Troutman Sanders

DECEMBER 7, 2021

Federal Activities: On December 3, the Consumer Financial Protection Bureau (CFPB) issued a draft of its Strategic Plan through 2026. The CFPB is seeking feedback and comments about its plan. On November 8, New York Governor Kathy Hochul signed into law the “Consumer Credit Fairness Act” (S.153).

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Collection Industry News

MARCH 28, 2022

The DFPI investigations resulted in 49 public enforcement actions, $975,000 in restitution to consumers, $547,500 in penalties, and included several “first of its kind” actions for the DFPI in debt collection, student debt relief, earned wage access, and private post-secondary education financing. Regulatory Activities.

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Fico Collections

JULY 15, 2022

Credit when it's offered responsibly is a social good. For many, it creates an opportunity to improve their life circumstances; to get an education, to buy a car to get to work, or to own a home. Finally, you can't talk about social good without talking about integrity. Read about the FICO Financial Inclusion Initiative.

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The Kaplan Group

OCTOBER 19, 2020

Instead, I suggest you do what you can to educate yourself about your options. Here are 9 terms you may have heard of, but need to know more about. You can learn more about FDCPA in our advice to consumer debtors. One of the clauses in a contract might be about interest and collection costs. Garnishment.

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Troutman Sanders

MAY 9, 2023

For more information about the White House’s blog post, click here. For more information about the White House’s FY 2024 budget proposal, click here. For more information about Attorney General James’ press release, click here. For more information about the CRPTO Act, click here. billion in revenue over 10 years.

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Troutman Sanders

APRIL 6, 2021

AI also can inform credit decisions by analyzing traditional data ( i.e., data typically found in a consumers’ credit files) and alternative data. For example, financial institutions use chatbots and virtual assistants to mimic live employees and automate routine customer interactions.

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Troutman Sanders

OCTOBER 16, 2023

The department’s objective in drafting these new rules is to include all education financing products used to finance a student’s higher education, including income share agreements and installment contracts, within the definition of student loans subject to state law. million, allegedly collecting about $81,000 of that amount.

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Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

MAY 31, 2022

On May 26, the CFPB issued a blog post regarding credit reporting disputes and requirements that furnishers must satisfy when handling a dispute. For more information, click here. For more information, click here.

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Credit Corp

OCTOBER 6, 2023

This may influence which products we write about and where and how the product appears on a page. 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. WalletHub ) Mississippi has the least credit card debt at $5,259 per person.

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Collection Industry News

FEBRUARY 22, 2021

TransUnion ( NYSE: TRU ) confirmed that consumer credit activity keeps rising from the COVID-19 pandemic lows, but some areas like automobile loans (subprime) performance have lagged. Matt Komos , VP of Research and Consulting at TransUnion, stated: “On the surface, the consumer credit market is performing quite well.

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Troutman Sanders

OCTOBER 30, 2023

On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. On October 26, Senator Cynthia M. For more information, click here.

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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.

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Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

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Credit Corp

FEBRUARY 21, 2023

This may influence which products we write about and where and how the product appears on a page. The average household credit card debt in America is $9,260, and the states with the largest amount of credit card debt are Alaska, Hawaii, and New Jersey. Credit Karma ) Alaska has the most credit card debt on average at $7,758.(

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Credit Corp

FEBRUARY 9, 2024

This may influence which products we write about and where and how the product appears on a page. Debt relief won’t hurt your credit alone. Debt relief and debt settlement options don’t hurt your credit score on their own. Counselors may offer free or low-cost consultations and educational materials.

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Better Credit Blog

FEBRUARY 15, 2021

About Fairway Collections. Though you may be unfamiliar with Fairway, the agency collects on a wide range of consumer debts, including the following: Health insurance billing and follow-up. Education loans, tuition, fines and fees. Credit cards. Wondering if Fairway Collections is legit? Self-pay collections.

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Debt Free Colorado

NOVEMBER 13, 2017

In a recent lawsuit, the CFPB alleges that “Freedom charges consumers without settling their debts as promised, makes customers negotiate their own settlements, misleads them about its fees and the reach of its services and fails to inform them of their rights to funds they deposited with the company.”

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Titan Consulting

MAY 3, 2020

All three for-profit credit reporting agencies, Experian, Equifax and Transunion compile and report consumer credit and debt payment activity and sell this consumer information to lenders seeking to grant credit. Here’s why: Who Decides Your Credit Score? About Titan Consulting Group. Key Takeaways.

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Troutman Sanders

OCTOBER 12, 2021

Department of Education and Daniel v. The court noted that the Fourth and Ninth circuits support finding no waiver of immunity by citing to a provision within the FCRA that imposes separate liability for government entities that receive consumer information. National Park Service.

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Fico Collections

AUGUST 29, 2022

Regardless of this uncertainty, FICO’s mission is clear: to help lenders understand the credit risk that each borrower represents and make better-informed lending decisions and to educate and empower consumers. To learn more about FICO® Scores, check out these resources: How is FICO helping with financial inclusion?

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Troutman Sanders

NOVEMBER 24, 2020

Among those directives, the service of a garnishment summons, wage deduction summons, or a citation to discover assets on a consumer debtor or consumer garnishee are suspended through December 12. ” The toolkit offers small businesses free operational tools and educational resources to help reduce cyber risks.

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Titan Consulting

MAY 17, 2020

Rent Bureau , now owned by the credit bureau Experian, electronically compiles rental data from property management companies and individual landlords. Rental agencies and alternative credit providers use the data to screen applicants and establish consumer credit scores. About Titan Consulting Group.

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Troutman Sanders

MARCH 1, 2021

The bill will prohibit selling an individual’s debt to another party and reporting adverse information about the individual to consumer credit reporting agencies or credit bureaus. To learn more about tabletop exercises, click here. For more information, click here.

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Titan Consulting

MAY 10, 2020

In the last 30 years, the Fair Isaac and Company, better known as FICO, changed the way the lenders evaluate consumer applications. The FICO score, introduced in 1989, uses consumer credit payment history, to create a proprietary three-digit number predicting future repayment risk. About Titan Consulting Group.

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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. I contacted everyone I could think of to complain about this, but my complaints fell on deaf ears.”.

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Credit Corp

MAY 30, 2023

The Consumer Credit Protection Act caps these types of garnishments. Educate yourself on smart ways to pay debt collectors, and consider using the services of a debt management agency. Additional FAQs about Judgments How Long Can the Judgment Creditor Pursue Payment? The lessor of these two amounts applies.

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Credit Corp

DECEMBER 14, 2020

So credit repair, consumer credit and credit bureaus—they’re all tied together. To understand why they’re so important, you might want to learn a bit more about the history of credit scores and repair. Luckily, we’ve compiled everything you need to know about the history of the credit repair industry.

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Financial Institution Lender Consumer Credit Creditors 105

Troutman Sanders

APRIL 15, 2022

Support Veterans in Financial Hardship: The Veterans Administration (VA) will virtually cease reporting unfavorable debt, including medical debt, to consumer reporting agencies. The CFPB has been vocal about medical debt and consumers’ credit reports recently too. A]nd this problem is growing. It can happen to anyone.”.

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Consumer Credit Creditworthiness Debt collector Education 52

Troutman Sanders

AUGUST 1, 2023

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. For more information, click here. On July 20, Federal Trade Commission (FTC) and the U.S.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

JUNE 21, 2022

The data helps the public assess how financial institutions serve the housing needs of their local communities and facilitates federal financial regulators’ fair lending, consumer compliance, and Community Reinvestment Act examinations. For more information, click here. For more information, click here. million in loan relief.”

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Troutman Sanders

NOVEMBER 16, 2021

Department of Education terminated its contracts with private debt collection agencies. State Activities: On November 10, New York Governor Kathy Hochul signed the Consumer Credit Fairness Act (SB 153) into law. The letter identified several recommendations the senators would like to see the CFPB enact to address their concerns.

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Financial services Government Consumer Credit Original Creditor 52

Troutman Sanders

NOVEMBER 8, 2022

Department of Education released final regulations that streamline and improve the rules for major targeted debt relief programs. House of Representatives, seeking to protect a greater portion of consumers’ disposable income from garnishment. For more information, click here. On October 31, the U.S. For more information, click here.

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Financial services Student loans Student Loans Garnishment 52

Better Credit Blog

JANUARY 20, 2022

TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. It also takes about 30 years—a long time to wait for financial solvency. Read on to find out more about Freedom Debt Relief, one of the most trustworthy and successful operators in this area. About Freedom Debt Relief.

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Creditors Credit Card Debt Unsecured Debt Debt settlement 76

Troutman Sanders

JUNE 14, 2023

An ROV may be warranted if a consumer provides information to a financial institution about potential deficiencies or other information that may affect the estimated value. On June 6, Colorado Governor Jared Polis signed HB 23-1229, which amends the state’s Uniform Consumer Credit Code (UCCC).

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Credit Corp

SEPTEMBER 7, 2020

Depending on which bureau creates the score and what type of agency is asking for the score, your credit score will vary, sometimes siginifcantly. One credit score isn’t more “accurate” than another, they just have different applications. Learn more about the different types of credit scores below. Recent inquiries.

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Troutman Sanders

JULY 12, 2021

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest COVID-19 driven events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. On June 30, the CFPB released a blog post regarding trends of commercial reporting on consumer credit.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

APRIL 18, 2022

On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends. Delinquencies on other credit products since the start of the pandemic. Multiple student loan servicers. New third-party collections during the pandemic.

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