Collection Industry News

SEPTEMBER 2, 2023

And another factor might make the increases more painful for some consumers: The pause on federal student loan payments ended Sept. Student loan balances have already begun accruing interest again, and soon, borrowers will be expected to start making regular payments.

Credit Card Debt 40

Credit Card Debt Consumer Credit Student loans Student Loans 40

FFGN COLLECT NY

JUNE 30, 2021

Today, you have six years to collect monies owed from consumer credit transactions. However, a bill approved by the New York Senate seeks to shorten the time to collect consumer credit transactions to three years. Personal bank loans. Credit union loan. Credit cards. Home equity loans.

Consumer Credit 40

Consumer Credit Collections Credit Unions Credit Unions 40

Troutman Sanders

JULY 12, 2023

On June 14, Nevada Governor Joe Lombardo signed into law AB 332 , An Act Relating to Student Education Loans, requiring, among other things, student loan servicers to be licensed by the Commissioner of Financial Institutions and regulating certain conduct of the servicers towards borrowers. The law will take effect on January 1, 2024.

Student loans 52

Student loans Student Loans Loans Credit Unions 52

Consumer Finance

AUGUST 30, 2020

The Consumer Financial Protection Bureau issued a report examining the early effects of the COVID-19 pandemic on consumer credit.

Consumer Credit 99

Consumer Credit Student loans Student Loans Loans 99

Debt Collection Answers

FEBRUARY 21, 2024

Two entities that may send debt consolidation loan mailers are Symple Lending and Secure One Financial. What is a Pre-Screen Firm Offer of Credit? A Pre-Screen Firm Offer of Credit, often referred to as pre-approved credit, is a marketing strategy employed by creditors to identify potential customers for their financial products.

Debt Consolidation 40

Debt Consolidation Loans Lender Financial Institution 40

Better Credit Blog

DECEMBER 29, 2020

If you have begun receiving calls from a company called Wilshire Consumer Credit, you are probably feeling overwhelmed by their advances. They are a third-party debt collector and auto loan financer out of California. We can help you remove their collection account from your credit report. About Wilshire Consumer Credit.

Consumer Credit 52

Consumer Credit Debt collector Third-party Debt Collectors Collections 52

Troutman Sanders

SEPTEMBER 20, 2022

On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post , exploring the potential relationship between rising car prices and changes in auto loan performance. For example, auto loans for consumers with deep subprime credit scores were 2.4%

Consumer Credit 52

Consumer Credit Loans Trade Banks 52

Micro Bilt

NOVEMBER 3, 2020

It is especially useful, though, for lenders who specialize in the types of loans identity thieves frequently target. Instant Bank Verification has a lot to offer lenders of every type.

Consumer Credit 52

Consumer Credit Lender Banks Loans 52

Fico Collections

AUGUST 16, 2021

“Amounts owed” comprises some 30% of the overall FICO® Score calculation and is heavily weighted towards credit card balances and utilization so the observed reduction in credit card debt is helping to drive scores upwards. Fewer consumers are actively seeking credit. There has been a 12.1% The Other Side of the Coin.

Consumer Credit 98

Consumer Credit Lender Credit Card Debt Education 98

Troutman Sanders

DECEMBER 6, 2023

In March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would update the definition of loan to include what it dubs as “income-based advances” also known as earned wage access (EWA) products, except for those offered by employers.

Loans 52

Loans Creditors Consumer Credit Lender 52

Troutman Sanders

APRIL 24, 2023

Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. The court’s opinion in Shelton v. Americredit Financial Services, Inc. Hence, no inaccuracy.

Loans 52

Loans Secured Creditor Repossession Construction 52

Troutman Sanders

OCTOBER 4, 2022

On September 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights , focusing on student loan servicing. It’s time to open up the books on institutional student lending to ensure all students with private student loans are not harmed by illegal practices.”.

Student loans 52

Student loans Student Loans Loans Education 52

Consumer Financial Services Law

DECEMBER 17, 2016

This week, the CFPB introduced a new research tool, its Consumer Credit Trend Tool. According to the CFPB, the new tool’s purpose is to track originations of various consumer credit products. For now, the tool will focus on four credit products: mortgage, student loan, credit cards and auto loans.

Consumer Credit 40

Consumer Credit Student loans Student Loans Financial services 40

Troutman Sanders

FEBRUARY 25, 2022

Specialized Loan Servicing LLC , holding that defendant Specialized Loan Servicing LLC (Specialized Loan) properly reported plaintiff Eric Mitchell’s (Mitchell) loan status by using a designation indicating “no payment history available this month.” This “D” code indicates “no payment history available this month.”.

Judgment 52

Judgment Loans Financial Institution Consumer Credit 52

Troutman Sanders

JANUARY 20, 2023

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

Lender Loans Financial Institution Consumer Credit 52

Troutman Sanders

MARCH 24, 2023

As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state. As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state.

Personal loans 52

Personal loans Loans Government Trade 52

Fico Collections

FEBRUARY 2, 2021

Early in the COVID-19 pandemic, FICO data scientists discovered that the FICO® Resilience Index was a strong predictor of the likelihood that consumers were receiving loan accommodations such as payment deferrals and forbearances following implementation of the CARES Act. .

Loans 52

Loans Student loans Student Loans Consumer Credit 52

Troutman Sanders

NOVEMBER 18, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Because student loans are largely administered by the federal government, we know more about them too.

Collections 98

Collections Lender Student loans Student Loans 98

Fico Collections

APRIL 28, 2022

According to the research from Cornerstone Advisors , these point-of-sale short-term installment loans with low credit amounts have been increasing in popularity during recent years for retail purchases like clothing, household goods, electronics, and more.

Loans 98

Loans Consumer Credit Credit Bureau Student loans 98

Troutman Sanders

FEBRUARY 23, 2024

In representing fintech companies and other lenders, we increasingly confront claims against debt buyers or entities with bank partner relationships brought under Pennsylvania’s Consumer Discount Company Act (CDCA) and the Loan Interest and Protection Law (LIPL). This section does not apply if no fee is received for the reference.

Debt collector 52

Debt collector Lender Loans Banks 52

Troutman Sanders

SEPTEMBER 19, 2023

Specifically, the final rule provides for the following adjustments: For open-end consumer credit plans under TILA, the threshold that triggers requirements to disclose minimum interest charges will remain unchanged at $1.00 For qualified mortgages (QMs) under the General QM loan definition in §1026.43(e)(2),

Manufacturing 52

Manufacturing Loans Consumer Credit Banks 52

Collection Industry News

OCTOBER 10, 2022

The just recently released Federal Reserve Consumer Credit-G.19 consumer credit outstanding has reached historic levels; outstanding consumer credit is now at $4.7 In August, consumer credit increased at a seasonally adjusted annual rate of 8.3 19 report shows that U.S. The post U.S.

Consumer Credit 40

Consumer Credit Personal loans Loans Banks 40

Debt Free Colorado

FEBRUARY 21, 2022

The Fair Debt Collection Practices Act (FDCPA) applies to collection firms and debt collectors attempting to recover consumer debts. Consumer debts include credit card debts, vehicle loans, medical costs, and school loans. What is Colorado Uniform Consumer Credit Code (Colorado UCCC).

Debt collector 98

Debt collector Fair Debt Collection Collection Agencies Collections Agency 98

Collection Industry News

JANUARY 25, 2021

The insured creditor and its affiliates do not maintain an escrow account for consumer credit transactions secured by real property or a dwelling, other than: Escrow accounts established after consummation as an accommodation to distressed consumers to assist such consumers in avoiding default or foreclosure, or.

Loans 40

Loans Creditors Credit Unions Credit Unions 40

Troutman Sanders

OCTOBER 28, 2021

The rules in question were issued by the Consumer Financial Protection Bureau (CFPB) in 2020 and 2021. The updates reflect changes to the definition of a General QM loan and the addition of a new category of QM, Seasoned QM loans. For QMs under the General QM loan definition in Section 1026.43(e)(2),

Loans 52

Loans Credit Unions Credit Unions Manufacturing 52

Credit Corp

JUNE 8, 2023

When you borrow money, whether through a revolving account, like credit cards , or an installment account, like an auto loan or student loan , the information is gathered by the credit bureaus. The data the bureaus keep in your credit files is the date used to calculate your credit scores.

Lender 98

Lender Loans Creditors Credit Unions 98

Collection Industry News

AUGUST 17, 2023

The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. Credit card balances increased by $45 billion, from $986 billion in Q1 2023 to a series high of $1.03 Other balances, which include retail cards and other consumer loans, increased by $15 billion.

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Foreclosure 40

Troutman Sanders

SEPTEMBER 13, 2023

Department of Treasury (collectively, the agencies) jointly issued a Request for Information (Request) seeking public comment on medical credit cards, loans, and other financial products used to pay for health care. Enrolling patients for a third-party credit card or loan if the patient is sedated or unconscious.

Credit Card Debt 52

Credit Card Debt Fair Debt Collection Loans Healthcare 52

Collection Industry News

NOVEMBER 13, 2023

Credit card delinquency rates also rose across the board, according to the New York Fed, but especially among millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt. The average annual percentage rate is now more than 20% — also an all-time high.

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Consumer Credit 40

Troutman Sanders

OCTOBER 28, 2022

Pursuant to its authority under Section 1022(b)(1) of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to consumer reporting agencies (CRAs), highlighting their obligation to screen for and eliminate obviously false data from consumers’ credit reports.

Student loans 52

Student loans Student Loans Consumer Credit Loans 52

FFGN COLLECT NY

JANUARY 10, 2024

Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying. In 2023, Hochul signed laws scrubbing all medical debt from consumer credit reports and prohibited wage garnishments for medical debt and liens on primary residences.

Collections 52

Collections Garnishment Debt collector Student loans 52

Credit Corp

SEPTEMBER 27, 2023

Can you pay a loan with a credit card? Yes, paying a loan with a credit card is sometimes possible. Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off. Below are two instances where you’ll see THD/CBNA show up on your credit report.

Retail 104

Retail Creditworthiness Lender Creditors 104

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.

Personal loans 40

Personal loans Consumer Credit Loans Lender 40

Fico Collections

FEBRUARY 7, 2023

Saxon Shirley Fri, 05/20/2022 - 06:06 by FICO expand_less Back To Top Tue, 02/07/2023 - 19:10 As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem. million previously “unscorable” consumer files.

Credit Bureau 52

Credit Bureau Loans Consumer Credit Lender 52

Fico Collections

APRIL 28, 2023

Credit Risk and FICO Score Trends? And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, such as in the form of rising balances, credit seeking behavior, and eventually for some, missed payments.

Student loans 52

Student loans Student Loans Consumer Credit Lender 52

FFGN COLLECT NY

JULY 20, 2021

After New York Governor Andrew Cuomo signs the Consumer Credit Fairness Act (S.153/Thomas) 153/Thomas) into law, many creditors will need to provide significant documentation in order to file a debt collection action against their non-paying consumers. The New Consumer Debt Collection Requirements.

Creditors 40

Creditors Collections Credit Unions Credit Unions 40

Collection Industry News

JULY 12, 2021

Americans borrowed a lot more money in May, according to new data from the Federal Reserve’s Consumer Credit Report released in July. There was a 10% increase in credit use on a seasonally adjusted annual basis in May 2021. In May 2021, the total outstanding balance of consumer credit hit $4.25

Consumer Credit 40

Consumer Credit Credit Card Debt Loans Government 40