Troutman Sanders

MAY 27, 2022

On May 25, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post , examining what it describes as the “practice of suppressing payment data.”. As a result, the CFPB reported that it has sent letters to the CEOs of “the nation’s biggest credit card companies,” asking them to explain this practice.

Lender 52

Lender Loans 52

Collection Industry News

AUGUST 13, 2023

Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Loans 40

Troutman Sanders

APRIL 27, 2023

Noting a rise in credit card delinquencies, the Consumer Financial Protection Bureau (CFPB or Bureau) released a new blog post analyzing civil judgments, the final recourse for creditors to collect on unsecured debt. But the CFPB also noted that its data suggests increasing wage garnishment protections also reduces credit card limits.

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Garnishment Unsecured Debt Bankruptcy Judgment 52

Troutman Sanders

NOVEMBER 4, 2021

In a report released on November 2, the Consumer Financial Protection Bureau (CFPB) found that credit report disputes more commonly occur among consumers in majority Black and Hispanic neighborhoods than consumers in majority white neighborhoods.

Student loans 59

Student loans Student Loans Retail Loans 59

Fico Collections

JULY 18, 2022

FICO Fact: Can unconstrained AI/ML expand access to credit? FICO has long-supported financial service institutions in fulfilling their obligations to comply with applicable adverse action notice requirements under regulations such as the Equal Credit Opportunity Act (ECOA). Tue, 07/02/2019 - 02:45. by Can Arkali.

Financial services 52

Financial services Lender Collections 52

True Accord

MARCH 5, 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. Today, about 61% of American households have credit card debt and the average credit card debt balance sits at $5,875.

Consumer Credit 85

Consumer Credit Student loans Student Loans Collections 85

Credit Corp

SEPTEMBER 12, 2023

Power , the Ford F-150 is the top-selling truck in America, and the data shows it’s also one of the cheapest trucks to insure. While this data can’t predict the likelihood of someone getting into an accident, the data gives insurers a rough idea. Improve your credit score. According to J.D.

Auto Insurance 97

Auto Insurance Home Insurance Retail Credit Management 97

Fico Collections

JANUARY 24, 2022

Debt collection is about contacting customers, and that only works with correct contact data. Contact data quality in debt collection is a common challenge, and we often get asked how to best address this. Get Contact Data Before You Need It. Hence managing contact data should be an enterprise task.

Retrieval 52

Retrieval Collections Acquisition 52

UK debt collections

JANUARY 5, 2023

Credit card borrowing rose in November to its highest monthly level since 2004 according to latest Bank of England data. billion in all forms of consumer credit, an increase on the £700m borrowed in October, of which £1.2 billion in all forms of consumer credit, an increase on the £700m borrowed in October, of which £1.2

Consumer Credit 59

Consumer Credit Credit Card Debt Banks Government 59

Nexa Collect

APRIL 11, 2021

Looking at the two major crises in the last century, the Great Depression and the Great Recession, we can use the traditional route of analyzing both pre-and in-crisis data, to identify which receivables can be collected with a higher success rate and focus our efforts there. A boom in unchecked credit precedes economic crises.

Collections 130

Collections Collection Agencies Collections Agency Construction 130

Nexa Collect

JULY 31, 2020

Credit card delinquency rates have been climbing since 2016. 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. Average monthly balances have been trending up as well. Contact Us.

Credit Card Debt 130

Credit Card Debt Collections Debt Recovery Collection Agencies 130

Nexa Collect

JULY 1, 2020

Why Is Good Credit Necessary? is known for its focus on data, metrics, and standardization. One such convention is our credit score and history which substantiates our personal financial viability and helps us access funds for our plans in life. The Highest and the Lowest Credit Score. In the U.S. In the U.S.

Bankruptcy 130

Bankruptcy Lender Credit Unions Credit Unions 130

Credit Corp

NOVEMBER 13, 2020

The Federal Trade Commission notes that scammers have gotten more creative since COVID-19 , finding new ways to steal sensitive personal data and take advantage of consumers. From undelivered orders and extra fees to phishing links used to grab data, identity theft scams continually target online shoppers.

Trade 97

Trade Banks Collections 97

True Accord

JULY 13, 2023

Lawmakers are looking for other relief options, but in the meantime, many consumers will face higher monthly scheduled payments than they can cover, leading to delinquencies across credit types. On the regulatory front, data protection is making headlines. million Americans who lost health insurance coverage in April, May and June.

Financial Institution 65

Financial Institution Student loans Student Loans Loans 65

Credit Corp

NOVEMBER 18, 2020

That was the case for at least 1 in 10 Americans ages 16 and older in 2016, according to the most recent data from the Bureau of Justice Statistics. ” In simpler terms, ID theft is the act of stealing another person’s information, like through mail theft, phishing, card skimming, unsecure Wi-Fi or a data breach.

Student loans 112

Student loans Student Loans Loans Financial Institution 112

Fico Collections

OCTOBER 28, 2022

FICO Score 10, Most Predictive Credit Score in Canadian Market. FICO Score credit risk trends through the COVID-19 pandemic. Information and data continue to be key tools at our disposal to better understand the dynamics of the last couple of years, and better navigate what lies ahead for the Canadian consumer credit environment.

Credit Card Debt 52

Credit Card Debt Consumer Credit Credit Bureau Lender 52

Collection Industry News

FEBRUARY 22, 2023

The Consumer Financial Protection Bureau is joining the moment with a proposal of its own: a cap on credit card late fees that would drop them down to $8, from the current level of up to $41. Much of the burden of late fees falls on consumers with “deep subprime” credit scores of 579 or lower.

Consumer Credit 40

Consumer Credit Collections Government Banks 40

Fico Collections

SEPTEMBER 30, 2022

Cortnie Abercrombie is a world recognized expert in AI and data analytics and has been named in media articles as one of “12 Brilliant Women in Artificial Intelligence & Ethics to Watch,” one of the “Top 100 Innovators in Data and Analytics,” and one of “10 Big Data Experts to Know.” Martin Elliott, BNZ (previous winner).

Retail 52

Retail Startups Banks Financial services 52

Credit Corp

DECEMBER 12, 2022

To prevent this from happening, do some research. Start by researching the collection agency. This data may help you decide if the debt is yours or not. This data can show if the insurance company paid for these services. Medical debt can impact your credit score. Can You Ignore Medical Debt?

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Debt collector Collection Agencies Collections Agency Collections 97

Credit Corp

FEBRUARY 21, 2021

billion in fraud losses in 2019, with more than 270,000 cases reported specifically due to credit card fraud. American adults have seemingly had a consistent amount of credit card fraud victimization, according to a January 2021 survey from Finder. million (19%) in Gen X admit to falling victim to credit card fraud.

Banks 89

Banks Trade Financial Institution Retail 89

Collection Industry News

NOVEMBER 8, 2021

In a report released on November 2, the Consumer Financial Protection Bureau (CFPB) found that credit report disputes more commonly occur among consumers in majority Black and Hispanic neighborhoods than consumers in majority white neighborhoods.

Student loans 40

Student loans Student Loans Retail Loans 40

Collection Industry News

NOVEMBER 13, 2023

trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances spiked by $154 billion year over year, notching the largest increase since 1999, the New York Fed found. Americans now owe $1.08

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Consumer Credit 40

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.

Credit Card Debt 52

Credit Card Debt Student loans Student Loans Loans 52

Collection Industry News

OCTOBER 17, 2023

Some lawmakers and regulators are calling for interest rate caps and lower fees on credit cards as debt levels march higher. Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. introduced the Credit Card Competition Act. Josh Hawley, R-Mo., Richard Durbin, D-Ill.;

Credit Unions 40

Credit Unions Credit Unions Accrued Interest Credit Card Debt 40

Credit Corp

OCTOBER 25, 2023

While it is possible to get a loan with no credit through some lenders, you may face high interest rates and unfavorable terms. Luckily, there are alternative ways to get a loan with no credit history. Table of Contents: What Is a No-Credit-Check Loan? For example, you could be young and have had no need to take out credit yet.

Loans 52

Loans Collateral Credit Unions Credit Unions 52

PDC Flow

JUNE 29, 2021

As an information technology, data, and database expert, Medina specializes in creating sustainable and streamlined processes and procedures designed to dramatically increase efficiency, productivity and ultimately drive revenue. Credit card payments nearly doubled. Product Management Research. Marketing Research.

Collections 96

Collections Financial services 96

Credit Corp

DECEMBER 3, 2020

There were more than 650,000 instances of reported identity theft in 2019, according to data from the Federal Trade Commission (FTC). Separate information from Javelin Strategy & Research found that consumers lost almost $17 billion to fraud in the same year. Never Carry Your Social Security Card. Shred Documents.

Retrieval 116

Retrieval Banks Credit Unions Credit Unions 116

Collection Industry News

MAY 11, 2021

According to the Changes in Consumer Financial Status During the Early Months of the Pandemic data point report, fewer consumers had difficulty paying bills in the initial months of the Covid-19 pandemic than in the preceding year, and both credit scores and CFPB financial well-being scores increased.

Credit Card Debt 40

Credit Card Debt Credit Bureau Banks Collections 40

Fico Collections

APRIL 8, 2022

Data Orchestration for Fraud Prevention. As it happens, orchestration (of both data and process) is one of the most potent weapons in fighting scams and fraud. For payments professionals this translates into first defining your fraud strategy, and then devising and implementing your data and technology strategies to back it up.

Retail 52

Retail Banks Financial Institution 52

Fico Collections

JUNE 27, 2022

FICO® Resilience Index Can Improve Card Account Management. In today's market conditions, we can observe the credit behavior of consumers who have exited these accommodations. Credit card limits, though, sit at an all-time high exceeding $4 trillion, highlighting the importance of managing exposure in times of economic uncertainty.

Loans 52

Loans Trade Consumer Credit 52

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.

Government 98

Government Banks 98

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. Real-time card transactional monitoring requires one set of capabilities; application fraud detection and prevention require another. by TJ Horan.

Financial Institution 52

Financial Institution Retail Banks 52

Collection Industry News

FEBRUARY 5, 2021

In a letter outlining his priorities for the bureau’s Division of Research, Markets and Regulations, Uejio directed bureau staff to “explore options for preserving the status quo with respect to QM and debt collection rules.”.

Collections 40

Collections Foreclosure Education 40

Collection Industry News

JANUARY 12, 2023

Credit card balances reached a record-setting $866 billion in the third quarter of last year, which represents a year-over-year increase of 19%. Credit balances reached a record-setting $866 billion in the third quarter of last year – and they are expected to keep climbing, the report from TransUnion said.

Credit Card Debt 40

Credit Card Debt Personal loans Credit Bureau Loans 40

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.

Credit Card Debt 40

Credit Card Debt Lender Banks Loans 40

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.

Lender 40

Lender Credit Card Debt Banks Loans 40

Credit Corp

JANUARY 25, 2022

According to Pew Research, 44% of people believe the financial impact of the COVID-19 pandemic is long-lasting. They help you choose some money and credit goals to focus on and let you work toward recovery, savings, or growth in realistic ways. Start Using ExtraCredit to Manage Your Credit Profile.

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Banks Personal loans Loans Trade 98