Consumer Financial Services Law

SEPTEMBER 13, 2016

A recent decision from a North Carolina Bankruptcy Court emphasizes the need for proper training for those who file proofs of claim on behalf of anyone providing consumer credit, including healthcare providers. For healthcare providers in particular, the order serves as a wake up call.

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Troutman Sanders

SEPTEMBER 13, 2023

As discussed here , on July 7th the Consumer Financial Protection Bureau (CFPB), U.S. Department of Treasury (collectively, the agencies) jointly issued a Request for Information (Request) seeking public comment on medical credit cards, loans, and other financial products used to pay for health care.

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Fico Collections

FEBRUARY 7, 2023

Saxon Shirley Fri, 05/20/2022 - 06:06 by FICO expand_less Back To Top Tue, 02/07/2023 - 19:10 As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem. million previously “unscorable” consumer files. Read the full post 3. Read the full post 4.

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Collection Industry News

FEBRUARY 1, 2023

A new CFPB report estimates that medical collections tradelines declined by 37 percent between 2018 and 2022. Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting” also found that medical debt constitutes a majority (57 percent) of all collections on credit reports.

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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.

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Collection Industry News

JANUARY 25, 2023

UK Credit Card Borrowing Soars to Highest Monthly Level Since 2004 Credit card borrowing in the UK soared in November to its highest monthly level since 2004 amid mounting pressure on households from the cost of living crisis. Elizabeth Warren (D-Mass.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Chris Murphy (D-Conn.),

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Better Credit Blog

APRIL 5, 2022

A collection account will lower your credit score and can generally stay on your credit report for up to seven years. Often, a collection entry will even keep you from getting a mortgage or securing an auto loan, which is why it’s important to do all you can to remove collections from your credit report quickly.

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Collection Industry News

JUNE 10, 2024

In 2022, the three largest credit bureaus — TransUnion, Equifax and Experian — started removing paid medical debts from consumers’ credit reports. FICO® and Vantage Score, the two major credit scoring companies, have also decreased the degree to which medical bills impact credit scores.

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Account Recovery

MARCH 18, 2025

A bill is under consideration in the Oklahoma legislature that would prohibit certain medical debts from being reported to credit bureaus, preventing them from impacting consumers credit scores. Driving the news: House Bill 1709, introduced by Rep. The bill, if passed, would take effect on November 1, 2025. Whats next:

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Burt and Associates

OCTOBER 31, 2024

About Transcript About CFPB 2024 Annual Report on Activities to Administer the Fair Debt Collection Practices Act I. Introduction: This section highlights the CFPB’s work on medical debt issues, including a proposed rule to restrict medical debt reporting on credit reports. Consumer Debt and Collections 2.1

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Account Recovery

JANUARY 30, 2025

The Consumer Financial Protection Bureau is actively supporting state legislation aimed at prohibiting the reporting of medical debt to credit bureaus — a move that underscores the agencys ongoing efforts to reshape how medical debt impacts consumers’ financial health.

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Collection Industry News

JANUARY 25, 2025

NEW YORK (AP) Lenders will no longer be able to consider unpaid medical bills as a credit history factor when they evaluate potential borrowers in the U.S. Removing medical debts from consumer credit reportsis expected to increase the credit scores of millions of families by an average of 20 points, the bureau said.

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Collection Industry News

JUNE 28, 2021

Senate Democrats are calling on federal authorities to take action on aggressive medical debt collection, citing reports about hospitals suing patients over unpaid bills. In a letter to the the Consumer Financial Proection Bureau (CFPB), Democratic Sens. Chris Murphy (Conn.) and Chris Van Hollen (Md.) Chris Murphy (Conn.)

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Collection Industry News

JANUARY 13, 2025

Advocate Health, one of Americas largest hospital chains, says it is working hard to confront one of the biggest problems in US healthcare today promoting itselfas a leader in the effort to solve the nations medical debt crisis. The health system also added: We recognize that no large organization is perfect or without a need to improve.

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