BREAKING NEWS: CFPB Releases Final Medical Debt Credit Reporting Rule
- The Consumer Financial Protection Bureau this morning announced the release of its final rule prohibiting the inclusion of medical debt on consumer credit reports. This rule is expected to remove $49 billion in medical debt from credit reports, impacting approximately 15 million consumers. Additionally, it bars lenders from considering medical information in credit decisions, addressing concerns about the fairness and accuracy of medical debt in credit assessments.
- More details here
Collector Facing FDCPA Class-Action for Repayment Plan Names that Confused Plaintiff
- Convincing borrowers to repay debts is not always the easiest of conversations, often because there isn’t a good answer if a consumer asks, “what’s going to happen if I don’t pay it?” That conversation becomes even trickier when the statute of limitations has passed, along with the period for which the debt can appear on the consumer’s credit report. In today’s world of trying to make the process of repaying debts more consumer friendly, one collector is now facing a class action claims that it violated the Fair Debt Collection Practices Act because the titles it gave to the repayment options in a communication with a consumer allegedly did not align with the status of the debt.
- More details here
- This series is sponsored by WebRecon
Summing Up 2024 in One Word
- Ask a group of people to sum something up in one word and it paints an interesting picture. The words used by a handful of professionals from across the credit and collection industry to describe 2024 paint a picture of hope, of optimism, of an excitement for what the future is going to bring. Check out what has these executives so stoked about what happened in 2024 and what it will mean in 2025.
- More details here
CFPB Sues Mobile Home Lender for ‘Setting Families Up to Fail’
- The Consumer Financial Protection Bureau yesterday announced it has filed a lawsuit against Vanderbilt Mortgage & Finance, a subsidiary of Clayton Homes and part of Warren Buffett’s Berkshire Hathaway, alleging systemic failures to ensure borrowers could repay loans on manufactured homes. This case underscores the growing regulatory scrutiny of lenders serving low-income and rural consumers.
- More details here
WORTH NOTING: Hacks to help you make a better to-do list … Signs you might be living with ADHD and not realize it … Nearly 3 million people are getting boosts to their Social Security checks … Surveying the credit card landscape … When ordering from a screen at McDonald’s, men are more likely to order twice as many hamburgers then when ordering from a human … Movies are getting deadlier and more violent across all genres … Why high achievers tend to get overlooked and what you can do about it … Trends that will shape where and when you vacation in 2025.
Trailer Tuesday, part I
Trailer Tuesday, part II
The Daily Digest is sponsored by TCN. Today, contact centers need to do more with less. TCN’s cloud-based predictive dialing tools and services help clients to leverage the most sophisticated inbound, outbound, and blended calling technologies available. TCN’s award-winning platform offers multiple features to assist in compliance while improving performance with no hardware, no monthly minimums, or maintenance fees. Call 866-745-1900 or visit tcn.com today.
