Collection Industry News

APRIL 12, 2021

One of the more fascinating platform items of the Biden presidential campaign was the idea of transferring consumer credit ratings from Equifax (NYSE: EFX), Experian PLC (OTC: EXPGY) and TransUnion (NYSE: TRU) to a public registry under the Consumer Financial Protection Bureau. Paying off a mortgage can reduce a credit score.

Creditworthiness 74

Creditworthiness Student loans Student Loans Lender 74

Fico Collections

FEBRUARY 7, 2023

Home Blog FICO Top 5 Scores Posts of 2022: Steady FICO Score, BNPL and Alternative Data 2022 marked the first year in over a decade the average FICO Score did not increase, while the industry’s attention remained on topics such as alternative data and BNPL. FICO® Score XD 2 allows for exactly that. Read the full post 2.

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Credit Bureau Loans Consumer Credit Lender 52

UK debt collections

JUNE 30, 2022

The third edition of the Allianz Trade Collection Complexity Score provides a simple assessment of how difficult it is to collect debt, helping to support decisions and manage expectations when trading internationally, essential in an environment where global business insolvencies are set to rise (+10% in 2022 and +14% in 2023).

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Debt Recovery Trade Unsecured Creditor Collections 83

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. Despite inflation and high interest rates, consumers helped the economy end the year in a far better position than most predicted.

Consumer Credit 85

Consumer Credit Student loans Student Loans Collections 85

Credit Corp

NOVEMBER 8, 2023

Have you ever wondered how miles work on credit cards and how they can benefit you? Understanding credit card miles is essential for hardworking individuals seeking to benefit from credit card rewards and improve their financial well-being. What Are Miles on Credit Cards? How Do You Earn Credit Card Miles?

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Creditworthiness Retail Banks 99

Credit Corp

NOVEMBER 19, 2020

Small businesses are a huge part of the American economy. They make up 99% of all businesses in the nation. But even in good times, small businesses have around a 50% long-term survival rate , making economic uncertainty and a global pandemic extremely worrisome for many small-business owners.

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Retail 128

Fico Collections

AUGUST 18, 2022

For banks, financial wellness is about enabling our customer to handle the ups and downs of their personal economy – in other words, resilience. But in my role where I’m responsible for analytic research in FICO’s Scores team, I’m moving beyond subjective towards empirical. It’s personal.

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Banks Creditworthiness Education Financial services 52

Taurus Collect

FEBRUARY 1, 2024

Dealing with unpaid debts can be a challenging aspect of financial management both for businesses and individuals. In this blog post, we will explore the ins and outs of how debt collectors operate, the regulatory frameworks that guide them, and what individuals and businesses can expect when interacting with a debt collections service.

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Fico Collections

JUNE 11, 2021

Lenders must adopt a similar mindset as they manage the health of their consumer lending portfolios to insulate their existing book of business from potential risk volatility. Of course, credit risk is only one aspect of portfolio health.

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Direct Recovery

JUNE 3, 2021

If you’re like most people, you tried to be optimistic and focus your thinking on getting done all of the things that you had been putting off for months because you were too busy. And with that in mind, let’s take a quick look at five different goals that you can use as motivation to get started on that credit repair right away.

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The Kaplan Group

NOVEMBER 7, 2023

The number of women-owned businesses in the U.S. While these stats are impressive, most businesses will need outside funding at some point. Programs like the Women-Owned Small Business (WOSB) Federal Contract program also require that women make long-term decisions about the company and manage the day-to-day operations.

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The Kaplan Group

MAY 3, 2022

Veterans play a vital role in our economy, with veteran-owned businesses making up 9.1% While they tend to choose self-employment more often than their civilian peers, they still find challenges when it comes to securing funding to start or grow their businesses. Qualifications for Veteran Business Loans/Grants.

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Loans Lender Credit Unions Credit Unions 52

Credit Corp

NOVEMBER 24, 2020

Large in-person gatherings are a thing of the past, the economy has been affected , and some businesses have even shut down. There are many small businesses that are still open, but they’re struggling. What and When Is Small Business Saturday? Small Business Saturday is the Saturday after Thanksgiving.

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Banks 98

Credit Corp

APRIL 26, 2021

Other popular uses involved starting a business at 27.41% and covering medical expenses at 26.36%. We’ve also seen an enormous change in the business landscape. And personal loans are a popular way to fund the first few months of business. Loans to start a business clocked in the highest, at an average of $9,840.99

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Personal loans Loans Credit Unions Credit Unions 98

Credit Corp

APRIL 19, 2021

As the economy recovered, interest rates rose slowly to boost the stock market, dropping again in 2016. But the Federal Reserve chair raised interest rates significantly in 2017 to signal confidence in the growth of the US economy, which in turn boosted the stock market. for a 30-year loan. Borrower Preferences.

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Loans Lender Banks Financial services 97

Fico Collections

OCTOBER 21, 2021

How can lenders best measure and manage credit risk, given the disruptive patterns in consumer behaviour over the last 18 months? Every major change in the economy raises the issue of risk model performance, given that models are based on risk patterns from a prior period. Payment holidays should not impact score validity.

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Government Banks Credit Bureau Lender 52

Troutman Sanders

NOVEMBER 7, 2023

Consumers who did not pay the fee had to wait up to three business days for their advances. However, the complaint alleges that the defendants accessed and misused tens of millions of dollars for various purposes, including market manipulation of the crypto asset, business expenses, investments in unrelated companies, and personal use.

Financial services 52

Financial services Debt collector Loans Foreclosure 52

The Kaplan Group

OCTOBER 19, 2020

The current economy has hit a lot of businesses hard. The law does not apply to collecting from businesses. The law also does not apply to collections performed by the business that issued the bill you have not paid. Credit Counselor. Being in debt is nothing to be ashamed of. Default Provisions.

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Credit Corp

MARCH 30, 2023

The credit bureau Experian® describes compound interest as “when interest gets added to the principal amount invested or borrowed, and then the interest rate applies to the new (larger) principal.” Risk level: Very low How to invest: Banks, credit unions, and online banks Potential returns: Moderate 2.

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CICM

JUNE 9, 2021

In addition to that, the British economy was among the most affected in terms of health and economy in 2020. While a successful vaccination programme is counterbalancing some negative effects from Brexit to a certain degree, an overall loss between GBP 12 bn and GPB 24 bn for 2021 is projected by global credit insurer Euler Hermes.

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Credit Management Trade Creditors Collections 40

Troutman Sanders

FEBRUARY 21, 2024

On February 16, the CFPB reported on the first set of results from the newly updated Terms of Credit Card Plans survey. On February 16, the CFPB reported on the first set of results from the newly updated Terms of Credit Card Plans survey. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

Credit Corp

SEPTEMBER 24, 2021

Many people say a business plan is a key element for any start-up business. But in many cases, not just an operating plan, but a business exit strategy needs to be considered upfront. An exit objective and strategy may affect the business plan. And it may affect the best operational model for running a business.

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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.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

Debt RR

NOVEMBER 4, 2022

One of the tools it uses to influence the economy is setting the federal funds rate, which is the interest rate banks charge each other for overnight loans. When the Fed raises rates, it becomes more expensive for banks to borrow money, which in turn influences the rates they charge consumers and businesses for loans.

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Debt Recovery Loans Banks Collection Agencies 40

Credit Corp

JUNE 26, 2020

You can do the work to set up a business and start putting yourself out there while you’re on unemployment. As a self-employed individual, you might also qualify for financial tools such as small-business loans or grants through the Self-Employment Assistance Program. Get Your Free Credit Score & Monitor Your Credit Report.

Healthcare 106

Healthcare Government Education Loans 106

True Accord

JULY 5, 2022

What’s going on in the economy? In Q2, Jamie Dimon advised to brace for an economic “hurricane” , a prominent black swan investor said the financial system is most vulnerable to “the greatest credit bubble of human history” , and Elon Musk had a “super bad feeling”. Key Factor 1: Inflation. Key Factor 2: Interest Rate Hikes.

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Lender Debt collector Loans Personal loans 52

On Guard

AUGUST 9, 2023

Which FinTech technologies are transforming the credit management process? Digital transformations: the future of credit management Big data & AI Expectations of big data and artificial intelligence (also known as artificial intelligence or AI) have been high for years. The world of finance isn’t left behind in this regard either.

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Credit Management Retrieval Debtor Creditworthiness 52

Credit Corp

JANUARY 18, 2021

We may not be able to go back in time and stop COVID happening and ruining our 2020, but we can ensure we’re at least in a better position financially in 2021, avoiding bad credit scores and getting our savings back on track. Find alternative revenue streams for your business. Now, this doesn’t mean penny-pinching.

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Banks Government Loans 98

Credit Corp

APRIL 17, 2023

For years, many have been leveraging the “gig economy” to make money online , which is a virtual market where short-term contracts and freelance work are prevalent. Read on to learn about 37 ways to make money online by leveraging the gig economy. Many businesses of all sizes need people who can design advertisements, logos, and more.

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Trade 94

Collection Industry News

MARCH 31, 2023

NEW YORK (AP) — As the Federal Reserve raises interest rates again, credit card debt is already at a record high, and more people are carrying debt month to month. With inflation still high, people are leaning on their credit cards more for everyday purchases. But in the last three months of 2022, credit card balances in the U.S.

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Credit Card Debt Student loans Student Loans Education 40

Better Credit Blog

JULY 20, 2020

If your credit score is low, you may have a difficult time opening a checking account. Millions of Americans go without a basic checking account, resorting to pre-paid debit cards and check cashing businesses because their bad credit is holding them back. Best Checking Accounts for Bad Credit. Bank of America.

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Banks Credit Unions Credit Unions Retail 52

Fico Collections

FEBRUARY 18, 2021

Here are our five recommendations for credit risk managers. Keep an eye in the behavior score deterioration, be bold and implement immediate pre-delinquency measures to ensure a best-in-class customer experience. Consider all your customer risk segments. Despite the new environment, not all portfolios will necessarily be in arrears.

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Banks Retail Loans Government 59

Fico Collections

MARCH 2, 2021

Many businesses are slowly being overwhelmed by customer requests, calls and multi-channel contacts, as we start to approach the peak of the pandemic’s mounting debt pressures. Understanding credit risk is heavily weighted towards current and future affordability. The numbers are starting to reveal the scale of the debt tsunami.

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Banks Debt Management Financial services Financial Institution 52

Fico Collections

DECEMBER 10, 2020

In 2021 I believe AI will cross the chasm, becoming a reliable and safe, mainstream business technology — but maybe not how, or for reasons why, you might expect. As pointed out in the report, "ensuring AI is used responsibly and ethically in business context is a huge, but critical task." COVID Is the Mother of AI Maturity.

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Fico Collections

JANUARY 8, 2021

“The key challenge — as illustrated by the very different offers made by the mom’s wireless provider and the daughter’s wireless provider – is accurately structuring and pricing a device upgrade offer in order to either retain or acquire the mom’s business. How profitable is the mom’s business? What kind of credit risk does she pose?

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Acquisition Loans Financial Institution Lender 52

Fico Collections

JANUARY 26, 2022

Experiment with trade-offs between decision factors and business constraints, simulate various scenarios and compare their impact on collections key performance indicators and contributions to the bottom-line. Ensure all stakeholders are aligned to business objectives. Comprehensive Insight Is Key.

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Collections Student loans Student Loans Government 52

Fico Collections

JULY 6, 2020

For many organisations these three pillars have been among the critical tenets of their digital transformation across the credit lifecycle. Both of these factors are considered somewhat invisible to the typical credit bureau. Information that tells us how reliant on credit the customer is, card utilization, renewal of UPLs.

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