Collection Industry News

MAY 30, 2022

The CFPA includes a long list of exemptions to the CFPB’s authority, such as: merchants; retailers; accountants and tax preparers; attorneys engaged in the practice of law; persons regulated by the Securities and Exchange Commission; persons regulated by the Commodity Futures Trading Commission; and auto dealers.

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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. Comenity Bank is one of the nation’s leading producers of branded retail credit cards, with over 145 cards on offer. Debt in collections. Foreclosure. Cb/Vicscrt On My Credit Report. Hard Inquiry. Bankruptcy.

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Better Credit Blog

DECEMBER 31, 2020

While VCTRSSEC might sound unfamiliar, it represents a popular retailer: Victoria’s Secret. Comenity Bank is a premier producer of retail credit cards, partnering with 145 popular brands to offer credit cards to consumers. Debt in collections. Foreclosures. Stay up-to-date on credit card/loan payments. Bankruptcy.

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Troutman Sanders

MARCH 8, 2021

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. Currently, any student loan debt canceled by the government can be considered taxable and levied at the borrower’s normal income tax rate.

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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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Better Credit Blog

OCTOBER 28, 2020

When you apply for a credit card or loan, it can lead to a hard credit check, which lowers your score. Its credit card offerings are among its most popular products, as the bank partners with dozens of retailers, including Toys R Us. On the other hand, a hard check occurs when you actually apply for credit or a loan. Charge off.

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Better Credit Blog

DECEMBER 2, 2020

Badcock is a large furniture retailer with more than 320 stores across 8 different states. Like many retailers, it offers financing for its products. For instance, whenever you check your score with a credit monitoring site or get pre-approved for loan offers, a soft inquiry takes place. Debt collection. Foreclosures.

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Better Credit Blog

NOVEMBER 23, 2020

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. Complete all of your applications for the same type of loan within 14 days.

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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. Soft inquiries occur when you view your score, shop for quotes, or are pre-approved for a loan or credit card. Collection-stage debt. Foreclosure. How Do Hard Inquiries Work?

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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. Soft inquiries occur when you view your score, shop for quotes, or are pre-approved for a loan or credit card. Collection-stage debt. Foreclosure. How Do Hard Inquiries Work?

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Better Credit Blog

JANUARY 5, 2021

Did you apply for a Home Depot credit card, loan, or credit account? When you apply for a card or loan from The Home Depot, you’re actually applying with Citibank. Citi is a massive provider of retail credit cards and accounts. Project Loan. Collections-level debt. Foreclosure. Commercial Account.

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Better Credit Blog

JANUARY 5, 2021

Did you apply for a Home Depot credit card, loan, or credit account? When you apply for a card or loan from The Home Depot, you’re actually applying with Citibank. Citi is a massive provider of retail credit cards and accounts, they partner with The Home Depot and dozens of other popular companies. Project Loan.

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Better Credit Blog

JANUARY 15, 2021

As such, it may show up on your credit report as a hard inquiry when you apply for a loan, credit card, or line of credit. Collections records. When your credit report is accessed in the application process for a loan, a hard inquiry is placed on your credit report. Installment loans. Retail financing. Foreclosure.

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Better Credit Blog

NOVEMBER 19, 2020

They also have partnerships with major retailers nationwide like TJ Maxx, with whom they issue rewards credit cards. A soft pull happens when you go online to check your score, compare quotes for a loan, or get pre-approved for offers. Collections accounts. Foreclosures. A hard pull is more invasive. Charge offs.

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Better Credit Blog

JANUARY 6, 2021

The popular retailer provides two credit card options: The Brooks Card and the Brooks Brothers Platinum Mastercard. As such, this type of inquiry happens when you apply for credit cards, as well as loans and lines of credit. Collections. Foreclosure. BRKSB/CBNA On My Credit Report. Charge-offs. Poor payment history.

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Better Credit Blog

NOVEMBER 23, 2020

When a missed payment goes into collections, it can make your daily life stressful and wreak havoc on your credit score. Whether it’s for a $50 cable bill or a $5,000 hospital bill, a collections entry will stay on your credit report for seven years. or FMS Corp, is a third-party debt collection agency headquartered in Tulsa, Oklahoma.

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Better Credit Blog

DECEMBER 28, 2020

CitiBank is a sizable national bank that offers a full array of banking services, loans, credit cards, and investment services. Shop Your Way is a Mastercard issued by Citibank that offers rewards points that can be redeemed on thousands of products from popular retailers. Try to get pre-approved for a loan or a credit card.

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Better Credit Blog

NOVEMBER 30, 2020

DSNB issues two types of cards in partnership with these retailers: American Express cards. Once you move on from comparing offers to actually applying for a card or loan, your credit report (s) will undergo a hard inquiry. To reduce the impact on your score, you should limit your credit card and loan applications. Foreclosure.

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Better Credit Blog

JANUARY 29, 2021

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. Any time you apply for new credit, like a card, loan, or line of credit, the lender might run a hard credit check. Debt collections. Foreclosure. Ask Lex Law for Help. SOFT INQUIRIES. Charge offs.

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Better Credit Blog

DECEMBER 9, 2020

When you apply for a retail credit card from Best Buy, it can lead to a hard credit check and lower your score. Hard inquiries happen whenever you apply for funding from a bank, retailer, or lender. Debt in collections. Foreclosure. Did you notice a new entry on your credit report from BBY/CBNA? Charge offs. Repossession.

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Better Credit Blog

DECEMBER 23, 2020

Among its extensive lineup of banking products, the institution offers credit cards in partnership with dozens of big-name brands and retailers. Whenever you apply for a line of credit, credit card, or loan, the lender will likely obtain your credit report as a means of vetting you. Collections-stage debts. Foreclosure.

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Better Credit Blog

OCTOBER 28, 2020

That’s because applying for a credit card, loan, or in this case a Mastercard, often results in banks and lenders checking your credit report. eBay Mastercards are issued by Synchrony Bank, a massive national bank offering several retail cards. Collections. Foreclosures. Charge offs.

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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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Better Credit Blog

NOVEMBER 17, 2020

It can show up on your report as a hard inquiry when you apply for a credit card or a loan from a popular bank. Along with providing savings and CD accounts, Barclays offers personal loans by invitation in partnership with other companies. Any time you apply for a credit card or a loan, you can expect a hard credit check.

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Better Credit Blog

JANUARY 22, 2021

Department Stores National Bank issues retail credit cards for shoppers at Macy’s and Bloomingdale’s. If you applied for one of these retail credit cards, whether in-store or online, you signed off on a hard inquiry. Your credit report gets hit with a hard inquiry when you apply for a credit card, loan, or a line of credit.

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Better Credit Blog

DECEMBER 9, 2020

Belk/Synchrony Bank may show up on your report if you apply for a Belk retail credit card. Belk is one of the dozens of retailers that Synchrony Bank has a partnership with. Get pre-approved for a loan offer or credit card. Hard pulls happen when you apply for funding such as a mortgage, car loan, or credit card.

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Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities. For more information, click here.

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Troutman Sanders

JULY 26, 2021

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. Any attempt to garnish or otherwise seize these funds to collect or attempt to collect a debt violates the AG’s Debt Collection Regulations.”

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