Collection Industry News

OCTOBER 10, 2023

The yield on the benchmark 10-year U.S. federal government ended its fiscal year in September with a budget deficit of almost $1.7 The country’s debt has swelled by more than $10 trillion since the onset of the Covid-19 pandemic in the first quarter of 2020, prompting a deluge of fiscal stimulus to help prop up the economy. “The

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BN Lawyers

JUNE 12, 2020

On June 11, 2020, the New York City Department of Consumer Affairs (“DCA”) released amendments to its debt collection regulations aimed at addressing communications with consumers who may have limited English proficiency (the “Amendments”). Fast forward to June 11 th when, to the industry’s surprise, these Amendments were published.

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Fico Collections

AUGUST 29, 2022

Looking back to 2020, the average FICO® Score increased most notably for consumers with FICO® Scores between 550 and 699. For example, consumers with FICO® Scores between 550 and 599 saw a score increase of up to 20 points from April 2020 to April 2021. who had at least one new account on file as of April 2020.

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UK debt collections

MAY 23, 2022

The rebound in insolvencies in 2021 and 2022 is in contrast to the artificial low recorded in 2020. It forecasts insolvencies will rise by 10%, 33% and 21% next year for Germany, France and Italy respectively. It forecasts overall business insolvencies will increase by 10% in 2022 and 14% in 2023.

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UK debt collections

APRIL 20, 2021

Conversely, Individual Voluntary Arrangements (IVAs), used by individuals in personal financial difficulty, were up 24% for the three months to the end of March 2021, compared to the three-month period ending March 2020. This comprised 883 CVLs, 25 compulsory liquidations, 74 administrations and 10 CVAs. Corporate insolvencies.

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Fico Collections

JUNE 14, 2021

Missed payments were still below historical trends, probably due to increased savings and government support, which continues to blur the picture of card users struggling with debt issues, making it more difficult for lenders to manage. As April 2020 was a lockdown month, it is not surprising to see sales are 22 percent higher year on year.

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PBWT

AUGUST 24, 2020

I don’t know if Congress foresaw, when it enacted new Subchapter V of Chapter 11 of the Code [1] in the Small Business Reorganization Act of 2019 (“SBRA”), that debtors in pending cases would seek to convert or redesignate their cases as Subchapter V cases when SBRA became effective on February 19, 2020, but it was foreseeable.

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Price Meese

JUNE 30, 2021

Furthermore, now that the public health emergency has expired, it will be necessary to calculate the expiration date for certain permits tolled for the last 15 months pursuant to the Permit Extension Act of 2020, P.L. 8, 2020, would be tolled during the “COVID-19 Extension Period.” 10:4-1 et seq., 10:4-1 et seq.,

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Nexa Collect

APRIL 11, 2021

During peak Covid-19 duration (May-Nov 2020) many states prohibited debt collection for several months. The turnaround came the following year, during tax refund season as the debt recovery levels went up substantially ( March/April 2020). Recoveries dropped to a mere 50% of the normal levels. In 2013, it was at 88%.

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Fico Collections

AUGUST 16, 2021

This is eight points higher than it was one year ago, and five points higher than the last time we reported on the average FICO Score in October 2020. For example, for those consumers who had a FICO Score value between 550-599 as of January 2020 (pre-pandemic), their average score has gone up from 581 as of April 2020 to 601 as of April 2021.

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Credit Corp

JANUARY 19, 2021

As of November 2020, the IRS had received more than 168 million tax returns for the 2019 tax year. 10 Steps for Doing Taxes Yourself. File Electronically 10. In 2020, the federal government extended the filing and payment deadlines for 2019 taxes until July 2020. Understand the Filing Deadlines 2.

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Fico Collections

MARCH 21, 2023

Here are a few key takeaways about how the secondary market sees the overall state of the economy, the role of credit scores in securitization, and the upcoming transition to FICO® Score 10 T in the conforming mortgage market. Secondary mortgage market participants expect a U.S. recession in 2023.

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Troutman Sanders

SEPTEMBER 14, 2020

Federal Activities: On September 10, 2020, the Criminal Division of the Justice Department announced that it had reached 57 criminal prosecutions for fraud in connection with the Paycheck Protection Program in under six months since its enactment. State Activities. Privacy and Cybersecurity Activities. Attorneys around the country.

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UK debt collections

MAY 13, 2021

It was made via money claims online and the address used in the particulars of claim was 10 Downing Street. The date of the judgment is the 20th October 2020 and it is unsure if any action was taken to enforce collection of the Unpaid CCJ.

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UK debt collections

MARCH 18, 2021

Today- even with many government support measures still in place – we are seeing roughly three times that amount: 135,000.”. Data on 01 January 2020. 10 or less. 10 or less. During more normal circumstances, we expect between 40,000 and 50,000 companies to trigger one of our negative health markers. Data on 01 March 2021.

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PBWT

AUGUST 13, 2020

” [3] By intervening in the bankruptcy case, the NAACP hopes to protect communities of color from the repetition of “the long-storied history of [the] government’s disproportionate treatment of communities of color.” The NAACP’s motion is scheduled for a hearing on August 26, 2020. Motion at 10.

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Troutman Sanders

DECEMBER 8, 2022

They provide the example of a claim with a contract date of January 1, 2020, a judgment date of December 1, 2022, a garnishment application filing of December 2, 2022, a writ of garnishment on December 5, 2022, and service of the writ on December 6, 2022.

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Credit Corp

MAY 2, 2021

And already in the first quarter of 2020, reports of fraud and identity theft are up 20.1% The least common was government documents or benefit fraud at 3.54%. Top 10 metropolitan areas with highest identity theft per 100,000 residents – data. Top 10 metropolitan areas with lowest identity theft per 100,000 residents – data.

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Burr Forman

JANUARY 11, 2021

The President signed new stimulus legislation into law on December 27, 2020. As before, the maximum PPP loan is $10 million. Experienced a reduction of 25% or more in gross receipts for any 2020 quarter as compared to the same quarter in 2019. Forgiven 2020 PPP loans are not included in 2020 gross receipts for these purposes.

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Troutman Sanders

FEBRUARY 14, 2022

FinCEN therefore is currently in the midst of enacting new regulations under the Anti-Money Laundering Act of 2020 (AML Act), which will seek to address threats, such as corruption and anti-terrorism, while also taking a proactive approach against crimes tied to ransomware, digital assets, and strategic corruption. For example, the U.S.

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Credit Corp

AUGUST 5, 2020

By the end of May 2020, more than 40 million people had filed unemployment claims due to COVID-19 and the resulting economic shutdowns. Governments, charities, and even creditors scrambled to put programs in place to support people during this time while also mitigating future economic fallout.

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Collection Industry News

MARCH 7, 2022

The federal government established eviction moratoriums to protect renters and appropriated nearly $50 billion in emergency rental assistance to help renters make payments, and many states and local governments supplemented these efforts as well. Census Bureau’s 2020 American Community Survey and the U.S.

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Fico Collections

OCTOBER 26, 2022

Wed, 10/26/2022 - 15:00. There are rules governing citizens’ exposure to myriad potentially harmful actions, and decisions made by unsafe algorithms should not be overlooked. It also requires a rigorous AI governance framework, in order to demonstrate adherence to established standards and auditable AI in deploying these tools.

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Credit Corp

AUGUST 4, 2020

Grants, scholarships and government programs can all be used to aid your pursuit of higher education. For the academic year 2019–2020, those costs exceeded $10,000. In the last 10 years alone, tuition and fees for four-year public schools have increased $2,020, while costs for four-year private schools have grown $6,210.

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Burr Forman

DECEMBER 4, 2020

As 2020 comes to a close, it would be an understatement to say that the COVID-19 pandemic has significantly impacted the way we conduct business and live our everyday lives. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices. State Responses.

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Click Notices

MAY 11, 2020

She has four children, Kiyah, 26, who works for MNPPCC, Cornell, 24, a marine in the United States Marine Corps, Kae’ Lyn 21, a recent graduate from Capitol Technology University Class of 2020, and Skylar, 9, student and tween. Family is of the utmost importance to LaTonya.

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Titan Consulting

AUGUST 23, 2020

Bankruptcy will destroy your credit and remain on your credit report for up to 10 years. When government assistance is not providing enough income to cover job losses, should you file for bankruptcy or hold out for the economic recovery? A bankruptcy temporarily destroys your credit and remains on your credit report for up to 10 years.

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PBWT

APRIL 6, 2021

A recent 10 th Circuit decision shows why. In February 2020, the debtor moved to convert his case to chapter 7, alleging that he had insufficient funds to independently pay his defense attorney. Conversions of chapter 11 cases are governed by Bankruptcy Code section 1112. Unsecured Creditors Committee et al. , ” Id.

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ABI

JANUARY 13, 2022

1] However, the undue hardship requirement does not apply to all student loans; section 523(a)(8) generally applies to a loan guaranteed by the government or funded by the government or a nonprofit institution. [2] 10] However, the court was persuaded by the authority concluding that the burden is on the creditor. [11]

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Fico Collections

JULY 26, 2021

But some consumers receiving furlough payments may be showing caution relating to their spending levels, ahead of the planned scaling down of the government contribution as of 1st July. In the five months to May 2020, 13 percent fewer accounts paid the minimum amount as the majority shifted to paying less.

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ABI

JANUARY 26, 2023

10] According to the Third Circuit, in determining whether an exaction is a tax for bankruptcy purposes, a court must analyze “the operation of the provision” and its effects. [11] 10] Id. 2020); In re Vallejo, 2021 WL 5702699, at *3–7 (Bankr. 4th 179, 183 (3d Cir. citing United States v. Inc. , 675 F.2d 12] Id.

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Price Meese

JULY 8, 2020

Permit Extension Act of 2020- An Important Response. Last Wednesday Governor Murphy signed into law the Permit Extension Act of 2020, P.L. Pursuant to Chapter 53, approvals in existence on March 9, 2020, will be tolled during the COVID-19 extension period. Purcell, Esq. 53 (“Chapter 53”). This language is unclear. 40:55D-10.3.

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Credit Corp

MARCH 21, 2023

percent and Utah at 10 percent. 2020 $1,315.2 Private student loans aren’t provided by the federal government, and they often come with much higher interest rates. Over 43 million Americans have student loan debt. The following table from the U.S. 2021 37 10.2 Source: U.S. This is followed by the state of Washington at 10.7

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Troutman Sanders

SEPTEMBER 14, 2021

On September 9, the Consumer Financial Protection Bureau (CFPB) released a report on the agreements signed between credit card issuers and colleges, or organizations affiliated with colleges, finding that the market for college credit cards continued its general trend of decline in 2020. On September 10, Washington, D.C.

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FFGN COLLECT NY

JULY 15, 2020

During New York on Pause due to COVID-19, Governer Cuomo signed Administrative Order 202.8 extending the statute of limitations from March 22, 2020, to August 5, 2020. Creditors whose allowable time to file expired on or between those dates can now file and/or respond through August 5, 2020. 2) Administrative Order.

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Consumer Finance Watch

MARCH 27, 2020

On March 21, 2020, in response to the COVID-19 pandemic, Governor Cuomo issued Executive Order 202.9, directing institutions regulated by New York’s Department of Financial Services (“NY DFS”) to provide financial relief to New York consumers experiencing financial hardship as a result of the pandemic. In addition, Section 119.3(e)

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Credit Corp

AUGUST 4, 2021

10 Great Jobs That Pay 40k a Year—or More. Graphic designers in the US earn about $53,380 a year —and more than half of the design professionals who took part in a 2020 99Designs survey were under the age of 30. The post These 10 Great Jobs All Pay at Least $40,000 appeared first on Credit.com. Biological Technician.

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