Collection Industry News
MAY 18, 2021
While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.
Credit Corp
JUNE 12, 2023
A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. You may even qualify for a subsidized loan or an income-driven repayment plan.
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Debt Guru
MARCH 6, 2020
Use the same formula that lenders rely on when evaluating a loan application. The result is a percentage that determines your creditworthiness – in short, if lenders believe you’ll be able to repay the loan. Keep in mind that your ratio typically excludes mortgage and student loans.
Credit Corp
OCTOBER 25, 2023
No credit means that lenders can’t easily review your credit history, while bad credit means you’ve earned derogatory marks on your credit profile. There are certain loans that you can apply for with bad credit. Make Payments on Time Payment history influences 35% of your FICO® credit score, which is the model most lenders rely on.
Better Credit Blog
MAY 20, 2022
A personal loan can be as small as a couple thousand dollars to help pay for a wedding to $100,000 for emergency medical expenses. While terms vary from lender to lender, personal loans are usually repaid over the span of 12 to 84 months. Reasons to Get a Personal Loan. Personal Loan Rates and Fees.
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.
Troutman Sanders
MAY 9, 2023
PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels. The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act.
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