

Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Based on the summary, key aspects of the NPRM include the following: Financial Institutions Covered.

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Troutman Sanders

MARCH 23, 2023

On March 29, the New Mexico Financial Institutions Division of the Regulation and Licensing Department’s (NM FID) new rule on the New Mexico-Annual Percentage Rate (NM-APR) becomes effective. Fees paid to a public official relating to the extension of credit, including fees to record liens, are excluded.

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Troutman Sanders

AUGUST 7, 2023

Small Business Administration (SBA) began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 loan programs. Banks reported that lending standards are currently on the tighter end of the range for all loan categories. For more information, click here.

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Troutman Sanders

MARCH 1, 2023

The Arizona Court of Appeals recently clarified how the state’s debt collection statute of limitations applies to debt created by a land sale contract. A lender must enforce the debt through foreclosure or a lawsuit within six years after the cause of action accrues. In Velazquez v. FMZ Industries, Inc.

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Nexa Collect

DECEMBER 12, 2021

DeFi is a collective term for financial products and services that are accessible to anyone who can use Ethereum over the internet. A system that interacts buyers, sellers, borrowers, or lenders with peer-to-peer technology to access financial products or financial services bypassing middlemen such as financial institutions.

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Credit Corp

JULY 25, 2023

Can you pay a loan with a credit card? Yes, paying a loan with a credit card is sometimes possible. Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off. A good score can help you get approved for mortgages, financing, loans, and credit cards.

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FFGN COLLECT NY

SEPTEMBER 23, 2022

Merchant cash advance agreements are drafted in a way that offers an advantage to the lender. In the past, merchant cash advance companies and other lenders required their clients to sign a confession of judgment that could, in the event of default, be entered in New York without any further notice if and when the default occurred.

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Fico Collections

APRIL 12, 2023

Securitization is initiated when a financial institution pools together a group of assets. These assets can include loans, leases, and receivables—from aircraft leases to solar projects, but most frequently are commercial or residential mortgages (e.g., mortgage-backed securities), auto loans, and credit card balances.

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Fico Collections

MARCH 22, 2022

The pandemic impacted the financial situation of SME’s in various ways, including the need to suddenly adopt digital banking channels, arrange repayment deferrals and of course an increased need for lending; a need which is increasingly being targeted by new lenders offering a simplified digital lending process.

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Credit Corp

MAY 23, 2021

Unauthorized credit card charges, bogus loan applications, missing money, and other financial violations make fraud a major nightmare. Incorrect Personal Information Lender Inquiries You Don’t Recognize Accounts You Never Opened Credit Utilization Goes Up Credit Score Goes Up or Down Unexpectedly Public Records You Don’t Recognize.

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Credit Corp

DECEMBER 14, 2020

As long as data is being collected for credit reports, there’s room for mistakes. While creditors weren’t looking up someone’s history of debt and payments, many lenders did take risk-mitigation actions. ” In other words, they want to know if you’ll pay a loan back on time and if your history indicates that you’ll be a risk.

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Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. On January 19, the Biden-Harris administration announced the approval of $4.9 For more information, click here.

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