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FTC Action Leads to Court Order Halting Phantom Debt Collection Scheme That Took Millions from Consumers and Threatened Consumers’ Credit, Homes, and Employment

Collection Industry News

Debt collectors working for the schemes operators and their affiliated companies have sent consumers deceptive warning and collection letters or called them directly, claiming that consumers owed a debt of some kind and threatening legal action, wage garnishment, negative impacts to consumers credit, and even arrest if they dont pay.

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Q4 Industry Insights: Looking Good on Paper, Feeling Bad in Wallets, Everyone’s Uncertain on Financial Outlook

True Accord

With inflation proving more sticky than policymakers had hoped and uncertainty around how the new administrations policies might affect it, it may take longer for people to see lower interest rates on their mortgages, car loans and credit card balances, which could prove challenging to household budgets.

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The History of the Credit Repair Industry and Why It’s Still Important Today

Credit Corp

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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Debt Collection in the Pandemic: UK Lenders Face Big Challenges

Fico Collections

The UK’s Financial Conduct Authority (FCA) has handed out a £26m fine following poor treatment of more than 1.5 It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. As we pass the first anniversary of the pandemic’s outbreak, where does this leave lenders?

Lender 52
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Arizona AG Concludes Non-Recourse, No-Interest Earned Wage Access Products Are Not “Consumer Lender Loans” Requiring a License

Troutman Sanders

22-(R22-011) , concluding earned wage access (EWA) products that are fully non-recourse and no-interest are not “consumer lender loans” under Arizona law. Thus, those who make, procure, or advertise EWA products are not required to be licensed as a “consumer lender” by Arizona’s Department of Insurance and Financial Institutions.

Lender 52
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Top Money-Saving Tips and Tricks to Beat 2020 Holiday Debt

Credit Corp

If you’re in a financial rough patch, don’t panic. First, call all your lenders and tell them what’s going on. Many financial institutions offer deferments, temporarily lower payments, low-cost structured repayment plans and other reassuring options—but only if you ask. Use Financial Planning Apps.

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Q2 Industry Insights: Beating the Economic Heat and Keeping Up with Compliance

True Accord

Meanwhile, the Consumer Financial Protection Bureau (CFPB) has been busy, with new rules impacting lenders and collectors across the spectrum. Read on for our take on what’s impacting consumer finances, how consumers are reacting and what else you should be considering as it relates to debt collection in 2024.