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Collection Industry News
AUGUST 17, 2023
NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. Mortgage balances were largely unchanged from the previous quarter and stood at $12.01
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? Mortgage and home loan accommodations peaked at 9% in June 2020.
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Fico Collections
APRIL 28, 2022
According to the research from Cornerstone Advisors , these point-of-sale short-term installment loans with low credit amounts have been increasing in popularity during recent years for retail purchases like clothing, household goods, electronics, and more. Our Initial Insights from the First FICO-Conducted BNPL Research Study.
Fico Collections
AUGUST 29, 2022
FICO® Scores are dynamic and evolve as changes in consumer behavior are reflected in the underlying credit bureau data housed and managed by the three primary U.S. Let’s dive into each of these trends in a bit more depth: Missed payments are on the rise: Missed payments reported in the credit file are up slightly. in April 2022.
Fico Collections
JULY 20, 2021
With non-mortgage write-off rates at the lowest YTD level seen since 2012 [1] , it’s easy to forget that the pandemic has, in fact, stressed many borrowers. We found that particularly for subprime and near-prime cardholders, their repayment performance is strongly related to their resilience. 1] Equifax report: “U.S.
Fico Collections
JUNE 30, 2023
Figure 1 plots the odds-to-score relationship specifically on existing bankcard accounts, but we have observed similar trends across other products (e.g., auto, mortgage, personal loan) and lifecycles (e.g., in management science/operations research from UC San Diego. originations). and Canada. Ethan has a B.S.
Troutman Sanders
OCTOBER 3, 2023
They noted that under the FCRA, if a furnisher of credit information cannot determine whether the disputed consumer information is accurate, it must tell the CRAs that the information could not be verified and delete it from the data that it reports to the CRAs. The OCC Mortgage Metrics Report, Second Quarter 2023 showed that 97.3%
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