Collection Industry News

JANUARY 13, 2021

Chartered by the Bureau in January of 2020, the Taskforce has examined the existing legal and regulatory environment facing consumers and financial services providers. Clarify the obligations of CRAs and furnishers with respect to disputes under the FCRA; Assess periodically the accuracy and completeness of consumer credit reports.

Consumer Credit 40

Consumer Credit Creditworthiness Banks Education 40

Jimerson Firm

NOVEMBER 2, 2020

Lenders and CDC’s must continuously monitor the following for changes: Borrower’s name, address, or legal structure; Borrower’s creditworthiness; UCC filings; Taxes and assessments; Insurance; and. Senior secured loans. Reporting Requirements.

Lender 94

Lender Loans Collateral Creditworthiness 94

Debt RR

DECEMBER 1, 2022

Effectively, it’s the amount a business can borrow without putting the company in a financially bad situation. Debt capacity is an effective tool in determining a company’s creditworthiness and ability to repay debt. Some businesses, for example, may limit their debt to 5% of their earnings. What is Unused Debt Capacity?

Creditworthiness 65

Creditworthiness Lender Debt Recovery Debt Financing 65

Consumer Financial Services Law

JANUARY 14, 2017

The CFPB took issue with: (a) the scores being marketed and represented as being the same scores lenders typically used to determine a consumer’s creditworthiness; and (b) the CRAs not adequately disclosing the monthly charges for the services if not cancelled during the free trial period.

Lender 40

Lender Creditworthiness Financial Institution Education 40

Fico Collections

JANUARY 3, 2023

Once a route to creditworthiness is redefined, they are often reluctant to compromise on their pre-agreed financial plans. Consumers hit exclusively by an economic downturn – so-called economic victims - typically are embarrassed, concerned and object to being in an arrears’ situation.

Collections 52

Collections Lender Creditworthiness Creditors 52

Consumer Financial Services Law

NOVEMBER 14, 2016

Specifically, the Report notes that in one or more examinations, collectors disclosed the debt to third parties, disclosed their employer to third parties without first being asked.

Debt collector 40

Debt collector Creditworthiness Collections 40

CSA

DECEMBER 7, 2022

The new directive would introduce additional information and creditworthiness requirements prior to lending and will expand the scope of the directive to include other types of lending product, including loans of less than €200 and buy-now-pay-later products. Shepperd also identifies some tools that can help firms embed positive culture.

Government 40

Government Consumer Credit Creditworthiness Financial services 40

FDCPA Defense

MAY 6, 2014

These include statements suggesting that paying their debts might improve their credit report, their credit score, or their creditworthiness, or that payments may increase the likelihood that the consumer will receive credit or more favorable credit terms. Arrow Financial Services , 428 F. 2d 1057 (N.D.

Creditworthiness 40

Creditworthiness Debtor Debt collector Consumer Credit 40

Debt RR

OCTOBER 25, 2019

Effectively, it’s the amount a business can borrow without putting the company in a financially bad situation. Debt capacity is an effective tool in determining a company’s creditworthiness and ability to repay debt. Some businesses, for example, may limit their debt to 5% of their earnings. What is Unused Debt Capacity?

Creditworthiness 42

Creditworthiness Lender Debt Recovery Debt Financing 42

Fico Collections

JUNE 30, 2023

In short, the more predictive and reliable the credit score as a standard of creditworthiness is over time, the easier it is for investors to have faith that their investments will produce the anticipated cashflows. This, in turn, increases the overall value of the MBS as an investment instrument.

Lender 96

Lender Loans Banks Creditworthiness 96

Troutman Sanders

APRIL 15, 2022

The Federal Housing Finance Agency (FHFA) is reviewing the credit models that Fannie Mae and Freddie Mac use and looking at ways to ensure that measures of creditworthiness are accurate, reliable, and predictive. To try a one-month trial subscription, and for more information, contact Stefanie Jackman.

Consumer Credit 52

Consumer Credit Creditworthiness Debt collector Education 52

Troutman Sanders

JUNE 22, 2021

Federal Activities: On June 18, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to help provide greater access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

OCTOBER 24, 2023

Representative Maxine Waters (D-CA), while applauding the Biden administration’s recent actions on “junk fees,” announced that House Democrats will soon be “unveiling additional legislation to more expansively address junk fees in the financial services and housing industries.” For more information, click here. On October 16, the U.S.

Financial services 52

Financial services Creditworthiness Banks Government 52