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Credit Corp
MARCH 21, 2023
According to the Federal Reserve’s Consumer Credit report, 43.5 Not only can you not declare bankruptcy on many forms of student loan debt, but it can also harm your credit. Department of Education shows how many Americans have debt by federal loan type. At the end of 2022, the Federal Reserve reported that roughly 43.5
Troutman Sanders
OCTOBER 16, 2023
On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs.
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Credit Corp
OCTOBER 6, 2023
The average household credit card debt in America is $9,654, and the states with the largest amount of credit card debt are Alaska, Hawaii, and New Jersey. Between the first quarters of 2022 and 2023, The Federal Reserve Bank of New York reported that the credit card debt in America rose by $145 billion.
Troutman Sanders
NOVEMBER 13, 2023
On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.
Collection Industry News
OCTOBER 22, 2023
Background In March 2022, the three major CRAs announced they would be changing how medical debt is included in credit reports. As part of these changes in April 2023, the CRAs stopped including medical debt of less than $500.00 on credit reports.
Credit Corp
FEBRUARY 21, 2023
This will not only help you compare your own credit card balance to the national average, but you’ll also see if you’re getting a good deal with your current cards. How many credit cards carry a balance? The Federal Reserve completed a new survey at the end of 2022 and will have updated data in 2023.
Troutman Sanders
AUGUST 1, 2023
On July 26, the CFPB published its Summer 2023 Supervisory Highlights report. On July 26, the CFPB published a blog focused on consumer credit scores. On July 25, a large credit reporting agency revealed to investors in regulatory filings that it’s facing a probe by the CFPB. For more information, click here.
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