Collection Industry News

SEPTEMBER 21, 2021

The report, “Financial conditions for renters before and during the COVID-19 Pandemic,” finds that some government relief efforts likely helped maintain the financial stability of renters and their families. Renters’ debt obligations also differed considerably from those of homeowners before the pandemic.

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Credit Card Debt Government Financial services Consumer Credit 40

True Accord

APRIL 5, 2023

At the beginning of March, the federal government ended pandemic-era payments for low-income families on the Supplemental Nutrition Assistance Program (SNAP), causing nearly 30 million Americans to lose increased food stamp benefits. consumer credit card debt has increased to nearly $1 trillion.

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Student loans Student Loans Credit Card Debt Loans 94

Fico Collections

OCTOBER 28, 2022

We’ve seen FICO® Scores in Canada steadily increase throughout the pandemic due, at least in part, to strong performance of equity markets, sustained economic growth, a booming real estate market , payment accommodation programs by lenders , and government stimulus which helped boost household savings to unprecedented levels.

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Collection Industry News

OCTOBER 5, 2021

economic crisis, credit card issuers last year mostly avoided clamping down on their existing customers’ borrowing limits, according to a new report from the Consumer Financial Protection Bureau. Mail solicitations for cards plunged last year, hitting a new low of 61.6 In a shift from the previous U.S.

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Collection Industry News

MARCH 19, 2024

“Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

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Consumer Credit Student loans Student Loans Collections 40

Fico Collections

AUGUST 29, 2022

During the first year of the pandemic, the combination of government stimulus programs such as the CARES Act and payment accommodation programs offered by lenders helped millions of consumers stave off missed payments. Now, the average FICO® Score has leveled off during the second year of the pandemic.

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Fico Collections

OCTOBER 15, 2020

Missed payments reported in the credit file are down. Whether due to reined in spending in the face of the economic uncertainty wrought by the pandemic, or simply due to having fewer opportunities for spending on discretionary items such as restaurant, retail, and travel, consumer debt levels during the pandemic are down substantially.

Credit Card Debt 76

Credit Card Debt Government Consumer Credit Lender 76

Titan Consulting

AUGUST 23, 2020

When government assistance is not providing enough income to cover job losses, should you file for bankruptcy or hold out for the economic recovery? At your request, lenders must grant a forbearance for up to 180 days, renewable for up to a year with a hardship attestation. The Bankruptcy Option.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 86

Credit Corp

JULY 7, 2021

And while you won’t “lose” your credit history if you change your name due to marriage, divorce or even just for fun, there can sometimes be confusion about your identity if your information isn’t being accurately reported. Consolidate Your Credit Card Debt. Consolidate and Save. Privacy Policy.

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Credit Corp

JUNE 12, 2023

alone, the value of revolving credit outstanding in 2022 amounted to approximately $1.12 Additionally, Forbes reported that the average credit card debt per borrower was $5,474 in the third quarter of 2022—meaning that credit card debt can quickly stack up and overwhelm borrowers. In the U.S.

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Student loans Student Loans Credit Card Debt Loans 97

Better Credit Blog

DECEMBER 22, 2021

A debt consolidation loan is a personal loan that can be used to pay off all of your debts, so instead of owing money to multiple sources, you will just have to pay back one lender with a monthly payment. Student loans that were secured through a private vendor can, sometimes, be consolidated through a lender.

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Fico Collections

JANUARY 26, 2022

It serves as a broad-based, independent standard measure of credit risk. It is relied upon by stakeholders across the entire lending ecosystem – from regulators, investors and boards to consumers, lenders, and brokers – as a baseline metric for assessing credit risk that is fair to both lenders and consumers. .

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Fico Collections

OCTOBER 15, 2020

Missed payments reported in the credit file are down. Whether due to reigned in spending in the face of the economic uncertainty wrought by the pandemic, or simply due to having fewer opportunities for spending on discretionary items such as restaurant, retail, and travel, consumer debt levels during the pandemic are down substantially.

Credit Card Debt 52

Credit Card Debt Government Consumer Credit Lender 52

Sawin & Shea

AUGUST 4, 2021

This is when a lender agrees to take less than the total amount owed on the real estate from the sale. Your lender has to approve the short sale and will require quite a bit of documentation and paperwork from you. Your lender has to approve the short sale and will require quite a bit of documentation and paperwork from you.

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Bankruptcy Chapter 7 bankruptcy Foreclosure Lender 52

Hudson Weir

SEPTEMBER 4, 2023

If you’re struggling with personal debt, you may be searching online for ‘debt relief order UK’ looking for a solution to your troubles. Well, first of all, it’s important to note that in order to apply, you must have lived in England or Wales in the last three years, as stipulated by the government.

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Fico Collections

JANUARY 13, 2022

Regardless of the billions in cash reserves governments have invested in furlough schemes, business loans, deferred repayments and debt relief schemes, the cost of living continues to rapidly increase. Lenders face several thorny challenges of sifting through the pandemic’s inevitable financial fall-out.

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Debt Free Colorado

DECEMBER 9, 2021

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Without having to repay it later, you may immediately begin rebuilding your credit. . If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Taurus Collect

JUNE 16, 2022

When you have a debt in collection and receive a call/ notice from a debt collector, it indicates that your original creditor has redirected the debt to a debt collection agency or a third party to collect it. The past-due accounts will not be charged off and sent to the collection agency until they become aged debts.

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Debt Recoveries

OCTOBER 24, 2021

Whether you’re carrying credit card debt, personal loans, or student loans, one of the best ways to pay them down sooner is to make more than the minimum monthly payment. Money is very cheap at the moment so it’s a great time to go to your bank/lender and ask for a cheaper rate. Pay more than the minimum payment.

Debt Consolidation 52

Debt Consolidation Debt collector Student loans Student Loans 52

Sawin & Shea

APRIL 10, 2024

Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. They cannot take legal action against you or seize your assets.

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Fico Collections

JANUARY 15, 2021

The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted. We hope that what readers learned helped instill confidence in keeping credit flowing during uncertain times.

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Collection Industry News

JUNE 1, 2023

The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts. This presents a substantial opportunity for debt collection agencies to assist lenders in recovering unpaid debts and managing default risks.

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Titan Consulting

AUGUST 30, 2020

However, unlike a traditional mortgage, you do not make monthly payments, and the debt balance grows each year you remain in the home. The federal government insures most reverse mortgages through a Home Equity Conversion Mortgage or HECM. There is no minimum credit score required to qualify for a reverse mortgage.

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Loans Debt Consolidation Collateral Credit Card Debt 64

Credit Corp

MAY 1, 2024

Balance errors: A creditor may report the wrong balance or the wrong credit limit, which affects your credit utilization ratio. Utilization measures how much revolving debt (typically this is credit card debt) you have compared to your total credit limit.

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Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. For more information, click here. On October 26, Senator Cynthia M.

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Financial services Financial Institution Trade Banks 52

Better Credit Blog

JANUARY 20, 2022

This is why many people engage the services of a debt relief agency. TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. The fees you can expect to pay for Freedom Debt Relief’s services range from 15–25%. National Debt Relief vs. Freedom Debt Relief.

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Creditors Credit Card Debt Unsecured Debt Debt settlement 76

Fico Collections

JUNE 14, 2021

The figures include a 12 percent rise in card spend and more customers exceeding their card limit. Missed payments were still below historical trends, probably due to increased savings and government support, which continues to blur the picture of card users struggling with debt issues, making it more difficult for lenders to manage.

Retail 52

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Titan Consulting

JUNE 7, 2020

Private loans, Perkins Loans, and FFEL loans held by commercial lenders were not included in the CARES Act. The federal government is not making payments on student loan accounts, but rather suspending payments, which will extend the term of the loan. In total, the Act covers 88% of outstanding student loans.

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Student loans Student Loans Loans Accrued Interest 64

Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. For more information, click here.

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