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Compliance Digest – February 24

Account Recovery

District Court for the Eastern District of Texas granted the CFPBs unopposed motion for a 90-day stay in the litigation filed by Cornerstone Credit Union League and Consumer Data Industry Association (the Plaintiffs). In an alarming trend, we are seeing more consumer actions being brought for abandoned litigation.

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New York to Shorten Time to Collect Consumer Credit Transactions

FFGN COLLECT NY

Today, you have six years to collect monies owed from consumer credit transactions. However, a bill approved by the New York Senate seeks to shorten the time to collect consumer credit transactions to three years. Credit union loan. Credit cards. Personal bank loans. Home equity loans.

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New York Issues New Consumer Debt Collection Requirements for Creditors Pursuing Legal Action

FFGN COLLECT NY

After New York Governor Andrew Cuomo signs the Consumer Credit Fairness Act (S.153/Thomas) 153/Thomas) into law, many creditors will need to provide significant documentation in order to file a debt collection action against their non-paying consumers. We have the experience that pays.

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How Do Credit Scores Work?

Credit Corp

The bureaus collect and store your credit information in your credit file for future reference. The bureaus collect and store your credit information in your credit file for future reference. As such, your credit reports from TransUnion, Equifax and Experian can contain different information about you.

Lender 98
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Credit Score & Credit Report: File a Dispute to Fix Errors

Nexa Collect

Experian reports that the lowest FICO credit score is 300, but no one really stays at such a low score once some financial history has been established. If you’re not in the habit of checking your credit score every month, you can hire a credit monitoring company to do the tracking for you. Improving Your Credit Score.

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CFPB Finalizes Rule to Implement Growth Act Escrow Exemption for Higher-Priced Mortgage Loans

Collection Industry News

The HPML provisions in Regulation Z require that a creditor establish an escrow account for certain first lien HPMLs. For applications received before April 1 of the current calendar year, this condition is met if the insured creditor’s assets do not exceed the threshold on December 31 st of either of the two preceding calendar years.

Loans 40
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20+ Illuminating Credit Card Debt Statistics for 2023

Credit Corp

Here are the standout findings of various debt statistics: The average American household has over $9,000 in credit card debt. WalletHub ) Mississippi has the least credit card debt at $5,259 per person. Credit Karma ) Alaska has the most credit card debt on average at $8,139.