Burr Forman

AUGUST 31, 2021

District Court for the Middle District of Alabama joined a growing number of courts dismissing FCRA claims based upon a furnisher’s alleged failure to remove an “account in dispute” notation from consumer credit reports. In Griffin v. Experian Information Solutions, Inc. , 1:20-cv-801-RAH-SMD, 2021 WL 3782141 (M.D.

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Manufacturing Education Consumer Credit 98

Credit Corp

MARCH 8, 2023

Find out more about free credit repair for low-income families and individuals below. Educating Yourself on Consumer Credit Sites When it comes to free credit repair and report help, consumer credit sites are a great resource. The Consumer Financial Protection Bureau.

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Credit Counselor Education Lender Credit Bureau 75

Credit Corp

MARCH 29, 2021

“The most important thing for us is to deliver value to the consumer. The hardest working Americans at the core of our mission need a product that puts them first, and provides more than an educational score.” It does this by tapping into five key features that make ExtraCredit stand out among other credit tools.

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Education Loans Lender Consumer Credit 98

Credit Corp

JULY 12, 2021

Khan Academy is an educational platform that has been around for many years. edX is a renowned educational platform with numerous world-class universities providing free courses on it. Like edX, Coursera is a popular educational platform with top universities offering courses. . #1 Khan Academy’s Personal Finance Course.

Education 76

Education Loans Credit Management Consumer Credit 76

Troutman Sanders

OCTOBER 4, 2022

CFPB Director Rohit Chopra explained the decision to undertake the review at the time by stating, “Schools that offer students loans to attend their classes have a lot of power over their students’ education and financial future. Students who cannot obtain transcripts can be locked out of future higher education and certain job opportunities.

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Student Loans Student loans Loans Education 52

Taurus Collect

JUNE 16, 2024

Consumer Credit Act 1974 : This act regulates consumer credit and related services. It provides rights to consumers and outlines the responsibilities of lenders. Internal Training and Education To ensure adherence to compliance standards, continuous internal training and education are paramount.

Lender 69

Lender Collections Collection Agencies Collections Agency 69

Troutman Sanders

JULY 12, 2023

On June 14, Nevada Governor Joe Lombardo signed into law AB 332 , An Act Relating to Student Education Loans, requiring, among other things, student loan servicers to be licensed by the Commissioner of Financial Institutions and regulating certain conduct of the servicers towards borrowers. Providing inaccurate information to a credit bureau.

Student Loans 52

Student Loans Student loans Loans Credit Unions 52

FFGN COLLECT NY

JANUARY 6, 2023

The passing of the Consumer Credit Fairness Act , which requires creditors attach a list of additional documents to the pleading when filing suit within New York to recover monies owed as a result of consumer credit transactions. Laws or Bills Introduced in 2022 That Affect Debt Collection in New York.

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Collections Judgment Garnishment Financial services 52

Fico Collections

APRIL 28, 2023

And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, such as in the form of rising balances, credit seeking behavior, and eventually for some, missed payments. consumers decreased on a year-over-year basis.

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Student loans Student Loans Consumer Credit Lender 52

Collection Industry News

MAY 23, 2022

– Come July 1, 2022, paid medical collection debt won’t be used for credit scores and unpaid medical debt won’t appear for a full year, according to the three main credit reporting agencies (NCRAs) – Equifax, Experian and TransUnion. The move follows months of industry research.

Healthcare 40

Healthcare Consumer Credit Education Collections 40

Troutman Sanders

APRIL 6, 2021

AI also can inform credit decisions by analyzing traditional data ( i.e., data typically found in a consumers’ credit files) and alternative data. For example, financial institutions use chatbots and virtual assistants to mimic live employees and automate routine customer interactions.

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Financial Institution Banks Credit Unions Credit Unions 52

FFGN COLLECT NY

JUNE 11, 2020

Back in 2013, we reported the New York State General Assembly’s passage of the Consumer Credit Fairness Act , which introduced new requirements for debt collection litigation against consumers. The shortening of the statute of limitations cut the time to sue in half, from 6 years from the date of service to 3 years.

Creditors 52

Creditors Fair Debt Collection Collections Education 52

Troutman Sanders

MAY 31, 2022

On May 26, the CFPB issued a blog post regarding credit reporting disputes and requirements that furnishers must satisfy when handling a dispute. For more information, click here.

Financial services 52

Financial services Education Creditors Collection Agencies 52

Troutman Sanders

DECEMBER 7, 2021

On December 1, the Federal Reserve Board and the CFPB announced the dollar thresholds that determine exemption of certain consumer credit and lease transactions in 2022, from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). For more information, click here. For more information, click here.

Financial services 52

Financial services Debt collector Consumer Credit Credit Card Debt 52

The Kaplan Group

OCTOBER 19, 2020

Instead, I suggest you do what you can to educate yourself about your options. Credit Counselor. A credit counselor is certified and trained in consumer credit, money and debt management, and budgeting. Here are 9 terms you may have heard of, but need to know more about. FDCPA ( Fair Debt Collection Practices Act).

Credit Counselor 59

Credit Counselor Garnishment Debt settlement Fair Debt Collection 59

Credit Corp

JUNE 3, 2020

The Consumer Credit Protection Act caps these types of garnishments. Educate yourself on smart ways to pay debt collectors , and consider using the services of a debt management agency. When your employer receives the proper legal notice, they must withhold a percentage of your wages. The lessor of these two amounts applies.

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Judgment Garnishment Creditors Law Firms 98

Fico Collections

AUGUST 29, 2022

Regardless of this uncertainty, FICO’s mission is clear: to help lenders understand the credit risk that each borrower represents and make better-informed lending decisions and to educate and empower consumers. FICO® Score at 716, Indicating Improvement in Consumer Credit Behaviors Despite Pandemic. See all Posts.

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Credit Bureau Government Lender Loans 98

Titan Consulting

MAY 17, 2020

Rent Bureau , now owned by the credit bureau Experian, electronically compiles rental data from property management companies and individual landlords. Rental agencies and alternative credit providers use the data to screen applicants and establish consumer credit scores.

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Lender Debt Consolidation Creditworthiness Credit Card Debt 98

Credit Corp

SEPTEMBER 7, 2020

It gathers credit reports from the three major credit bureaus and analyzes anonymous consumer data to generate a scoring model specific to each bureau. VantageScore, on the other hand, uses a combined set of consumer credit files, also obtained from the three major credit bureaus, to come up with a single formula.

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Collection Industry News

FEBRUARY 22, 2021

TransUnion ( NYSE: TRU ) confirmed that consumer credit activity keeps rising from the COVID-19 pandemic lows, but some areas like automobile loans (subprime) performance have lagged. Matt Komos , VP of Research and Consulting at TransUnion, stated: “On the surface, the consumer credit market is performing quite well.

Personal loans 40

Personal loans Consumer Credit Loans Lender 40

Better Credit Blog

FEBRUARY 15, 2021

Though you may be unfamiliar with Fairway, the agency collects on a wide range of consumer debts, including the following: Health insurance billing and follow-up. Education loans, tuition, fines and fees. Credit cards. Self-pay collections. Parking tickets. Government fines and fees. Utility bills. Checking and savings.

Collections 74

Collections Collection Agencies Collections Agency Debt collector 74

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? Key Takeaways.

Credit Bureau 56

Credit Bureau Lender Retrieval Debt Consolidation 56

Collection Industry News

MARCH 28, 2022

The DFPI investigations resulted in 49 public enforcement actions, $975,000 in restitution to consumers, $547,500 in penalties, and included several “first of its kind” actions for the DFPI in debt collection, student debt relief, earned wage access, and private post-secondary education financing. Regulatory Activities.

Debt collector 40

Debt collector Education Credit Unions Credit Unions 40

Fico Collections

JULY 15, 2022

Credit when it's offered responsibly is a social good. For many, it creates an opportunity to improve their life circumstances; to get an education, to buy a car to get to work, or to own a home. Through myFICO we also offer score simulators, which provides another level of educational information. Plus, in many U.S.

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Lender Education Acquisition Foreclosure 52

Collection Industry News

JANUARY 13, 2021

Other recommendations address, among other things, the use of alternative data; suggested changes to the Bureau’s internal organization; competition in the consumer financial marketplace, including with respect to the cost of credit, the effect and burden of state licensure requirements, and settlement servicing prices; consumer credit reporting, including (..)

Education 40

Education Banks Financial services Consumer Credit 40

Fico Collections

JANUARY 5, 2023

What’s more, unlike some fintech initiatives that assess risk based on cash flow data alone, the UltraFICO® Score presents the best of both worlds, combining cash flow data with traditional data from consumers’ credit files, along with the odds-to-score ratio that lenders understand.

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Financial Institution Financial services Lender Banks 52

Collection Industry News

JANUARY 13, 2021

The Taskforce Report uses five interrelated principles that serve as the foundation for proposed systematic changes to the current legal and regulatory framework: consumer protection, information and education, competition and innovation, regulatory modernization and flexibility, and inclusion and access.

Consumer Credit 40

Consumer Credit Creditworthiness Banks Education 40

Credit Corp

OCTOBER 6, 2023

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.

Credit Card Debt 98

Credit Card Debt Debt Consolidation Credit Unions Credit Unions 98

Troutman Sanders

MAY 9, 2023

Among other things, Moody underscored the (1) Senior Protection Team – an intra-agency group of experts who work together to fight fraud and assist seniors; (2) Seniors vs. Crime Program – a program that uses volunteer retired citizens to educate Floridians on consumer fraud and to assist in select consumer investigations; and (3) Scams at Glance Program (..)

Financial services 52

Financial services Student loans Student Loans Loans 52

Taurus Collect

SEPTEMBER 2, 2024

Here’s what you need to know: Key Regulations to Consider: The Consumer Credit Act: This act regulates credit agreements and includes provisions that debt collectors must adhere to, ensuring fairness and transparency in all dealings.

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Collections Debt collector Debtor Debt Recovery 64

Collection Industry News

JANUARY 19, 2021

The Taskforce issued over 100 recommendations, of which seven were directly focused on improving consumer credit reporting and the Fair Credit Reporting Act (“FCRA”) and consumer credit reporting generally. The Bureau should assess periodically the accuracy and completeness of consumer credit reports.

Consumer Credit 40

Consumer Credit Bankruptcy Financial services Government 40

Troutman Sanders

OCTOBER 16, 2023

The department’s objective in drafting these new rules is to include all education financing products used to finance a student’s higher education, including income share agreements and installment contracts, within the definition of student loans subject to state law. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

AUGUST 1, 2023

On July 26, the CFPB published a blog focused on consumer credit scores. On July 25, a large credit reporting agency revealed to investors in regulatory filings that it’s facing a probe by the CFPB. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Trade 52

Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Credit Corp

FEBRUARY 21, 2023

This will not only help you compare your own credit card balance to the national average, but you’ll also see if you’re getting a good deal with your current cards. How many credit cards carry a balance? To begin managing your credit and your debt, sign up for a free credit report card and check out ExtraCredit.

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Credit Card Debt Debt Consolidation Credit Unions Credit Unions 98

Collection Industry News

JUNE 19, 2023

Today, the CFPB released its Fair Lending Annual Report to Congress , describing our fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.

Financial Institution 40

Financial Institution Financial services Government Education 40

Troutman Sanders

OCTOBER 12, 2021

Department of Education and Daniel v. The court noted that the Fourth and Ninth circuits support finding no waiver of immunity by citing to a provision within the FCRA that imposes separate liability for government entities that receive consumer information. National Park Service.

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