Account Recovery

JANUARY 11, 2023

The Governor of New York yesterday announced a number of healthcare-related proposes during her State of the State address, including a plan to include medical debt in the state’s Consumer Credit Fairness Act. Governor’s Agenda Includes Medical Debt Collection Initiatives first appeared on AccountsRecovery.net.

Collections 246

Collections Healthcare Consumer Credit 246

Nerd Wallet

AUGUST 11, 2022

The article Money News: 3 Companies Commit Major Consumer Credit Blunders originally appeared on NerdWallet. Meanwhile, two popular trading platforms have. Bundrick, CFP® writes for NerdWallet. Email: hal@nerdwallet.com. Twitter: @halmbundrick.

Consumer Credit 99

Consumer Credit Education Trade 99

Consumer Finance

AUGUST 30, 2020

The Consumer Financial Protection Bureau issued a report examining the early effects of the COVID-19 pandemic on consumer credit.

Consumer Credit 102

Consumer Credit Student loans Student Loans Loans 102

Fico Collections

FEBRUARY 10, 2022

Developed by FICO in partnership with LexisNexis Risk Solutions and Equifax, this innovative score utilizes alternative data—data not included in the traditional credit bureau file. The inclusion of this alternative data leads to a more reliable estimate of consumer credit risk and helps score more than 26.5 by Joanne Gaskin.

Consumer Credit 98

Consumer Credit Credit Bureau Lender 98

Account Recovery

AUGUST 23, 2022

The Colorado Attorney General’s Consumer Credit Unit last week published new guidance related to the enactment of a law governing remote work for licensed lenders while also noting that the guidance originally enacted at the start of the pandemic in 2020 remains in effect for entities not covered by the new law, including collection agencies, (..)

Collection Agencies 246

Collection Agencies Collections Agency Collections Consumer Credit 246

True Accord

AUGUST 9, 2022

But from the perspective of a seasoned veteran of the financial services industry, what are we really seeing in consumer credit trends today? We sat down with TrueAccord co-founder Ohad Samet to get his insights on what we’re seeing in consumer credit trends today, managing delinquencies, and how to navigate in this economy.

Consumer Credit 103

Consumer Credit Financial services Banks Collections 103

Consumer Finance

NOVEMBER 17, 2020

The Federal Reserve Board and Consumer Financial Protection Bureau today announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2021.

Consumer Credit 90

Consumer Credit 90

Account Recovery

NOVEMBER 7, 2023

Here’s a shocker … removing medical debt tradelines from consumers’ credit reports has led to fewer consumers having medical debts on their credit reports and improved the credit scores of individuals who used to have medical debts on their credit reports, according to a published report.

Consumer Credit 130

Consumer Credit Healthcare 130

Account Recovery

SEPTEMBER 10, 2021

A motion has been filed in a West Virginia federal court to approve a settlement in a class action Fair Debt Collection Practices Act and West Virginia Consumer Credit Protection Act case that will see the defendant pay $995,000 after it was accused of sending letters that did not include updated language required under state … The post Collector (..)

Fair Debt Collection 245

Fair Debt Collection Collections Consumer Credit Credit Management 245

Account Recovery

DECEMBER 17, 2021

The Consumer Financial Protection Bureau announced yesterday that it is shining its regulatory spotlight on a growing form of credit in the financial services industry — Buy Now Pay Later (BNPL) companies — and sent inquiries to five of the major providers asking for information “to illuminate the range of these consumer credit products (..)

Financial services 246

Financial services Consumer Credit 246

Account Recovery

JULY 29, 2022

Nearly one-quarter of households in the United States have no emergency savings and 28% have some, but not enough to cover three months of living expenses, according to the results of a poll released by American Consumer Credit Counseling.

Consumer Credit 246

Consumer Credit 246

Account Recovery

NOVEMBER 9, 2021

GOVERNOR SIGNS DEBT COLLECTION BILL INTO LAW The Governor of New York yesterday signed a trio of consumer protection bills into law, including a debt collection bill called the Consumer Credit Fairness Act that lowers the statute of limitations, increases the amount of information needed when filing collection lawsuits, and institute specific requirements (..)

Collections 246

Collections Consumer Credit 246

Account Recovery

NOVEMBER 11, 2021

The total amount of household debt in the United States has topped $15 trillion for the first time, and delinquency rates on most types of consumer credit continued their downward trend — largely due to measures put into place during the COVID-19 pandemic — but there was still more than $412 billion of consumer debt … The post Household (..)

Consumer Credit 244

Consumer Credit Banks 244

Account Recovery

DECEMBER 7, 2022

A company that offers consumers credit to pay over time for unexpected expenses like medical bills, auto repairs, and veterinarian bills has closed a deal for access to $250 million in credit that will be used to fund more transactions for consumers to continue the platform’s growth.

Consumer Credit 246

Consumer Credit 246

Consumer Finance

OCTOBER 3, 2024

The CFPB and the FRB are announcing the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are subject to certain protections under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Consumer Credit 80

Consumer Credit 80

Account Recovery

NOVEMBER 29, 2022

A company that is offering consumers credit in the form of zero-interest, fee-free payments on their medical debts has raised $220 million to expand its operations and grow its business faster.

Healthcare 238

Healthcare Consumer Credit 238

Fico Collections

AUGUST 16, 2021

“Amounts owed” comprises some 30% of the overall FICO® Score calculation and is heavily weighted towards credit card balances and utilization so the observed reduction in credit card debt is helping to drive scores upwards. Fewer consumers are actively seeking credit. There has been a 12.1% The Other Side of the Coin.

Consumer Credit 98

Consumer Credit Lender Credit Card Debt Education 98

Account Recovery

MAY 18, 2023

At a time when more information is being removed from consumers’ credit reports, a pair of bills have been introduced in Congress aimed at adding more tradelines to credit reports as a means of expanding credit access for individuals with limited or no credit histories.

Consumer Credit 130

Consumer Credit 130

True Accord

MARCH 5, 2024

Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers.

Consumer Credit 85

Consumer Credit Student loans Student Loans Collections 85

Consumer Finance

FEBRUARY 13, 2023

Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022.

Consumer Credit 102

Consumer Credit Collections 102

Consumer Finance

SEPTEMBER 10, 2024

The CFPB ordered TD Bank to pay $7.76 million to tens of thousands of victims because of the bank’s illegal actions.

Banks 99

Banks Consumer Credit Financial services 99

Account Recovery

MARCH 28, 2024

A District Court judge in West Virginia has denied a motion to dismiss filed by a credit union that is facing a class-action lawsuit for violating the West Virginia Consumer Credit and Protection Act by charging a $5 fee to make payments over the telephone, ruling the credit union is a debt collector under the […]

Credit Unions 130

Credit Unions Credit Unions Debt collector Consumer Credit 130

FFGN COLLECT NY

MAY 2, 2022

Join Frank, Frank, Goldstein and Nager’s managing partner Jocelyn Nager for webinar on New York’s Consumer Credit Fairness Act. The act, which was signed into by Governor Kathy Hochul in November and largely goes into effect in May, changes rules around consumer debt collection.

Consumer Credit 52

Consumer Credit Collections 52

FFGN COLLECT NY

MAY 17, 2023

Legislative changes affecting consumer collections for consumer credit transactions recovery went into effect in 2022 largely as a result of the Consumer Credit Fairness Act (CCFA). As a result, the law specifies documents required to file a consumer debt collection case in New York.

Consumer Credit 52

Consumer Credit Collections Original Creditor Creditors 52

Consumer Finance

OCTOBER 24, 2023

The Consumer Financial Protection Bureau (CFPB) today released its biennial report to Congress on the consumer credit card market.

Consumer Credit 145

Consumer Credit 145

Consumer Finance

NOVEMBER 12, 2023

The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements.

Consumer Credit 60

Consumer Credit 60

Account Recovery

OCTOBER 3, 2024

A bipartisan bill has been introduced in the House of Representatives that seeks to amend the Fair Credit Reporting Act so that individuals making payments on unpaid medical debts would see their credit scores boosted. Don Bacon [R-Neb.], Marie Gluesenkamp Perez [D-Wash.].

Healthcare 130

Healthcare Debt collector Consumer Credit 130

Account Recovery

MAY 4, 2023

A bill has been introduced in the Senate seeking to give consumers greater control over how and when their credit reports are shared by credit reporting agencies in an attempt to undo what the bill’s sponsor labeled a “backwards” system that is currently in place. More information about S.

Consumer Credit 130

Consumer Credit 130

Public Citizen

MAY 15, 2022

We received the following call for papers: Nikita Aggarwal, Matt Bruckner, Kathleen Engel and Cre Johnson are putting together proposals for a symposium on AI, Consumer Credit, and Discrimination. They are applying to multiple law reviews on a rolling basis.

Consumer Credit 45

Consumer Credit 45

Account Recovery

AUGUST 10, 2020

Logicoll represents creditors in the resolution of outstanding consumer credit accounts. Our company provides compliant recovery solutions for organizations with outstanding receivables including major banks, credit card issuers, auto financing companies, fintech lenders, and more.

Collection Agencies 147

Collection Agencies Collections Agency Creditors Lender 147

Account Recovery

JULY 5, 2023

A growing number of Americans are keeping financial secrets from their loved ones, according to NerdWallet’s annual consumer credit card report. The report reveals that approximately a third of Americans with credit card debt (33%) keep their debt amounts secret, possibly due to the stigma surrounding such financial liabilities.

Credit Card Debt 130

Credit Card Debt Consumer Credit 130

Consumer Finance

DECEMBER 10, 2020

On December 11, 2020, the Consumer Financial Protection Bureau and the Arkansas Attorney General settled with Alder Holdings, LLC, resolving their allegations that Alder failed to provide proper notices under the Fair Credit Reporting Act.

Consumer Credit 87

Consumer Credit 87

Account Recovery

MAY 4, 2023

Consumer credit is a cog in the wheel that is the U.S. During the pandemic, banks tightened their underwriting criteria so they were lending less money, but consumers had cash and were using it to pay off debts. economy and both move in cycles.

Consumer Credit 130

Consumer Credit Banks 130

Troutman Sanders

NOVEMBER 14, 2023

On November 13, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Consumer Credit 52

Consumer Credit Loans Education Creditors 52

Account Recovery

FEBRUARY 15, 2023

CFPB SPOTLIGHTS TRENDS IN DEBT COLLECTION CREDIT REPORTING The Consumer Financial Protection Bureau yesterday released a report that looked at the volume of third-party debt collection tradelines being furnished on consumers’ credit reports, and found that the number of collection tradelines dropped by one-third between 2018 and 2022.

Collections 130

Collections Debt collector Consumer Credit 130

Troutman Sanders

NOVEMBER 16, 2021

On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382).

Third-party Debt Collectors 52

Third-party Debt Collectors Consumer Credit Original Creditor Debt collector 52

Fico Collections

NOVEMBER 8, 2021

consumers’ credit behaviors as observed in the underlying credit report data. This recent increase in the average score is reflective, in part, of impacts that the COVID-19 pandemic has had on U.S.

Consumer Credit 98

Consumer Credit Lender 98