Remove Creditworthiness Remove Financial services Remove Judgment
article thumbnail

Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

Among other things, the bill: (1) caps the rate of interest on medical debt to 3% per annum; (2) requires a debt collector or collection agency collecting on a medical debt to provide the consumer, upon the consumer’s written or oral request, an itemized statement concerning the debt, while allowing the consumer to dispute the validity of the debt (..)

article thumbnail

Passage Of Debt Collection Bill Could Be A ‘Slippery Slope’ For Lenders

Collection Industry News

2547 was sponsored by House Financial Services Committee Chairwoman Rep. Restrictions on the reporting or consideration of certain debt prevents lenders from seeing borrowers’ complete debt circumstances and clouds lenders’ ability to fairly assess borrowers’ creditworthiness. The bill, H.R. Maxine Waters (D-Calif.),

Lender 40