Collection Industry News

JANUARY 13, 2024

growth in credit card debt. trillion, according to data from the Federal Reserve Bank of New York (NYFRB). We also zeroed in on credit card debt data to identify which states had the highest levels of credit card debt in the country. The largest increase in any category was credit card debt, which swelled by 16.6%

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Nexa Collect

JULY 31, 2020

Credit card delinquency rates have been climbing since 2016. Average monthly balances have been trending up as well. Recovering Credit Card Debt Nationwide. If you have the data available, it’s also useful to segment your delinquent customers based on the channels they’re most likely to respond through. Contact Us.

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Fico Collections

MARCH 8, 2021

I recently had the opportunity to participate in a virtual event hosted by the Urban Institute entitled Financial Inclusion: Lessons Learned and What’s Next for Innovations in Alternative Credit Data. One particularly useful example is checking and savings account data. Increasing Lender Confidence.

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Fico Collections

JUNE 16, 2023

Major Trends & Themes for Customer Experience/Management Customer expectations have changed dramatically during the last few years, and skyrocketing demand for streamlined digital experiences has led to the rapid adoption of technologies.

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Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. Financial institutions have a wealth of data that has been mostly untapped, but this will change soon. It’s about customer experience and engagement.

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Collection Industry News

NOVEMBER 16, 2021

The Federal Reserve Bank of New York Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit , showing that total household debt climbed $286 billion (1.9%) in the third quarter of 2021 to $15.24 Meanwhile, credit card balances increased $17 billion — the same size increase as the previous quarter.

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Collection Industry News

NOVEMBER 16, 2021

The Federal Reserve Bank of New York Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit , showing that total household debt climbed $286 billion (1.9%) in the third quarter of 2021 to $15.24 Meanwhile, credit card balances increased $17 billion — the same size increase as the previous quarter.

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Collection Industry News

OCTOBER 3, 2022

At a time of record-high borrowing costs and rising prices, people need all the help they can get from their credit scores. Most people stayed in the same credit-score range they already occupied even after subtracting the $10,000 debt. In a “trended” approach that wraps into numbers over several months, 79% stayed where they were.

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Collection Industry News

MAY 19, 2023

During the first quarter, the increases in debt were seen across practically all categories, with larger (and new record) balances for mortgages, home equity lines of credit, auto loans, student loans, retail cards and other consumer loans. Increases in credit card debt can be a either sign of confidence or struggle, he added.

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Collection Industry News

MARCH 19, 2024

Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers. Despite inflation and high interest rates, consumers helped the economy end the year in a far better position than most predicted.

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Payment Savvy

DECEMBER 9, 2020

It’s why merchants should keep an eye on payment trends to ensure they’re ahead of the curve. Here are some payment trends to watch out for in 2021. Here are some payment trends to watch out for in 2021. Customer experience plays an integral role in shaping payment trends. Frictionless Payments. Real-Time Payments.

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Fico Collections

SEPTEMBER 15, 2022

Saudi Credit Bureau Delivers Access To Loans For Millions with Score. This growth in Saudi financial inclusion was made possible by SIMAH’s advocacy efforts with financial institutions and a parallel education campaign with consumers. “We Going Beyond Salary Data For Saudi Financial Inclusion. Saxon Shirley. by Nikhil Behl.

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Taurus Collect

JUNE 15, 2023

In this blog post, we’ll explore the latest trends in debt collection law as well as tips to help those seeking recourse through the court system. As such, it’s important to research a variety of collection agencies in order to find one that is reputable and trustworthy.

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Fico Collections

JANUARY 22, 2021

But despite the COVID pandemic having effected massive changes in the ways consumers transact, credit card fraud is still a “thing,” and a big, ever-changing thing at that. Exactly how big credit card fraud is depends on where you look. Exactly how big credit card fraud is depends on where you look.

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Troutman Sanders

JULY 12, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Also, the order “[e]ncourages the Consumer Financial Protection Bureau (CFPB) to issue rules allowing customers to download their banking data and take it with them.” State Activities.

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Fico Collections

JANUARY 12, 2022

I recently sat down with Sidhartha Dash, Research Director at Chartis Research, for a conversation about the technology and trends in enterprise fraud management. Enterprise fraud management is certain to change as technology advances, fraud techniques change and consumer preferences shift. by TJ Horan.

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Fico Collections

JULY 20, 2021

In a quest to understand how borrowers exiting bankcard payment accommodations are performing, FICO researchers asked, “Does borrower resilience (as identified by FICO® Resilience Index) play a factor in how they weather the economic stress that led them to enter into payment accommodations once the accommodation has ended?” by Sharon Tilley.

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Fico Collections

NOVEMBER 21, 2022

Retail Credit Analytics. In support of FICO’s win, Sid Dash, research director at Chartis Research studying risk and compliance technology companies stated, "FICO secured the top spot in the innovation category for the sixth consecutive year. Artificial Intelligence Applications. Financial Crime – Enterprise Fraud.

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Fico Collections

FEBRUARY 10, 2023

Home Blog FICO Consumers Prioritize Mortgage Payments Over Auto What are the drivers behind this mortgage and auto loan payment hierarchy behavioral shift and is it likely to be a lasting trend? Consumers could avoid delinquency on their credit accounts by requesting a payment accommodation due to hardship caused by the pandemic.

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True Accord

MARCH 31, 2022

It’s the end of the quarter and, as always, we at TrueAccord are looking at consumer debt trends that will impact our industry and beyond. The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. million U.S. The Upside.

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Troutman Sanders

NOVEMBER 9, 2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). As part of a series of reports focusing on trends in the consumer financial marketplace, the new research uses data on auto loan, student loan, and credit card accounts opened between 2012 and 2019.

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Fico Collections

NOVEMBER 24, 2021

New research shows that when it comes to opening a new online account, most customers are prepared to answer up to 10 questions. We polled opinion among 14,000 consumers across the globe, to gauge their attitudes and preferences towards online account opening. Any more and over half (+50%) simply abandon the process.

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Troutman Sanders

AUGUST 31, 2020

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19.

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Troutman Sanders

OCTOBER 3, 2023

On September 29, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) filed a joint amicus brief in the U.S. In the case, a consumer disputed information on her credit report alleging that multiple credit card accounts were opened without her knowledge. For more information, click here.

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Fico Collections

APRIL 29, 2022

There’s a lot going on in the retail payments space – defined as transactions between two consumers, between consumers and businesses, or between two businesses. Other changes are centered on the challenges of bank and ATM closures limiting consumer access to cash. With any change, fraud comes hand-in-hand.

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True Accord

NOVEMBER 10, 2020

In this edition of “Between Two Fintechs,” TrueAccord founder Ohad Samet interviews Dan Quan, Managing Partner of Banks Street Advisory and formerly the Senior Advisor to the Director at the Consumer Financial Protection Bureau (CFPB). The work that we’re doing gave federal regulators enough data needed to make these decisions.

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On Guard

OCTOBER 12, 2020

An Enterprise Resource Planning (ERP) system is a powerful tool for credit management and most companies, of all sizes, are now implementing ERP, according to a recent report. As a result, during these uncertain times, in particular, using an ERP on its own can put credit managers at a disadvantage.

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PDC Flow

SEPTEMBER 29, 2020

Lauren Valenzuela has been watching the trends and staying up-to-date with the latest in AR compliance as part of her job as Corporate Counsel, Performant Financial Corp. However, the proposed rules have informed our industry when it comes to communicating with consumers through email, for example.

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Collection Industry News

MARCH 28, 2022

The Department has made substantial progress in its first year to implement the new law, expand protection for consumers, and foster responsible financial innovation,” said Clothilde V. Research and Market Monitoring. Hewlett, DFPI Commissioner. “We In 2020, the Legislature passed the CCFPL as AB 1864 (Limón).

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Fico Collections

DECEMBER 10, 2020

Just like with everything else in 2020, COVID-19 affected AI; demand for AI, data, and digital tools soared as the pandemic has put an unexpected, protracted strain on many enterprises. Data quality monitoring. In 2021, organizations will stop their handwringing over AI and get down to brass tacks. Governance documentation.

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Fico Collections

MARCH 2, 2021

million, while a further 3 million at-risk consumers are teetering on the brink of delinquency. But there’s also a salutary tale here, as our research shows that failure to serve customers satisfactorily will simply see them switch to a competitor – and once they’ve gone, they’ve gone for good.

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Troutman Sanders

JANUARY 30, 2023

Senators Elizabeth Warren (D-MA) and Ron Wyden (D-OR) delivered a letter to the Public Company Accounting Oversight Board (PCAOB), discussing the role that insufficient accounting could have played in misleading consumers about the financial soundness of crypto-related companies.

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Fico Collections

JANUARY 19, 2023

It’s a move typified in the UK by the launch of the FCA’s Consumer Duty , which reinforces a host of customer safeguards. It’s a trend that’s being driven by the relentless focus on customer experience thanks to the agile fintechs and disruptors operating across numerous markets.

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Banks Financial services Government Collections 52

Consumer Financial Services Law

DECEMBER 17, 2016

This week, the CFPB introduced a new research tool, its Consumer Credit Trend Tool. According to the CFPB, the new tool’s purpose is to track originations of various consumer credit products. For now, the tool will focus on four credit products: mortgage, student loan, credit cards and auto loans.

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Fico Collections

DECEMBER 14, 2021

As we move forward into 2022, we are seeing the first signs of some interesting trends that will pick up pace across borders. We’ve seen a steady rise in fake videos and audio with targeted content that manipulates and gains access to personal and finance data. Data Breach Reporting Use. More Vaccine-Related Scams.

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Re:Ceeve

JULY 9, 2020

These trends consequently raise the following questions: what’s causing these growing problems? The findings of Gfk , a German market-research institute, also confirm this notion, with ‘enjoying life’ moving from tenth to third in the list of priorities of millennials between 2007 and 2017.

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Fico Collections

NOVEMBER 30, 2022

Fraudsters are opportunistic, and lately they are (unfortunately) finding a lot of success by targeting consumers directly. Consumers are not as worried about APP fraud and scams as they are for other types of fraud, but awareness is growing. In the UK, it accounted for £249 million in consumer losses for the first half of 2022.

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