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How Consumer Credit Trends Impact Debt Collection in 2024

True Accord

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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How Consumer Credit Trends Impact Debt Collection in 2024

Collection Industry News

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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Average U.S. FICO® Score at 716, Indicating Improvement in Consumer Credit Behaviors Despite Pandemic

Fico Collections

It serves as a broad-based, independent standard measure of credit risk. It is relied upon by stakeholders across the entire lending ecosystem – from regulators, investors and boards to consumers, lenders, and brokers – as a baseline metric for assessing credit risk that is fair to both lenders and consumers. .

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FICO Score 10, Most Predictive Credit Score in Canadian Market

Fico Collections

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. In this post, we have been citing trends and insights based on the latest FICO® Score for the Canadian market – FICO® Score 10.

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Q1 Industry Insights: Economic Stressors Persist while Pandemic-era Benefits End

True Accord

Consumers trying to make ends meet have continued turning to credit cards and other credit types to bridge the income to expense gap. consumer credit card debt has increased to nearly $1 trillion. Credit card balances jumped more than $60 billion over Q4 2022, lifting the total amount of U.S.

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How to Use Alternative Data to Build Your Credit Report

Titan Consulting

Rent, home payments, utilities such as gas, water, electric, and even things like cable or other on-time payment history can be used by credit bureaus to create a reliable credit score from which they can underwrite credit. What lenders use alternative credit data to grant credit?

Lender 98
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Average U.S. FICO® Score Stays Steady at 716, as Missed Payments and Consumer Debt Rises

Fico Collections

From April 2021 to April 2022, mortgage loan missed payment rates have remained stable likely driven by the continued home price appreciation and the higher payment accommodation rates for mortgage loans than those for bankcards and auto loans. Now, the average FICO® Score has leveled off during the second year of the pandemic.