Collection Industry News

OCTOBER 10, 2022

The Consumer Financial Protection Bureau (“CFPB”) filed a complaint against online lender MoneyLion Technologies, Inc, and several dozen of its subsidiaries (collectively, “MoneyLion”), alleging violations of the Military Lending Act (“MLA). Ballard Spahr LLP, October 7, 2022.

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Troutman Sanders

MAY 26, 2021

On March 18, the West Virginia legislature passed Senate Bill 5 , amending the West Virginia Consumer Credit and Protection Act (WVCCPA). The amendments provide more clarity to creditors and debt collectors, as well as tools to avoid litigation.

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Nexa Collect

JULY 1, 2020

At any given point, we may have several credit scores based on our financial history, as measured by companies such as FICO or VantageScore Solutions, another credit analysis company. It’s important to keep in mind that your score is calculated using both positive and negative information on your credit reports.

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Credit Corp

MAY 30, 2023

For example, if you fail to pay a debt, the lender can take you to court. Ultimately, if you don’t pay a debt , the lender or bill collector can file a lawsuit against you to recoup the money. That means judgment creditors can seek debt payment from more than your wages and bank accounts. What Is a Judgment on Property?

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Titan Consulting

MAY 3, 2020

All three for-profit credit reporting agencies, Experian, Equifax and Transunion compile and report consumer credit and debt payment activity and sell this consumer information to lenders seeking to grant credit. Here’s why: Who Decides Your Credit Score? What is the most used credit score by lenders?

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Better Credit Blog

MAY 12, 2022

When you owe money to a credit card company, public utility, or bank, or any other creditor, you could be sued in civil court. And, after ordering you to repay the money, a judge could approve wage garnishment which means the court would take part of your paycheck and give it to the creditor before you even see the money!

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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.

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True Accord

APRIL 5, 2023

But with inflation and economic stressors persisting into the new year, many consumers are conflicted on their financial outlook and spending behavior is hard to predict. Consumers trying to make ends meet have continued turning to credit cards and other credit types to bridge the income to expense gap.

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FFGN COLLECT NY

MAY 24, 2022

If worded correctly, an affidavit of confession of judgment will allow a creditor to enter judgment without further notice and/or without the necessity of providing any evidence or proof of the debt or default in order for the clerk of the court to enter judgment. The proposed bill does not currently apply to commercial lenders.

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Fico Collections

JANUARY 15, 2021

The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted. We hope that what readers learned helped instill confidence in keeping credit flowing during uncertain times.

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Troutman Sanders

JULY 28, 2023

On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post , positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings accounts, may provide lenders with a better picture of a consumer’s ability to repay their loans than using a credit score.

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Troutman Sanders

DECEMBER 6, 2023

TILA] and its implementing Regulation Z, which generally applies to extensions of consumer credit and provides that a finance charge ‘includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit,’ with certain limited exceptions.”

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Credit Corp

SEPTEMBER 7, 2020

Lenders use a multitude of scoring methods to determine your creditworthiness and make decisions about whether or not to give you credit. It gathers credit reports from the three major credit bureaus and analyzes anonymous consumer data to generate a scoring model specific to each bureau.

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Better Credit Blog

JANUARY 20, 2022

The firm’s flagship service involves negotiating with creditors to reduce what you owe in exchange for paying off a certain amount as a lump sum. Negotiate with your creditors to reach settlements and reduce your total debt. Instead, as payment, it takes a cut of the final settlement amount it negotiates with your creditors.

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Debt Collection Answers

FEBRUARY 21, 2024

This article aims to shed light on what pre-screen firm offers entail, their significance, and how debt consolidation lenders acquire your information to send those enticing marketing mailers. What is a Pre-Screen Firm Offer of Credit? These criteria could include factors like credit score, income level, and debt-to-income ratio.

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Fico Collections

FEBRUARY 2, 2021

We examined a large, nationally representative sample of millions of consumers from October 2020 to test the ability of FICO® Resilience Index (calculated before the COVID-19 crisis started, as of January 2020) to rank order the likelihood of currently-in-force creditor accommodations. emerged from the recession. by Sharon Tilley.

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Collection Industry News

NOVEMBER 17, 2024

Prior to this amendment, the RFDCPA’s restrictions applied only to certain debt collectors and creditors collecting consumer debt. EXPANSION OF COVERED DEBT The amendments expand covered debt to include “covered commercial debt,” “covered commercial credit,” and “covered commercial credit transaction.”

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FFGN COLLECT NY

JANUARY 10, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. Over 700,000 New Yorkers have medical debt.

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CSA

OCTOBER 9, 2020

An overhaul of the rules governing the precise sentences that creditors are forced to use in these formal letters was long overdue and it?s Creditors would welcome the flexibility to be able to convey similar information but in a more nuanced and relevant way. All lenders will then be required to make the changes within six months.

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Titan Consulting

MAY 10, 2020

The new FICO XD scoring model retrieves information from sources like the National Consumer Telecom and Utilities Exchange to collect data on payments to utility, cell phone service, internet, and cable television providers and uses the payment history data from these and other sources to build a credit score.

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Troutman Sanders

APRIL 24, 2023

provides a nuts-and-bolts analysis of what does not constitute inaccurate credit reporting for purposes of the FCRA. The pro se plaintiff in Shelton alleged that her lender violated the FCRA by erroneously reporting her auto loan as charged-off, i.e., written off as a loss and closed. Americredit Financial Services, Inc.

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Fico Collections

JUNE 16, 2022

Prior to the 2008 global financial crisis, the average RtFG of consumer credit customers having reached charge-off was 2.5 But they may also suffer so-called debt shock, process confusion and significant irritation – especially when creditors show a lack of knowledge or relative indifference to the customer they’re dealing with.

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Debt Free Colorado

NOVEMBER 13, 2017

According to the Consumer Financial Protection Bureau “a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly”, Freedom Debt Relief’s offers actually were too-good-to-be-true. settlement providers, by contacting your creditors directly.

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Fico Collections

DECEMBER 8, 2022

Such events cast many borrowers into uncomfortable territory, creating what may be a defining moment in the relationship between them and their lenders. Lenders who get the strategy right may earn a loyal customer for life, while those who misfire risk cannibalizing valuable long-term relationships that often span multiple asset classes.

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Better Credit Blog

DECEMBER 30, 2020

Wondering why DFS/Webbank showed up on your credit report? Most of the time, a hard inquiry from a lender or service provider is nothing to panic over. a revolving line of credit for financing Dell products. How Does a DFS/Webbank Hard Inquiry Impact Your Credit Report? Credit Karma. Credit Sesame.

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Taurus Collect

JANUARY 20, 2023

By assessing this data, lenders can identify those who are more likely to default on their payments due to an inability to cover their expenses. Understanding the Legality and Guidelines Regarding Credit Checks Understanding the legality and guidelines regarding credit checks by debt collectors in the UK is important.

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Troutman Sanders

MAY 31, 2022

Federal Activities: On May 26, the Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying a credit application or taking other adverse actions, even if the creditor relies on credit models using complex algorithms.

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Collection Industry News

MARCH 17, 2024

Hochul made it clear that the state will assist consumers in New York by adding greater consumer protections—a plan that will affect creditors and debtors alike. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. Over 700,000 New Yorkers have medical debt.

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Troutman Sanders

JANUARY 26, 2023

On January 20, 2023, California Attorney General Rob Bonta submitted a letter to the CFPB agreeing with its preliminary determination that California’s Commercial Financing Disclosures Law (CFDL) is not preempted by TILA because the CFDL only applies to commercial financing and not to consumer credit transactions within the scope of TILA.

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Credit Corp

FEBRUARY 9, 2024

You make one monthly payment to that agency, and the agency disburses that payment among your creditors. This debt management program can affect your credit in several ways—mostly positively. While individual lenders may care that a credit counseling agency is repaying your accounts, FICO does not.

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Better Credit Blog

JANUARY 29, 2021

How Does a Macys DSNB Hard Inquiry Affect Your Credit Report? Any time you apply for new credit, like a card, loan, or line of credit, the lender might run a hard credit check. Hard inquires give creditors an all-access pass to your credit reports. How to Remove Macys DSNB from Your Credit Report.

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Collection Industry News

JUNE 19, 2023

The CFPB also released several reports shining a light on factors that may influence fair access to credit, including how medical debt affects tens of millions of consumers’ credit profiles, how people in under-resourced rural areas struggle to access financial services, and the challenges faced by justice-involved individuals and families.

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Better Credit Blog

JANUARY 29, 2021

Hard credit pulls let creditors see your credit reports , giving them an idea of how responsibly you use credit. Since they’re required for getting new credit, it’s okay to have an inquiry on your report. You may want to work with a credit repair company. Need help getting NTB/CBNA off your report?

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Fico Collections

JULY 6, 2020

Four UK tier 1 lenders have announced an expected £20.2 For example, can you provide a temporary solution which can be automatically reviewed frequently and perhaps free up creditor teams to focus phone capacity on those with most need? Can you protect consumers’ credit ratings during a crisis to enable access to credit?

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Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

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Account Recovery

JANUARY 9, 2025

Two trade groups the Consumer Data Industry Association (CDIA) and the Cornerstone Credit Union League yesterday filed a lawsuit in the District Court for the Eastern District of Texas against the Consumer Financial Protection Bureau over its new rule prohibiting the inclusion of most medical debts on consumer credit reports.

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Better Credit Blog

APRIL 5, 2022

Then kindly ask the debt collector to remove collections from your credit report out of goodwill. With some newer scoring models of FICO and VantageScore, they ignore a collection marked as “paid”, though many lenders still utilize older formulas that will still weigh a paid collection account against you.

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