FFGN COLLECT NY
JULY 12, 2024
Proposed changes regarding the removal and reporting of medical debt may lead you to change how you do business if you rely on credit reports when deciding whether to grant credit, In June, the Consumer Financial Protection Bureau (CFPB) proposed some major changes related to the reporting of medical debt and consumer credit reports.
Collection Industry News
MAY 18, 2021
In a letter sent to the leaders of the House and Senate , CUNA President/CEO Jim Nussle stated his objections to section 403 of the bill, which would amend the Fair Credit Reporting Act to prohibit credit scoring models from treating certain medical debt information on consumers’ credit report as a negative factor.
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Collection Industry News
OCTOBER 22, 2023
On July 11, 2023, in prepared remarks to kick off the CFPB’s hearing on Medical debt, CFPB Director Chopra appeared to take credit for these changes, stating, “The CFPB’s work has led to major changes in the way medical bills are reported to the three credit reporting conglomerates: Equifax, Experian, and TransUnion.
Troutman Sanders
AUGUST 1, 2023
On July 26, the CFPB published a blog focused on consumer credit scores. On July 25, a large credit reporting agency revealed to investors in regulatory filings that it’s facing a probe by the CFPB. For more information, click here. For more information, click here.
Troutman Sanders
JUNE 14, 2023
In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing mortgage loans. For more information, click here. For more information, click here.
Troutman Sanders
MAY 2, 2023
Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Chairman Sherrod Brown (D-OH) described consumer credit reports as “riddled with errors.” Brown argued that medical debt “correlates with illness,” not with credit risk. On April 27, the U.S.
Collections Law
OCTOBER 28, 2021
This includes providing an applicant with the reason for credit denial, upon their request. Secure your debt If your applicant has less-than-perfect credit, you may consider requesting that they offer an asset or property as collateral to secure their debt. A waiver must be clearly written.
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