Getting to Know Debbie Frank of Credit Bureau Services
Account Recovery
MAY 5, 2022
… The post Getting to Know Debbie Frank of Credit Bureau Services appeared first on AccountsRecovery.net.
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Credit Bureau CEOs Commit to Removing Medical Debt from Reports if Ordered by CFPB
Account Recovery
APRIL 28, 2023
The chief executives of the three major credit reporting agencies yesterday testified before the Senate Banking Committee that they would exclude all medical debts from consumers’ credit reports if they were ordered to do so by the Consumer Financial Protection Bureau, but only if they were ordered to do so.
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Daily Digest – May 5. Getting to Know Debbie Frank of Credit Bureau Services; CFPB Fines BofA $10M for Improper Garnishments
Account Recovery
MAY 5, 2022
GETTING TO KNOW DEBBIE FRANK OF CREDIT BUREAU SERVICES One of the great benefits of working in the accounts receivable management industry is the willingness to collaborate, the understanding that a rising tide lifts all boats. Perhaps nobody appreciates that — and embodies it — more than Debbie Frank.
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Getting to Know Diann Jenkins of Credit Bureau of Jonesboro
Account Recovery
JUNE 10, 2021
… The post Getting to Know Diann Jenkins of Credit Bureau of Jonesboro appeared first on AccountsRecovery.net.
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Daily Digest – June 10. Getting to Know Diann Jenkins of Credit Bureau of Jonesboro; Ninth Circuit Reverses Ruling in FDCPA Case
Account Recovery
JUNE 10, 2021
GETTING TO KNOW DIANN JENKINS OF CREDIT BUREAU OF JONESBORO There is no doubt that new ways of doing business are revolutionizing the accounts receivable management industry. Getting to Know Diann Jenkins of Credit Bureau of Jonesboro; Ninth Circuit Reverses Ruling in FDCPA Case appeared first on AccountsRecovery.net.
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Credit Bureau Phone Numbers Put You in Touch With Help
Nerd Wallet
FEBRUARY 10, 2022
There are plenty of reasons why you might need to contact one of them, including disputing an item on your credit report, freezing your credit, or reporting fraud or identity theft. While the major credit bureau websites offer the ability to do. Amanda Barroso writes for NerdWallet. Email: abarroso@nerdwallet.com.
Saudi Credit Bureau Delivers Access To Loans For Millions with Score
Fico Collections
SEPTEMBER 15, 2022
Saudi Credit Bureau Delivers Access To Loans For Millions with Score. Read this blog on financial inclusion and the social good that can come from credit scores. SIMAH wins FICO ® Decisions Award for financial inclusion using FICO ® Scores. Saxon Shirley. Fri, 09/09/2022 - 03:42. by Nikhil Behl. expand_less Back To Top.
Can a Collection Agency Report to the Credit Bureau Without Notifying You?
Credit Corp
NOVEMBER 9, 2020
Can a collection agency report to a credit bureau without notifying you? ExtraCredit is offering an exclusive discount to one of the leaders in credit repair, so sign up today. The post Can a Collection Agency Report to the Credit Bureau Without Notifying You? The answer might not be that simple.
Rep. McHenry opposes government-run credit bureau on ground that government suffers cyberattacks. Equifax, anyone?
Public Citizen
JULY 3, 2021
Among the topics addressed during the hearing was President Biden's proposal for a government-run credit bureau. Ranking member Patrick McHenry opposed a government-run credit bureau, commenting, according to the article: "Cyberattacks are also a major issue with federal databases," McHenry said.
41 State AGs Reach Settlement With Breached Collection Agency
Account Recovery
MARCH 12, 2021
Attorneys general from 41 states have reached a settlement with Retrieval-Masters Credit Bureau, which operated a collection agency under the name of American Medical Collection Agency, stemming from a data breach in 2019 that exposed the personal information of more than 7 million individuals.
Setup Fee for Collection Agency: Waived Off !!
Nexa Collect
FEBRUARY 15, 2023
Open-ended contract with no minimums and free credit bureau reporting. Contact us if you need a collection agency with the following features. No setup fee and no hidden charges. We guarantee it. High collection rates and an easy-to-use online client portal. Offers both Fixed-fee service and Contingency-only based collection services.
Judge Grants MSJ For Defendant in FDCPA Case Over Credit Karma Report
Account Recovery
JUNE 29, 2021
What Credit Karma says in its reports about a consumer’s credit history is not gospel, a District Court judge in Tennessee has ruled, granting a defendant’s motion for summary judgment after it was accused of violating the Fair Debt Collection Practices Act because it allegedly communicated information to a credit bureau after it was instructed (..)
Your Collection Agency has Shut Down? What to do Next?
Nexa Collect
JUNE 4, 2022
Credit Bureau Reporting changes: Starting July 2022, the top 3 credit bureau agencies made it harder to report medical debts for credit reporting. CFPB rules: On November 30, 2021, the CFPB’s new Debt Collection Rules became effective, becoming a major roadblock for the entire Collections industry.
More Than 232 Million US Consumers Can Be Scored by the FICO Score Suite
Fico Collections
AUGUST 23, 2021
For most of the credit-eligible US population there is sufficient traditional credit bureau data available for calculating a FICO® Score. An independent study conducted by the CFPB reached very consistent conclusions to our own, sizing the ‘credit invisible’ population at 26 million consumers.
Icing on the Cake: How the FICO Score and alternative data work best together
Fico Collections
JUNE 2, 2023
consumer data not present in the traditional credit bureau files) to enhance the predictiveness and inclusiveness in credit scoring. with little or no credit information in their traditional credit bureau files, who have traditionally struggled to access credit. More than 200 million U.S.
FICO Facts: Do FICO Scores Consider Telco and Utility Data?
Fico Collections
SEPTEMBER 24, 2021
For example, in the US, 92 percent of consumers have cell phones, but just 5 percent of consumers have telco data reported in their traditional credit bureau files. Figure 1: Credit bureau coverage is greater for some types of data than others. FICO has a solution to this problem. market. .
How to Write a Credit Dispute Letter
Credit Corp
MAY 3, 2023
If you’ve got an error of your credit report, it’s up to you to find it, dispute it, and fix the error. Formally disputing an error involves writing a formal dispute letter to the creditor as well as the appropriate credit bureau reporting the inaccuracy. Tell the credit bureau what action you want them to take.
How to Remove Collection Accounts from Your Credit Reports
Credit Corp
SEPTEMBER 12, 2023
If you have a lot of inaccurate collection accounts on your report, you might need help from a credit repair firm like Lexington Law Firm. Credit repair companies know how to navigate credit bureau territory, and they can help consumers understand how to handle tricky situations.
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Nevada Enacts Law Imposing Licensing Requirements and Regulations on Student Loan Servicers
Troutman Sanders
JULY 12, 2023
Providing inaccurate information to a credit bureau. Failing to report both the favorable and unfavorable payment history of the borrower to a national consumer credit bureau at least annually if the student loan servicer regularly reports such information. Misapplying student loan payments to the outstanding balance.
FICO Fact: How Alternative Data Enhances the Accuracy of Consumer Credit Profiles
Fico Collections
FEBRUARY 10, 2022
Developed by FICO in partnership with LexisNexis Risk Solutions and Equifax, this innovative score utilizes alternative data—data not included in the traditional credit bureau file. The inclusion of this alternative data leads to a more reliable estimate of consumer credit risk and helps score more than 26.5
Ninth Circuit Finds Standing in FCRA File Disclosure Case But Rejects Expansive View of Definition of “File”
Troutman Sanders
APRIL 7, 2022
Plaintiffs Theresa Tailford, Sanford Buckles, and Jeffrey Ruderman sued a national credit bureau for FCRA violations, alleging failure to disclose certain information in the file disclosures the credit bureau provided upon request.
Fannie Mae and Freddie Mac Will Require the Use of FICO Score 10 T
Fico Collections
OCTOBER 24, 2022
FICO® Score 10 T incorporates trended credit bureau data. Different than traditional credit bureau data, the use of trended data considers a historical view of data such as account balances for the previous 24+ months, giving lenders more insight into how individuals are managing their credit. .
How to Check Your Business Credit Score
Nerd Wallet
MARCH 30, 2022
A top-tier business credit score can unlock preferred rates on financing and business insurance, and it can also open the door to potential partnerships and trade credit arrangements. The article How to Check Your Business Credit Score originally appeared on NerdWallet. Kelsey Sheehy writes for NerdWallet.
How to Remove Bankruptcy from a Credit Report
Sawin & Shea
FEBRUARY 14, 2023
So, it is usually the creditors or the credit bureau themselves that access this information and report it. The Bankruptcy Court has no control over what credit bureaus do with the information once they access it. You can file your dispute with the credit bureau by phone, by mail, or by using their online system.
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Government is Making Debt Recovery a lot Harder
Nexa Collect
JANUARY 14, 2023
Not just the government, but even credit bureaus are creating roadblocks for hospitals, doctors and dentists, who rely on collection agencies and credit bureau reporting for medical debt recovery.
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FICO Fact: Does FICO’s minimum scoring criteria limit consumers’ access to credit?
Fico Collections
OCTOBER 11, 2021
Does FICO’s minimum scoring criteria limit consumers’ access to credit? . Over the last 30 years, FICO has continued to analyze the minimum amount of credit bureau data that is necessary to deliver a reliable, predictive FICO® Score to the market - which benefits both consumers and lenders alike. Simply put, the answer is no.
FICO Fact: Do FICO Scores Consider Telco and Utility Data?
Fico Collections
SEPTEMBER 24, 2021
For example, in the US, 92 percent of consumers have cell phones, but just 5 percent of consumers have telco data reported in their traditional credit bureau files. Figure 1: Credit bureau coverage is greater for some types of data than others. FICO has a solution to this problem. market. .
Personal Loan Rates and Debt Statistics: 2021
Nerd Wallet
OCTOBER 13, 2021
Personal loans accounted for $148 billion in consumer debt in the fourth quarter of 2020, a decline from the same period in 2019, according to credit bureau TransUnion. Personal loans are usually unsecured, meaning they don’t require collateral like a house or a car, and you can use them for almost anything. Lenders rely on.
Top 5 Scores Topics of 2021
Fico Collections
JANUARY 26, 2022
In the first post of the series addressing whether minimum scoring criteria limits the consumers’ access to credit, Joanne Gaskin wrote: Simply put, the answer is no. Delivering less predictive and often low scores to the market using only sparse and/or stale credit bureau data is not a recipe for helping consumers gain access to credit.
TransUnion, Equifax, or Experian Dispute: What Happens When It’s Denied?
Credit Corp
MARCH 20, 2023
When you submit a dispute , the credit reporting agency must investigate the items in question–usually within 30 days of receiving your communication. Once the investigation is complete, the credit bureau has 5 days to make any appropriate changes to your file and notify you of those results.
FICO Fact: How Current is the Data in my FICO Score?
Fico Collections
NOVEMBER 10, 2021
In fact, while other credit scoring models may generate a credit score based on stale credit information , our minimum scoring criteria requires that at least one credit account has updated information reported in the last six months. How frequently the data is updated depends on where it resides: Credit Bureau Data.
Average U.S. FICO® Score Stays Steady at 716, as Missed Payments and Consumer Debt Rises
Fico Collections
AUGUST 29, 2022
and globally -- making access to credit more efficient and objective, which has continued into the present day. FICO® Scores are dynamic and evolve as changes in consumer behavior are reflected in the underlying credit bureau data housed and managed by the three primary U.S. consumer reporting agencies (CRAs). in April 2022.
Is It Harder for Seniors to Get Credit Cards?
Nerd Wallet
AUGUST 18, 2020
Whether it’s to earn rewards toward vacations or just finance everyday purchases, there’s strong demand for credit cards among older adults. According to a report from credit bureau Experian, baby boomers (those born between 1946 and 1964) carried an average of 4.8 Erin Hurd is a writer at NerdWallet.
An Industry Perspective: A Conversation with Eric Ellman of the Consumer Data Industry Association
Troutman Sanders
JUNE 3, 2022
Please join Troutman Pepper Partner Dave Gettings and his guest Eric Ellman of the Consumer Data Industry Association (CDIA) for a conversation on recent industry developments in credit reporting. Dave and Eric discuss the CDIA’s mission, the idea of a government-run credit bureau, and recent trends in FCRA litigation.
Making Medical Credit Reporting Harder is a Disaster in the Making
Nexa Collect
APRIL 27, 2022
Shouldn’t all unpaid debts ( medical or otherwise), be reported to credit reports in the same way? Forcefully suppressing unpaid medical debts from credit bureau reporting will certainly result in many unintended consequences. Then let the lenders decide which one they want to consider or ignore.
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The FICO® Score is Built to Last
Fico Collections
APRIL 12, 2023
And while some of our clients’ business lines benefit from the very latest innovations, others such as mortgage continue to find that older versions of the FICO® Score – even some that were first developed decades ago – meet their needs for credit risk assessment. We also recognize that our scores serve many different purposes.
Understanding Why You Have So Many Different Credit Scores
Titan Consulting
MAY 3, 2020
Due to the fact that not all companies report to all three credit bureaus, there are often differences in the information retained by each credit bureau. Credit scoring companies like FICO rely primarily on the information contained in the credit report, which can result in a different credit score for each credit bureau.
Contingency Collections – Why is it the best Debt Recovery Service?
Nexa Collect
JUNE 28, 2022
Credit Bureau reporting is done for free by most agencies. After the collection agency fails to recover money for you, they will now insist that you transfer accounts to the contingency service. Why go for the “Contingency Only” service? No upfront fee is involved.
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BNPL in Credit Reports: How Could This Data Impact FICO Scores?
Fico Collections
APRIL 28, 2022
To the extent that BNPL loans are reported to the CRAs and incorporated into the core consumer credit bureau file, they will be factored into all existing versions of the FICO Score. But what might be the impact to the FICO ® Score of BNPL accounts being included in the credit report?
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FICO Score 10 Suite Available from All Three Credit Bureaus
Fico Collections
DECEMBER 4, 2020
To further enhance flexibility and predictive power, the addition of FICO® Score 10 T incorporates trended credit bureau data. With the FICO® Score 10 Suite, lenders gain up to a ten percent predictive lift over previous FICO Score models.
Which Credit Score and Report Is Most Accurate?
Credit Corp
JUNE 1, 2023
Which Credit Bureau Is Most Accurate? In addition to the two primary scoring models, you will also find different scores with each credit bureaus. With Experian being the largest credit bureau , many people wonder how accurate the Experian credit score is.
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FICO Applauds FHFA Inclusion of Rental Data in Underwriting
Fico Collections
AUGUST 16, 2021
There are 53 million consumers who don’t have sufficient data in the traditional credit bureau files to generate a credit score today. that show a personal financial history that isn’t captured by the credit bureaus. . that show a personal financial history that isn’t captured by the credit bureaus.
Can I Sue a Company for Sending Me to Collections?
Credit Corp
JANUARY 21, 2021
Yes, you might be able to sue a company for false credit reporting. Begin by challenging the information with the credit bureau. False information hits credit reports for a variety of reasons, including misunderstandings and honest mistakes such as clerical errors.
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Things Debt Collectors Are Forbidden to Do
Sawin & Shea
JUNE 9, 2021
Approximately one third of consumers with a credit bureau file were contacted by at least one creditor or debt collector each year, according to a CFPB (Consumer Financial Protection Bureau) survey. Give information about a debt to a credit bureau without having informed you by phone or email first.
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