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. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

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? Key Takeaways.

Credit Bureau 56

Credit Bureau Lender Retrieval Debt Consolidation 56

Credit Corp

OCTOBER 6, 2023

Despite the national average of Americans having over $9,000 in credit card debt per household, only 14% say they’re “very worried” about their debt. 67% of respondents said they have less than $2,000 in debt, which may indicate that only a concentrated number of people have high amounts of credit card debt.

Credit Card Debt 98

Credit Card Debt Debt Consolidation Credit Unions Credit Unions 98

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 have since been contacted by collection agencies and lawyers attempting to collect on this ‘debt.’

Third-party Debt Collectors 52

Third-party Debt Collectors Credit Card Debt Collections Government 52

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.

Lender 98

Lender Debt Consolidation Creditworthiness Credit Card Debt 98

Debt Free Colorado

NOVEMBER 13, 2017

.” The Consumer Protection Section, Consumer Credit Unit of the State Of Colorado Department of Law published an “Information for Consumers” handout which explains the following with respect to debt management in Colorado: You may be able to negotiate a favorable settlement yourself, without paying fees to debt.

Debt settlement 40

Debt settlement Creditors Debt Management Debt Consolidation 40

Credit Corp

FEBRUARY 21, 2023

Despite the national average of Americans having $9,000 in credit card debt per household, only 14 percent say they’re “very worried” about their debt. 67 percent of respondents said they have less than $2,000 in debt, which may indicate the national average means that a concentrated number of people have high amounts of credit card debt.

Credit Card Debt 98

Credit Card Debt Debt Consolidation Credit Unions Credit Unions 98

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.

Retrieval 52

Retrieval Lender Debt Consolidation Loans 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.

Financial services 52

Financial services Financial Institution Debt collector Fair Debt Collection 52

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.”.

Consumer Credit 52

Consumer Credit Creditworthiness Debt collector Education 52

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.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Better Credit Blog

JANUARY 20, 2022

Before each account is settled, the firm will contact you to authorize the settlement. For example, if you have a $15,000 credit card debt, the fee could range from $2,250 to $3,750, depending on the length and complexity of the negotiation. “A-” You can use several methods: Consumer credit counseling. The Bottom Line.

Creditors 76

Creditors Credit Card Debt Unsecured Debt Debt settlement 76

Troutman Sanders

AUGUST 31, 2020

The no-action memo concerns the requirement that any Connecticut licensable activity by a Consumer Credit Licensee be conducted from a licensed branch office location so long as certain criteria are met. The no-action position is extended through December 31, 2020. For more information, click here. To read the full report, click here.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52