Collection Industry News

MAY 18, 2025

On May 1, 2025, the Federal Trade Commission (FTC)announcedthat it had filed anamended complaintand entered into aproposed final orderwitha debt collector and its owner, resolving allegations that the company engaged in a fraudulent debt collection scheme.

Debt collector 40

Debt collector Fair Debt Collection Garnishment Trade 40

True Accord

FEBRUARY 3, 2022

based lender following GAAP accounting, the lender’s net loss rate (or net charge off rate) is the ultimate metric. For lenders, even the largest international banks, loan losses are the largest expense line in the budget so it’s important to prepare for those losses. How do lenders and debt collectors use roll rates?

Lender 52

Lender Collections Loans Collection Companies 52

Credit Corp

AUGUST 23, 2021

This code can mean two different things: You don’t have enough accounts for lenders or credit scoring models to effectively gauge your risk as a borrower. Even if you’ve paid your bills on time, if you only have one credit card that’s been open three months, that’s not enough information for many lenders.

Lender 104

Lender Loans Personal loans Trade 104

Nexa Collect

AUGUST 13, 2020

Each has its own way of gathering data and scoring your business, but they all look for information from investors, lenders, banks, and credit card issuers. The number of trade experiences is a driving force behind achieving a good business credit score. The way this can backfire is that lenders, in general, frown upon this practice.

Trade 130

Trade Loans Creditworthiness Judgment 130

True Accord

MARCH 21, 2023

But what will that mean for lenders and creditors? since 2020, while open trade lines decreased by 7.7% As consumers battle high inflation and interest rates to afford necessities, budgets will be stretched and many will have to prioritize when and where they spend.

Student loans 98

Student loans Student Loans Loans Construction 98

Nexa Collect

DECEMBER 12, 2021

DeFi applications reconstruct traditional finance systems revolving around borrowing, lending, trading, and investing with digital assets. A system that interacts buyers, sellers, borrowers, or lenders with peer-to-peer technology to access financial products or financial services bypassing middlemen such as financial institutions.

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Collateral Banks Financial Institution Financial services 130

Collection Industry News

FEBRUARY 22, 2021

On February 11, 2021, the Federal Trade Commission (FTC) announced a $114 million settlement with the owners and operators of an alleged tribal payday lending scheme. Instead, the payday lenders allegedly continued to withdraw funds from consumers’ bank accounts long after their loans had been repaid.

Lender 40

Lender Trade Loans Banks 40

Troutman Sanders

FEBRUARY 24, 2023

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. The Bureau indicated it is interested in the potential correlation between delinquency and geography, credit score, and income.

Lender 52

Lender Repossession Loans Collections 52

Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. As we pass the first anniversary of the pandemic’s outbreak, where does this leave lenders? Right now, we’re advising lenders to adopt a flexible combination of criteria and pre-emptive approaches to evaluate debt risk.

Lender 52

Lender Collections Acquisition Loans 52

Troutman Sanders

OCTOBER 27, 2023

In a major victory for small business lenders, yesterday the U.S. In the event the Supreme Court overturns that Fifth Circuit decision, the CFPB would be required by the Texas federal court’s nationwide injunction to extend every small business lender’s compliance date to compensate for the period stayed. CFPB will dissolve if the U.S.

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Collection Industry News

MAY 15, 2025

As result of FTC lawsuit, federal court issues temporary restraining order halting scheme that sent fictitious debt collection notices to consumers nationwide As a result of a Federal Trade Commission lawsuit, a federal court hastemporarily haltedthe operations and frozen the assets of a phantom debt collection scheme and its operators.

Consumer Credit 40

Consumer Credit Garnishment Law Firms Collections 40

Troutman Sanders

OCTOBER 29, 2020

On October 27, the Office of the Comptroller of the Currency (OCC) issued its final rule on how to determine when a national bank or federal savings association (referred to collectively as a national bank) is the “true lender” in the context of a partnership between a national bank and a third party.

Lender 40

Lender Banks Loans Trade 40

Troutman Sanders

AUGUST 15, 2023

Since the injunction order was entered, the CFPB has been inundated with requests to extend the stay of the Final Rule to all covered small business lenders. CFPB , finding the CFPB’s funding structure unconstitutional and, therefore, rules promulgated by the Bureau invalid.

Credit Unions 52

Credit Unions Credit Unions Trade Financial Institution 52

Fraser

NOVEMBER 23, 2022

The Federal Trade Commission recently extended the deadline , from December 9, 2022, to June 9, 2023, for compliance with the most stringent requirements of its latest rulemaking, revisions to the Safeguards Rule under the Gramm Leach Bliley Act (“the GLBA”).

Credit Counselor 80

Credit Counselor Acquisition Lender Trade 80

Credit Corp

MARCH 23, 2021

Depending on the specific credit bureau or bureaus that your vehicle loan lender reports to, it will only show up on those credit reports. There are three different credit bureaus that are mainly used by all lenders: Experian, Equifax, and Transunion. This is crucial in knowing how a new vehicle loan can increase your credit score.

Loans 98

Loans Lender Credit Bureau Student loans 98

Credit Corp

MAY 9, 2023

Every lender will have different DTI requirements, but it’s generally recommended to stay below 36%. Gather Proof of Income Potential lenders want to see you have a reliable source of income, especially if your credit score needs some work. Each lender will offer different loan terms.

Loans 98

Loans Lender Banks Education 98

Credit Corp

DECEMBER 14, 2020

While creditors weren’t looking up someone’s history of debt and payments, many lenders did take risk-mitigation actions. It also impacted some people’s ability to get credit with new lenders. It became possible for lenders to receive electronic information about a person’s credit quickly in the form of a fax.

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Financial Institution Lender Consumer Credit Creditors 105

Credit Corp

OCTOBER 6, 2023

Average Car Loans by Age Group Average Car Loan Term by Credit Score Car Loans by Lender Type 4 Tips to Lower Your Car Payments 2023 Car Loan Statistics Key Findings Knowing the different statistics for monthly car payments can help you have a better idea of where you stand before purchasing a vehicle. 781 to 850 61.6 661 to 780 70.15

Loans 118

Loans Lender Credit Unions Credit Unions 118

Collection Industry News

JANUARY 19, 2021

Those were just two of more than 1,800 loans that went to debt collectors and high-interest lenders through the Paycheck Protection Program, according to an analysis by The Washington Post. Twenty-five have been subject to legal enforcement or consumer alerts, many by the CFPB and the Federal Trade Commission.

Debt collector 40

Debt collector Lender Collections Loans 40

Collection Industry News

JULY 27, 2021

The industry trade teams challenging the CFPB’s rule that is final Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a movement for summary judgment. The post Trade Groups File Summary Judgment Motion In Texas Lawsuit Challenging CFPB Loan Rule That Is Payday appeared first on Collection Industry News.

Trade 40

Trade Judgment Loans Accrued Interest 40

True Accord

APRIL 28, 2025

Job gains showed up in health care, social assistance, transportation and warehousing, along with retail trade, which reflected the return of workers from a strike, while federal government employment declined as a result of wide-reaching layoffs. The Federal Reserve (Fed) held rates steady at 4.25-4.50% 4.50% in March.

Student loans 89

Student loans Student Loans Loans Collections 89

Credit Corp

AUGUST 8, 2021

Publicly-Traded REITs. These companies trade on public stock exchanges, which makes them extremely liquid. A combined strength and weakness of publicly-traded REITs is their dividend yield. Because they trade on public stock exchanges, they tend to move in disturbing correlation with stock indexes.

Trade 81

Trade Loans Collateral Lender 81

UK debt collections

DECEMBER 8, 2020

The Financial conduct authority has asked banks, lenders and debt collectors for advice on how to deal with the fall out from emergency Covid-19 loans given out during the pandemic. But it will advise banks and lenders on how to manage repayment of loans linked to the COVID-19 crisis without violating consumer rights.

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Collections Lender Loans Debt collector 72

UK debt collections

JUNE 22, 2020

In addition, the research reveals that of those firms who have heard back from their lender about a BBLS or CBILS facility, nine out of ten have had their application approved. The coronavirus crisis has created huge challenges for businesses, and lenders are committed to giving companies of all shapes and sizes the right support.

Lender 90

Lender Loans Government Trade 90

Troutman Sanders

MAY 2, 2023

CFS Associate Addison Morgan represents several of the nation’s preeminent financial institutions in litigation arising under the Fair Credit Reporting Act, Telephone Consumer Protection Act, Fair Debt Collection Practices Act, Federal Trade Commission Holder Rule, and other consumer protection state analogs.

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Financial Institution Fair Debt Collection Financial services Law Firms 97

Fico Collections

MAY 5, 2021

trillion SME funding gap in unmet trade finance, with demand for funding of small businesses rapidly becoming an acute challenge. It’s a mind-boggling number largely driven by demand for unfilled or rejected trade finance applications tabled by small businesses in emerging markets. New Lenders. Technology.

Trade 52

Trade Lender Banks Collateral 52

Fraser

OCTOBER 13, 2020

In a recently issued procedural notice , the Small Business Association (“SBA”) addressed a lingering question of borrowers and lenders related to the Paycheck Protection Program (“PPP”) process: What procedures are required for changes of ownership of an entity that has received PPP funds?

Loans 62

Loans Lender Manufacturing Retail 62

Better Credit Blog

MAY 17, 2022

The auto loan industry is quite a diverse one, and loan terms can vary considerably from one lender to another. Many lenders will provide 100% financing, but others may require down payment as high as 20% of the value of the vehicle. Auto dealers work very closely with subprime auto lenders. Typical Terms for Car Loans.

Loans 83

Loans Credit Unions Credit Unions Auto Insurance 83

UK debt collections

OCTOBER 2, 2024

Quantuma was appointed by one of the firm’s lenders, Fenchurch Legal, in July. They attended the company’s trading premises and found the site completely cleared of all office equipment and furniture. McDermott Smith, established in February 2016, had one remaining director, founder and solicitor Andrew Smith.

Law Firms 86

Law Firms Creditors Secured Creditor Trade 86

Nexa Collect

JULY 1, 2020

Borrowing money from a bricks-and-mortar bank, an online lender or a peer-to-peer marketplace and then paying it back has become a way of life for most, if not all, Americans. Lenders like Discover or Citibank indicate your credit score on their statements and their online portals provide breakdowns of how your credit score evolves over time.

Bankruptcy 130

Bankruptcy Lender Credit Unions Credit Unions 130

UK debt collections

JUNE 25, 2020

UK businesses are returning to work this month with some trepidation, according to fintech business lender MarketFinance. This coupled with a very moderate outlook for trading conditions, ‘rent quarter day’ this week and uncertainty about their workforce, no doubt this will put further pressure on businesses.”.

Debt Recovery 90

Debt Recovery Lender Loans Trade 90

Credit Corp

OCTOBER 16, 2023

The letter should include details about the debt, the original lender, and the debt collector’s authority to collect the money. If the debt collector continues with attempts to contact you, you can submit a complaint with the CFPB , your state’s attorney general’s office , or the Federal Trade Commission.

Debt collector 105

Debt collector Creditors Original Creditor Lender 105

Credit Corp

MAY 18, 2021

It shows lenders that you’re serious about this investment and can make payments on time. The Federal Trade Commission has reported that one in five people have an error on their report. The Federal Trade Commission has reported that one in five people have an error on their report. Lenders want to protect their investments.

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Lender Loans Trade Creditors 65

Hudson Weir

OCTOBER 18, 2024

For instance, the insolvency practitioner may recommend a Company Voluntary Arrangement (CVA) if the business is able to keep trading while paying back its debts. In summary, when two businesses are involved in an intercompany loan, the lender risks not receiving repayment if the lendee becomes insolvent and ultimately enters liquidation.

Loans 52

Loans Creditors Collateral Financial Institution 52

Better Credit Blog

APRIL 1, 2022

When you stop making payments on an auto loan, the lender will take the vehicle back. Your first option is to start negotiating with your original auto lender. This could be a bank, an online lender like Capital One, or the in-house finance company at the dealership. It means your lender has lost money on your loan.

Repossession 76

Repossession Lender Loans Banks 76

Credit Corp

JUNE 1, 2023

If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. Paying off collections can help your credit score if the lender reports to new credit scoring models, including FICO 9®, FICO 10®, VantageScore 3.0® ® and VantageScore 4.0®.

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Collections Debt collector Collections Agency Collection Agencies 126

Fico Collections

AUGUST 23, 2021

As seen in Figure 2, not only does the FICO® Score suite deliver scores on more consumers, but the consumers we do score (relative to the “Credit Bureau Data Research Score”) are more likely to fall in the “new to credit” and “no credit bureau record/trade” segments. These consumers are stuck in a catch-22.

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Credit Bureau Trade Lender 98