Better Credit Blog

APRIL 1, 2022

Rocket Mortgage Company is a subsidiary of one of the country’s largest lenders — Quicken Loans. In fact, Quicken Loans is now considered to be the largest retail mortgage lenders in the United States. If you’re trying to find a mortgage lender for your next property purchase, you’re probably comparing multiple providers.

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Credit Corp

MARCH 6, 2023

After a year or less of building a good rapport with that financial institution, demonstrating that you can handle your accounts responsibly, and saving a little money in your accounts, you can apply for a credit card or small loan with the credit union. Don’t avoid checking your own credit.

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True Accord

JULY 9, 2024

And businesses are responding accordingly to the lower demand – several top musical acts from Jennifer Lopez to the Black Keys have canceled summer tours due to low ticket sales while retailers like Walmart and Target are lowering prices on certain goods to appeal to budget-strained shoppers.

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Fico Collections

SEPTEMBER 3, 2020

We have served lenders in all industries, enhancing decisions with flexible strategies and rules, improving analytic sophistication, maximizing profitability, and delivering relevant, engaging customer experiences. Lenders and service providers need agile, future-proofed, extensible solutions for business users.

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Troutman Sanders

OCTOBER 22, 2021

The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) director, requesting increased supervision of financial technology companies (fintechs).

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Fico Collections

APRIL 21, 2023

Given the movement in the space, consumer-permissioned data seems like a no-brainer as the next generation of alternative data to round out lenders’ suite of existing sources. DDA data has the potential to be one of them for many lenders. Recent overdrafts or significant drops in deposits were strong indicators of financial stress.

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Fico Collections

MAY 23, 2022

Mexico’s regulatory environment allows lenders to use the credit history of the people in a credit applicant’s household to score them,” said Alejandro Cardini, chief product officer at Círculo de Crédito. Lenders trust the FICO Score. You can read more about this story in the full media release. “The

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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. In fact, the main attrition driver for financial institutions is a poor banking app. Creating an AI Structure. Humanizing the Digital Experience.

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Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. For more information, click here. For more information, click here.

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Burr Forman

JANUARY 6, 2021

Max has experience representing investment banks, commercial banks, financial institutions and other commercial lenders in the origination of debt secured by real estate assets of all types, including office, retail, hotel, apartment, condominium, industrial and self-storage properties.

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Fico Collections

JANUARY 15, 2021

The COVID-19 pandemic cast a huge shadow on the financial services worldwide. The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted.

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Better Credit Blog

AUGUST 24, 2021

We talked to finance and credit card experts to get their insight into why lenders care so much about credit, and what you can do to get a good credit score or fix a bad one. Simply put, lenders will use this number to make a determination about how likely you are to pay back a loan, based on your history of paying off your credit cards.

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Troutman Sanders

JANUARY 30, 2024

On January 24, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would prohibit covered financial institutions from charging fees, such as nonsufficient funds fees, when consumers initiate payment transactions that are instantaneously declined. For more information, click here.

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Better Credit Blog

FEBRUARY 25, 2021

Financial institution. When you fail to keep up with payments to a service provider or lender, they often hand your debts off to collections agencies. These agencies might buy your debts for pennies on the dollar or get paid to help the original lender/provider collect. Healthcare.

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Fico Collections

JANUARY 8, 2021

Financial institutions in particular, given their central place in a nation’s economy, need to lead this digital connect. All of this enables businesses to invest more and expand. Businesses today must participate in defining, creating, and building this digital virtuous cycle with their partners.

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Fico Collections

JANUARY 27, 2022

It is still unclear how many consumers will suffer financial hardships due to ended support, and, in the UK, due to the “no payment” period for the early adopters of government business loans starting to expire. Financial Crime – Enterprise Fraud. Retail Credit Analytics. Artificial Intelligence Applications. Technology.

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Better Credit Blog

OCTOBER 28, 2020

That’s because applying for a credit card, loan, or in this case a Mastercard, often results in banks and lenders checking your credit report. eBay Mastercards are issued by Synchrony Bank, a massive national bank offering several retail cards. If so, you’ve probably noticed a slight drop in your credit score along with it.

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Fico Collections

JANUARY 10, 2023

We also heard from two Brazilian financial institutions about how they were leading the way in deploying WhatsApp as an integrated channel for customer communications and were seeing customer response rates of over 70%. Matt recommended that lenders: Mitigate the risks now. Read the full post. For banks, knowledge is power.

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Troutman Sanders

MARCH 28, 2023

On March 20, the CFPB announced that approximately 4,394 HMDA filers can now obtain their 2022 Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data on the Federal Financial Institutions Examination Council’s HMDA Platform. For more information, click here. For more information, click here.

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Better Credit Blog

JANUARY 29, 2021

Citibank is a major financial institution that offers credit cards in partnership with numerous retailers, including: Best Buy. That being said, lenders might be discouraged from approving your application if your credit report is riddled with hard inquiries. NTB/CBNA On My Credit Report. Brooks Brothers. The Home Depot.

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Fico Collections

FEBRUARY 12, 2023

As a financial institution, you already have enough customer data 
to make subtle adjustments to your customer model that can create a better experience. What can financial institutions learn from TikTok? Making enjoyable financial services content isn’t easy, but the medium matters a lot.

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Fico Collections

FEBRUARY 7, 2023

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. Now, the average FICO® Score has leveled off during the second year of the pandemic.

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Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities.

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Troutman Sanders

JULY 19, 2023

The FTC also alleged that the defendants violated the Gramm-Leach-Bliley Act (GLBA) by acquiring customer information from a financial institution regarding another individual by providing false or misleading statements. This is a groundbreaking move by the FTC for two reasons. For more information, click here.

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Fico Collections

DECEMBER 5, 2022

Financial Institutions, such as banks, have expended great effort to improve digital security, yet bad actors are multiplying and attacks have increased in scope and frequency. million identity theft reports filed in 2021, many of which relate back to banks and lenders. FICO Admin. Tue, 07/02/2019 - 02:45. by Sarah Rutherford.

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Debt RR

JANUARY 24, 2020

Lenders may be able to approve businesses for these loans by reviewing their company’s credit history and financial information. Small business loans are generally unsecured, so they are a bit riskier for financial institutions, but secured loans can provide confidence to lenders that may otherwise decline an application.

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Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. Strengthen Retail (Consumer) Investor Protections. For more information, click here. It also offers recommended policy options to combat it.

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Troutman Sanders

NOVEMBER 30, 2020

On November 19, Governor Michelle Bowman, Board of Governors of the Federal Reserve System, delivered a speech at the 2020 Financial Stability Conference hosted by the Federal Reserve Bank of Cleveland and the Office of Financial Research. For more information, click here. For more information, click here.

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Troutman Sanders

JUNE 27, 2023

The first is the final report on Project Rosalind, “an experiment exploring application programming interfaces (APIs) for retail central bank digital currency.” On June 16, the Bank for International Settlements released two publications, addressing central bank digital currencies. For more information, click here. The SBA added question No.

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Troutman Sanders

SEPTEMBER 11, 2023

Tempoe offered financing at the point of sale to customers at major retailers such as Sears and Kmart. On September 8, the Financial Crimes Enforcement Network (FinCEN) issued an alert on identifying several red flags that banks and financial institutions should be on the lookout for concerning cryptocurrency investment scams.

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Collection Industry News

SEPTEMBER 21, 2021

Global brands from Mercedes and Amazon to IKEA and Walmart are cutting out the traditional financial middleman and plugging in software from tech startups to offer customers everything from banking and credit to insurance. For established financial institutions, the warning signs are flashing. It has provided $2.3

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Troutman Sanders

DECEMBER 12, 2023

The Bitstamp listing enables retail traders to access EURCV, joining Tether and Circle’s USDC in the stablecoin market. These documents can be used by lenders working with housing finance agencies (HFAs) at the state, city, county, and local levels to eliminate confusion and misinterpretation of DPA programs.

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Troutman Sanders

JANUARY 17, 2023

The bulletin also discusses the “shadow financial” functions enabled by crypto markets, which share many of the vulnerabilities of traditional finance. In November 2022, Genesis announced that it will prohibit retail investors from withdrawing their cryptocurrency deposits from Gemini Earn accounts due to liquidity risks.

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Troutman Sanders

FEBRUARY 26, 2024

Another key issue will be the current ban on local financial institutions in South Korea offering spot Bitcoin ETFs. On February 23, the Consumer Financial Protection Bureau (CFPB) published an order establishing supervisory authority over installment lender World Acceptance. For more information, click here.

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Troutman Sanders

NOVEMBER 21, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. The cryptocurrency lender has reportedly terminated its loan offerings in California and has asked its clients not to make deposits to its platform.

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Troutman Sanders

JANUARY 23, 2024

The new rules aim to close regulatory loopholes and ensure illicit money from criminal activities and terrorism cannot be laundered through Europe’s financial system. Additionally, the act requires an applicant to submit an affidavit of financial solvency with its application. For more information, click here.

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Account Recovery

APRIL 24, 2025

Retailers are also seeing changes in spending patterns. Credit Behavior in the Face of Economic Strain: Across the financial sector, including major banks like JPMorgan Chase and Citigroup, there is a growing focus on consumer credit behavior amid economic uncertainty.

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