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.

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Fico Collections

OCTOBER 28, 2022

Information and data continue to be key tools at our disposal to better understand the dynamics of the last couple of years, and better navigate what lies ahead for the Canadian consumer credit environment.

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Collection Industry News

SEPTEMBER 21, 2021

Millions of renters, and especially minority and low-income families, may suffer previously avoided economic harms of the COVID-19 pandemic as federal and state relief programs end, according to a report released today by The Consumer Financial Protection Bureau.

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Collection Industry News

JULY 12, 2021

Americans borrowed a lot more money in May, according to new data from the Federal Reserve’s Consumer Credit Report released in July. There was a 10% increase in credit use on a seasonally adjusted annual basis in May 2021. In May 2021, the total outstanding balance of consumer credit hit $4.25

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Fico Collections

AUGUST 29, 2022

Each year, we provide insight into the national average FICO® Score to help ensure consumers have a baseline measure of credit health standing. As shown in figure 3, recent missed payments are up most notably on bankcards , followed by auto loans. For some consumers, this has caused a financial strain leading to missed payments.

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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. The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates.

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Collection Industry News

OCTOBER 5, 2021

“We did have a crisis,” said Brian Riley, director of credit advisory services at Mercator Advisory Group, “but because of the support that was given, it really kept the market for consumer credit steady.”. He added that card issuers behaved “a lot more rationally” in comparison with the 2007-2009 crisis.

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Better Credit Blog

JANUARY 20, 2022

This is why many people engage the services of a debt relief agency. TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. It was for a PMSI loan for an outdoor wood burning furnace. I came to learn that FDR mainly only works with credit cards.

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Troutman Sanders

DECEMBER 7, 2021

On December 1, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. For more information, click here. For more information, click here.

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Fico Collections

JANUARY 15, 2021

In our top post, Vice President and General Manager of Scores, Sally Taylor explained the new FICO Resilience Index, designed to provide lenders with a more precise assessment of consumer credit risk and consumers with demonstrated talent for weathering economic storms greater access to credit.

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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. For more information, click here.

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Collection Industry News

AUGUST 30, 2021

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. They have discount cards as long as you are not on any kind of government insurance.”.

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Fico Collections

JANUARY 26, 2022

FICO® Score At 716, Indicating Improvement In Consumer Credit Behaviors Despite Pandemic. Ethan Dornhelm wrote: The FICO® Score is the lingua franca, or common language, for the credit scoring industry. It serves as a broad-based, independent standard measure of credit risk. Fewer consumers are actively seeking credit.

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