True Accord

AUGUST 9, 2022

But from the perspective of a seasoned veteran of the financial services industry, what are we really seeing in consumer credit trends today? We sat down with TrueAccord co-founder Ohad Samet to get his insights on what we’re seeing in consumer credit trends today, managing delinquencies, and how to navigate in this economy.

Consumer Credit 104

Consumer Credit Financial services Banks Collections 104

Account Recovery

NOVEMBER 7, 2023

Here’s a shocker … removing medical debt tradelines from consumers’ credit reports has led to fewer consumers having medical debts on their credit reports and improved the credit scores of individuals who used to have medical debts on their credit reports, according to a published report.

Consumer Credit 130

Consumer Credit Healthcare 130

FFGN COLLECT NY

MAY 17, 2023

Legislative changes affecting consumer collections for consumer credit transactions recovery went into effect in 2022 largely as a result of the Consumer Credit Fairness Act (CCFA). As a result, the law specifies documents required to file a consumer debt collection case in New York.

Consumer Credit 52

Consumer Credit Collections Original Creditor Creditors 52

Consumer Finance

NOVEMBER 12, 2023

The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements.

Consumer Credit 57

Consumer Credit 57

FFGN COLLECT NY

MAY 2, 2022

Join Frank, Frank, Goldstein and Nager’s managing partner Jocelyn Nager for webinar on New York’s Consumer Credit Fairness Act. The act, which was signed into by Governor Kathy Hochul in November and largely goes into effect in May, changes rules around consumer debt collection.

Consumer Credit 52

Consumer Credit Collections 52

Collection Industry News

MARCH 19, 2024

By using our patented machine learning engine, HeartBeat, we create a personalized journey for each consumer and keep optimizing for the ideal message, outreach time, and communication cadence to elevate performance. The post How Consumer Credit Trends Impact Debt Collection in 2024 appeared first on Collection Industry News.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

Nerd Wallet

MARCH 23, 2021

Organization: American Consumer Credit Counseling. Mission statement: “ACCC strives to empower consumers to regain control over the quality of their lives through financial education, counseling and debt management,” says Katie Ross, executive vice president of. Anna Helhoski writes for NerdWallet. Email: anna@nerdwallet.com.

Student loans 52

Student loans Student Loans Consumer Credit Loans 52

Consumer Finance

AUGUST 30, 2020

The Consumer Financial Protection Bureau issued a report examining the early effects of the COVID-19 pandemic on consumer credit.

Consumer Credit 99

Consumer Credit Student loans Student Loans Loans 99

Micro Bilt

OCTOBER 1, 2020

Alternative consumer credit data offers information about consumers, specifically credit applicants, that does not appear on traditional credit reports.

Consumer Credit 52

Consumer Credit Lender 52

Account Recovery

MARCH 28, 2024

A District Court judge in West Virginia has denied a motion to dismiss filed by a credit union that is facing a class-action lawsuit for violating the West Virginia Consumer Credit and Protection Act by charging a $5 fee to make payments over the telephone, ruling the credit union is a debt collector under the […]

Credit Unions 130

Credit Unions Credit Unions Debt collector Consumer Credit 130

Account Recovery

MAY 18, 2023

At a time when more information is being removed from consumers’ credit reports, a pair of bills have been introduced in Congress aimed at adding more tradelines to credit reports as a means of expanding credit access for individuals with limited or no credit histories.

Consumer Credit 130

Consumer Credit 130

Better Credit Blog

DECEMBER 29, 2020

If you have begun receiving calls from a company called Wilshire Consumer Credit, you are probably feeling overwhelmed by their advances. We can help you remove their collection account from your credit report. We can help you remove their collection account from your credit report. About Wilshire Consumer Credit.

Consumer Credit 52

Consumer Credit Debt collector Third-party Debt Collectors Collections 52

Account Recovery

JANUARY 11, 2023

The Governor of New York yesterday announced a number of healthcare-related proposes during her State of the State address, including a plan to include medical debt in the state’s Consumer Credit Fairness Act. Governor’s Agenda Includes Medical Debt Collection Initiatives first appeared on AccountsRecovery.net.

Collections 246

Collections Healthcare Consumer Credit 246

Public Citizen

MAY 15, 2022

We received the following call for papers: Nikita Aggarwal, Matt Bruckner, Kathleen Engel and Cre Johnson are putting together proposals for a symposium on AI, Consumer Credit, and Discrimination. They are applying to multiple law reviews on a rolling basis.

Consumer Credit 45

Consumer Credit 45

Consumer Finance

NOVEMBER 17, 2020

The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021.

Consumer Credit 86

Consumer Credit 86

Troutman Sanders

NOVEMBER 14, 2023

On November 13, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Consumer Credit 52

Consumer Credit Loans Education Creditors 52

Collection Industry News

NOVEMBER 30, 2023

.” Young says paying the minimum payment due on credit card debt, or paying more monthly, depends on each person’s situation. consumer credit card debt at highest levels ever, ahead of the holidays appeared first on Collection Industry News. But, he does recommend the faster a person can pay off debt, the better.

Credit Card Debt 40

Credit Card Debt Consumer Credit Banks Collections 40

Micro Bilt

OCTOBER 12, 2020

We’ve learned a lot during that time, including the importance of alternative consumer credit data for painting a clearer picture of someone’s “creditworthiness.”. The year 2020 is one that will live on in infamy long after the chaos of global pandemic and the financial fallout of a nation shutting down for several months have passed.

Consumer Credit 52

Consumer Credit Creditworthiness Financial services 52

Consumer Finance

FEBRUARY 13, 2023

Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022.

Consumer Credit 100

Consumer Credit Collections 100

FFGN COLLECT NY

JUNE 30, 2021

Today, you have six years to collect monies owed from consumer credit transactions. However, a bill approved by the New York Senate seeks to shorten the time to collect consumer credit transactions to three years. Can you get an extension on the time to collect consumer credit transactions?

Consumer Credit 40

Consumer Credit Collections Credit Unions Credit Unions 40

Fico Collections

AUGUST 16, 2021

“Amounts owed” comprises some 30% of the overall FICO® Score calculation and is heavily weighted towards credit card balances and utilization so the observed reduction in credit card debt is helping to drive scores upwards. Fewer consumers are actively seeking credit. There has been a 12.1% The Other Side of the Coin.

Consumer Credit 98

Consumer Credit Lender Credit Card Debt Education 98

Account Recovery

NOVEMBER 9, 2021

The Governor of New York yesterday signed a trio of consumer protection bills into law, including a debt collection bill called the Consumer Credit Fairness Act that lowers the statute of limitations, increases the amount of information needed when filing collection lawsuits, and institute specific requirements when seeking default judgments.

Collections 246

Collections Consumer Credit Judgment 246

Collection Industry News

SEPTEMBER 2, 2023

. “The restart of student loan payments for those higher-income, young and middle-age professionals could be a big drag on consumer spending by that cohort,” he said. The post Inflation is driving up consumer credit card debt by billions of dollars appeared first on Collection Industry News.

Credit Card Debt 40

Credit Card Debt Consumer Credit Student loans Student Loans 40

Collection Industry News

MARCH 22, 2022

The three major credit bureaus said nearly 70 percent of paid medical debt, which can drag down people’s credit scores, will be removed from consumer credit reports by July 1. The CFPB’s research also showed $88 billion in medical debt on consumer credit records as of June 2021. Source- site.

Consumer Credit 40

Consumer Credit Bankruptcy Collections 40

Account Recovery

AUGUST 23, 2022

The Colorado Attorney General’s Consumer Credit Unit last week published new guidance related to the enactment of a law governing remote work for licensed lenders while also noting that the guidance originally enacted at the start of the pandemic in 2020 remains in effect for entities not covered by the new law, including collection agencies, (..)

Collection Agencies 246

Collection Agencies Collections Agency Collections Consumer Credit 246

Consumer Finance

NOVEMBER 30, 2021

The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2022 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Consumer Credit 40

Consumer Credit 40

Micro Bilt

NOVEMBER 3, 2020

Instant Bank Verification has a lot to offer lenders of every type. It is especially useful, though, for lenders who specialize in the types of loans identity thieves frequently target.

Consumer Credit 52

Consumer Credit Lender Banks Loans 52

Troutman Sanders

SEPTEMBER 20, 2022

On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post , exploring the potential relationship between rising car prices and changes in auto loan performance. For example, auto loans for consumers with deep subprime credit scores were 2.4%

Consumer Credit 52

Consumer Credit Loans Trade Banks 52

Consumer Financial Services Law

DECEMBER 17, 2016

This week, the CFPB introduced a new research tool, its Consumer Credit Trend Tool. According to the CFPB, the new tool’s purpose is to track originations of various consumer credit products. For now, the tool will focus on four credit products: mortgage, student loan, credit cards and auto loans.

Consumer Credit 40

Consumer Credit Student loans Student Loans Financial services 40

Micro Bilt

OCTOBER 19, 2020

It has been a year of massive societal and financial upheaval not only in the U.S. but also around the globe. Early in the year, the U.S. was experiencing a wave of wealth and prosperity as stock markets soared and unemployment was at near-record lows.

Consumer Credit 52

Consumer Credit 52

Account Recovery

MAY 4, 2023

A bill has been introduced in the Senate seeking to give consumers greater control over how and when their credit reports are shared by credit reporting agencies in an attempt to undo what the bill’s sponsor labeled a “backwards” system that is currently in place. More information about S.

Consumer Credit 130

Consumer Credit 130

Account Recovery

DECEMBER 7, 2022

A company that offers consumers credit to pay over time for unexpected expenses like medical bills, auto repairs, and veterinarian bills has closed a deal for access to $250 million in credit that will be used to fund more transactions for consumers to continue the platform’s growth.

Consumer Credit 246

Consumer Credit 246

Troutman Sanders

NOVEMBER 16, 2021

On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382).

Third-party Debt Collectors 52

Third-party Debt Collectors Consumer Credit Original Creditor Debt collector 52

Account Recovery

JULY 29, 2022

Nearly one-quarter of households in the United States have no emergency savings and 28% have some, but not enough to cover three months of living expenses, according to the results of a poll released by American Consumer Credit Counseling.

Consumer Credit 246

Consumer Credit 246

Account Recovery

NOVEMBER 29, 2022

A company that is offering consumers credit in the form of zero-interest, fee-free payments on their medical debts has raised $220 million to expand its operations and grow its business faster.

Healthcare 238

Healthcare Consumer Credit 238

Consumer Finance

OCTOBER 24, 2023

The Consumer Financial Protection Bureau (CFPB) today released its biennial report to Congress on the consumer credit card market.

Consumer Credit 145

Consumer Credit 145

Troutman Sanders

MAY 26, 2021

On March 18, the West Virginia legislature passed Senate Bill 5 , amending the West Virginia Consumer Credit and Protection Act (WVCCPA). The amendments will apply to all causes of action filed on or after June 16, 2021, the effective date of the amendments.

Consumer Credit 52

Consumer Credit Judgment Debt collector Creditors 52