Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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Better Credit Blog

FEBRUARY 15, 2021

Collections entries will stay on your report for a total of 7 years, even if you pay up your account. Depending on other factors on your credit score and the extent of your debt, a collections account can drop your score significantly. How to Deal with Fairway Collections. Foreclosure. Charge-offs.

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Troutman Sanders

AUGUST 1, 2023

An amendment in the NDAA to update the Fair Debt Collection Practices for Servicemembers Act passed in the Senate by a vote of 95-2. On July 26, the CFPB published a blog focused on consumer credit scores. Next, the Senate and House will need to reach a compromise between their versions of the bill.

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Troutman Sanders

MAY 2, 2023

Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Chairman Sherrod Brown (D-OH) described consumer credit reports as “riddled with errors.” Brown argued that medical debt “correlates with illness,” not with credit risk. On April 27, the U.S.

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