True Accord

JULY 13, 2023

The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. Read on for our take on what’s impacting consumer finances and our industry, how consumers are reacting, and what else you should be considering as it relates to debt collection in 2023.

Financial Institution 65

Financial Institution Student loans Student Loans Loans 65

Credit Corp

JUNE 1, 2023

Your credit score may improve if your collection debt is reported to a new credit scoring model—FICO 9®, FICO 10®, VantageScore 3.0® Most creditors still report to old scoring models, so it’s unlikely paying off the debt will improve your credit score. In This Piece: What Is Collections Debt? ® or VantageScore 4.0®.

Collections 126

Collections Debt collector Collection Agencies Collections Agency 126

Sawin & Shea

SEPTEMBER 14, 2022

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. Your consumer and non-consumer debts impact your ability to file Chapter 7 bankruptcy, and your debt types also determine what’s protected by an automatic stay when filing Chapter 13 bankruptcy.

Chapter 13 bankruptcy 122

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

Collection Industry News

JANUARY 13, 2024

household debt grew by $800 million from 2022 to 2023, including a 16.6% growth in credit card debt. While the new year marks a time for new beginnings and a fresh start, millions of Americans entered 2024 with more debt and less to put in their checking and savings accounts. household debt reached a record high of $17.3

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Bankruptcy 40

Qualco

NOVEMBER 7, 2023

Managing loan portfolios becomes a labyrinth for financial institutions in a financial ecosystem marked by unrelenting complexity and constant change. This scenario underscores the pressing need for resilient and adaptable strategies in managing loan portfolios. A significant factor to consider is regulatory compliance.

Financial Institution 95

Financial Institution Debtor Loans Collateral 95

Collection Industry News

AUGUST 30, 2021

Bankruptcy Code to allow borrowers to discharge student loans without proving that repayment of the debt imposes an “undue hardship” on them or their dependents. trillion in student loan debt, according to data from the Federal Reserve cited in the report accompanying the resolution.

Student loans 40

Student loans Student Loans Bankruptcy Loans 40

Collection Industry News

MARCH 19, 2024

Growing debt balances, stubborn interest rates and elevated prices are still a thorn for consumers, and contribute to their overall financial stability,” explains TrueAccord CEO Mark Ravanesi in his Q4 Industry Insights: Cautious Optimism with a Side of Holiday Hangover.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

Hudson Weir

APRIL 12, 2024

For a company in debt threatened with an enforcement notice, it’s important to explore the different viable business recovery options but you may want to know, what can bailiffs take? If your business is in debt and creditors are trying to reclaim their money, this is a tough period that requires careful navigation.

Debt collector 52

Debt collector Creditors Manufacturing Trade 52

Credit Corp

OCTOBER 25, 2023

Bad credit can prompt frequent collection calls and take a long time to repair, while no credit can reduce your eligibility for most loans. There are certain loans that you can apply for with bad credit. Knowing your debt collection rights can help if an agency threatens to seize your assets or ask for more money than you owe.

Loans 52

Loans Lender Credit Bureau Collection Agencies 52

Collection Industry News

MAY 19, 2023

Americans’ debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable. Household debt balances set a fresh record high of $17.05 That debt load has spiked by $2.9 That debt load has spiked by $2.9 Last year, 39% carried debt month to month.

Credit Card Debt 52

Credit Card Debt Student loans Student Loans Loans 52

Qualco

SEPTEMBER 12, 2023

As a result, loan borrowers with floating rates, also referred to as adjustable or variable rates, face higher monthly payments due to increased interest expenses. These exposures involve borrowers who have extended their loan terms and are now at risk of facing difficulties meeting their obligations.

Collateral 104

Collateral Collections Financial Institution Loans 104

Consumer Financial Services Law

MAY 7, 2017

The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The Report provides a summary of the volume of complaints by product category, by company and by state. Complaint Volume by Product The three most complained of consumer products remain debt collection, credit reporting and mortgage.

Student loans 40

Student loans Student Loans Loans Collections 40

Nexa Collect

APRIL 11, 2021

The debt collection industry has been through one of its most difficult periods in modern history, and the recovery looks slow and prolonged. Performance of Collection Agencies during Covid-19 Pandemic. Economic downturns create a huge opportunity for the debt collection industry.

Collections 130

Collections Collection Agencies Collections Agency Construction 130

Collection Industry News

AUGUST 17, 2023

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows a slight uptick in total household debt in the second quarter of 2023, increasing by $16 billion (0.1%) to $17.06 Student loan balances fell by $35 billion and stood at $1.57

Credit Card Debt 40

Credit Card Debt Student loans Student Loans Foreclosure 40

Public Citizen

JULY 6, 2020

Today, the Supreme Court held that collecting government debt by robocalling cellphones didn’t deserve special First Amendment treatment. First, was allowing debt collectors to make robocalls, but prohibiting all other types of robocalls, allowed by the First Amendment? American Assn. of Political Consultants, Inc.,

Collections 70

Collections Student loans Student Loans Government 70

Troutman Sanders

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

Financial services 52

Financial services Garnishment Lender Banks 52

Troutman Sanders

AUGUST 7, 2023

dba DEBT Box. The SEC accuses DEBT Box’s principals, brothers Jason Anderson and Jacob Anderson, of defrauding investors of at least $49 million. Small Business Administration (SBA) began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 loan programs.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

Sawin & Shea

MAY 5, 2021

Anyone on social media is bound to have seen numerous posts or crowdfunding pleas from friends or friends of friends who are faced with insurmountable medical debts. Sadly, medical debt is a huge problem in our country, affecting 41% of working-age Americans. What Options Exist for Medical Debt?

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Bankruptcy Unsecured Debt Student loans 98

Troutman Sanders

NOVEMBER 21, 2023

On November 16, the Consumer Financial Protection Bureau (CFPB) published its Fair Debt Collection Practices Act (FDCPA) Annual Report to Congress. The report highlights consumer protection issues in medical debt collection. For more information, click here. For more information, click here.

Financial services 52

Financial services Retail Banks Student loans 52

Troutman Sanders

SEPTEMBER 25, 2023

Increasingly, banks, brokers, and insurance companies are employing AI to process data, decide who can get a loan, and tailor financial products to customers. or more percentage points for a first-lien covered transaction with a loan amount greater than or equal to $130,461; 3.5 For more information, click here. 1020.210(b).

Financial services 52

Financial services Loans Banks Debt collector 52

Troutman Sanders

DECEMBER 21, 2021

In its release, the CFPB noted that its inquiry focuses on the following topics: Potential accumulation of debt by BNPL users; Potential applicability or non-applicability of a range of consumer financial protection laws; and. Data collection, behavioral targeting, and data monetization practices of BNPL providers. Virtual card usage.

Loans 52

Loans Financial services Collections 52

Debt Free Colorado

MARCH 3, 2023

Are there Available Alternatives If You Have a Lot of Debt and don’t Want to File for Bankruptcy? What Debts are Discharged in Bankruptcy? Through a legal process called bankruptcy, some people who are unable to pay their debts can start over financially, either temporarily or permanently. What Can’t Bankruptcy Do?

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

True Accord

MARCH 31, 2022

It’s the end of the quarter and, as always, we at TrueAccord are looking at consumer debt trends that will impact our industry and beyond. Add these all together and the financial outlook for consumers, especially those in debt, is scary. But there are silver linings, as well. But there are silver linings, as well.

Lender 58

Lender Personal loans Foreclosure Loans 58

Debt Free Colorado

DECEMBER 9, 2021

If you are considering consulting with an attorney about your debt-relief options, it is essential to remember that each type of bankruptcy comes with its advantages and disadvantages. . Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed.

Chapter 13 bankruptcy 75

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Credit Corp

JUNE 1, 2021

Depending on where you fall on the Millennial spectrum, you may be just starting in the professional world, starting a family, entering middle management, or even working your way out of debt. Include a line item in the budget for any credit card debt. Pay down debt. Collect Rent. Account for a splurge.

Student loans 97

Student loans Student Loans Credit Card Debt Loans 97

Fico Collections

JANUARY 6, 2021

Posts dealing with debt collection were among the most popular on the FICO Blog last year, for obvious reasons. They also offered perceptive tips for dealing with what they dubbed the “debt tsunami.”. Here were the five most popular posts in this category last year: #1. 8 Success Tips For Debt Collection In The Pandemic.

Collections 98

Collections Loans Lender Government 98

Titan Consulting

SEPTEMBER 15, 2020

Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. A growing stack of bills collects and grows bigger each week. When Should You Consider a Debt Settlement Program ?

Credit Card Debt 84

Credit Card Debt Debt settlement Debt collector Creditors 84

Better Credit Blog

NOVEMBER 18, 2021

We use it in our daily lives in many forms, including mortgages, car loans, and credit cards. A key difference between them is that each model weighs the categories on your credit report differently. For example, FICO Score gives each category a set percentage, while VantageScore ranks each one on how influential it is.

Lender 59

Lender Loans Personal loans Bankruptcy 59

Collection Industry News

SEPTEMBER 28, 2021

In the past, older households were more likely to retire debt free with a paid-off mortgage. Student loan debt for older adults, their children, and their grandchildren has been rising for decades. Student Loan Debt Is the Fastest Growing Type of Debt for Older Americans. Those days are over.

Student loans 40

Student loans Student Loans Education Loans 40

Nexa Collect

JULY 1, 2020

Individuals, like you or I, have a credit history which determines our eligibility for home and car loans, ability to rent an apartment, obtain insurance, find a job and even maintain long-term romantic relationships. It will provide you with an Identity Theft Report that you can use only for debts that are the result of identity theft”.

Bankruptcy 130

Bankruptcy Lender Credit Unions Credit Unions 130

Troutman Sanders

NOVEMBER 15, 2022

Director Chopra discussed potential resolutions on the hypothetical failure of three categories of systemically important financial institutions: (1) domestic systemically important financial institutions; (2) nonbank systemically important financial institutions; and (3) global systemically important banks. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Trade 52

Credit Corp

JUNE 14, 2023

More than 10% of subprime auto loan customers were behind on payments by 60 days or more in early 2021. Whether or not you fall under the subprime category, it can be surprisingly easy to miss an auto payment—or any other debt. How Late Can You Be on a Mortgage Loan Payment? How Late Can You Be on Student Loans?

Repossession 83

Repossession Student loans Student Loans Lender 83

Troutman Sanders

JANUARY 23, 2024

billion in additional student loan debt relief for 73,600 borrowers. These discharges are the result of fixes to income-driven repayment (IDR) forgiveness and public service loan forgiveness (PSLF) made by the administration. The debt relief is broken down into the following categories: $1.7 On January 16, the U.S.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

True Accord

FEBRUARY 3, 2022

With digital lending via neobanks and fintechs on the rise, consumers have more options than ever for obtaining loans. What are the economics of collections metrics for delinquent accounts? These can be separated into two main categories, portfolio metrics and operational metrics. .

Lender 52

Lender Collections Collection Companies Loans 52

Collection Industry News

JULY 12, 2022

On Wednesday, the Biden administration announced it was proposing new regulations for student loans owned by the Department of Education. The proposed rules call for an $85 billion expansion of existing federal student loan forgiveness programs. This increases the size of the debt and future interest payments.

Student loans 40

Student loans Student Loans Education Loans 40

Consumer Financial Services Law

FEBRUARY 17, 2017

Each month, the report focuses on a category of consumer financial products. Here are the highlights of the most recent report: IN GENERAL · Student loans showed the greatest increase in complaints comparing October -December 2015 with October-December 2016, showing a 109% increase.

Student loans 40

Student loans Student Loans Foreclosure Loans 40

Collection Industry News

MARCH 28, 2022

The Department has also begun licensing debt collectors. As of the end of 2021, the DFPI had three pending regulation packages pursuant to the CCFPL: 1) complaint procedures, 2) commercial financing UDAAP, and 3) phase one registration categories. Regulatory Activities. Research and Market Monitoring.

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40