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Alternative Consumer Credit Data Plays an Important Role in Financing

Micro Bilt

The year 2020 is one that will live on in infamy long after the chaos of global pandemic and the financial fallout of a nation shutting down for several months have passed. We’ve learned a lot during that time, including the importance of alternative consumer credit data for painting a clearer picture of someone’s “creditworthiness.”.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

Among other things, the bill prohibits student loan servicers from: (1) directly or indirectly employing any scheme, device, or artifice to defraud or mislead student loan borrowers; (2) engaging in any unfair or deceptive practice toward any person or misrepresent or omit any material information involving the servicing of a student education loan, (..)

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Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law Releases Its Report

Collection Industry News

Chartered by the Bureau in January of 2020, the Taskforce has examined the existing legal and regulatory environment facing consumers and financial services providers. To read the Taskforce Report Volume I click here: [link] . To read the Taskforce Report Volume II click here: [link] .

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Is The CFBP's Position On Credit Reporting Statements Consistent With The Case Law?

FDCPA Defense

In its Bulletin issued in July 2013 , the CFPB took the position that creditors, debt buyers and third-party collectors often make representations to consumers about credit-related issues in order to persuade them to pay. Credit Bureau of Georgia, 555 F. Arrow Financial Services , 428 F. See, e.g., Wright v.

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Passage Of Debt Collection Bill Could Be A ‘Slippery Slope’ For Lenders

Collection Industry News

2547 was sponsored by House Financial Services Committee Chairwoman Rep. While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. The bill, H.R.

Lender 40
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CFPB Consent Orders with Consumer Reporting Agencies Focus on Marketing Practices not Credit Reporting

Consumer Financial Services Law

Instead, the orders are focused on the CRAs’ marketing of credit related reporting services. According to the Consent Orders, the CRAs marketed and sold consumers credit scores and credit related products.

Lender 40
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White House Signals Strong Consumer Protections in Medical Debt

Troutman Sanders

The Small Business Administration also has committed to ensuring credit access and a vested interest in accurate credit reporting and underwriting. Support Veterans in Financial Hardship: The Veterans Administration (VA) will virtually cease reporting unfavorable debt, including medical debt, to consumer reporting agencies.