Credit Corp

JUNE 8, 2023

In other words, about how personal credit works and how credit scores work still confuses people. How Are Credit Scores Created? When you borrow money, whether through a revolving account, like credit cards , or an installment account, like an auto loan or student loan , the information is gathered by the credit bureaus.

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Collection Industry News

AUGUST 25, 2024

The report shows total household debt increased by $109 billion (0.6%) in Q2 2024, to $17.80 The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. It includes a one-page summary of key takeaways and their supporting data points.

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Collection Industry News

MAY 19, 2024

The report shows total household debt increased by $184 billion (1.1%) in the first quarter of 2024, to $17.69 The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. The Quarterly Report also includes a one-page summary of key takeaways and their supporting data points.

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Collection Industry News

NOVEMBER 13, 2023

Credit card delinquency rates also rose across the board, according to the New York Fed, but especially among millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt. The average annual percentage rate is now more than 20% — also an all-time high.

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Better Credit Blog

JANUARY 20, 2022

This is why many people engage the services of a debt relief agency. TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. The fees you can expect to pay for Freedom Debt Relief’s services range from 15–25%. National Debt Relief vs. Freedom Debt Relief.

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Troutman Sanders

MAY 9, 2023

On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt.

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True Accord

JULY 5, 2022

A hike in the federal interest rate prompts a jump in the Bank Prime Loan Rate ( prime rate ), the credit rate that banks offer to their most credit-worthy customers and off of which they base other forms of consumer credit like mortgages and consumer loans.

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Troutman Sanders

OCTOBER 30, 2023

On October 25, the CFPB released its biennial report to Congress on the consumer credit card market. The report found that in 2022 credit card companies charged consumers more than $105 billion in interest and more than $25 billion in fees. For more information, click here. For more information, click here.

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Troutman Sanders

JULY 11, 2023

According to the FTC’s June 2016 complaint, brought jointly with the Florida attorney general, the defendants called consumers via robocalls to sell credit card interest rate reduction services. The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates.

Financial services 40

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Troutman Sanders

OCTOBER 4, 2021

Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. Among other provisions, S.B. For more information, click here and here.

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Burt and Associates

OCTOBER 31, 2024

Consumer Complaints 3.1 CFPB Complaints: Presents data on the number and types of debt collection complaints received by the CFPB in 2023. Company Responses: Analyzes the responses of companies to debt collection complaints, including the types of relief provided. Consumer Issues in Debt Collection Complaints 3.2.1

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