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.

Education 98

Education Loans Lender Consumer Credit 98

Credit Corp

DECEMBER 14, 2020

So credit repair, consumer credit and credit bureaus—they’re all tied together. To understand why they’re so important, you might want to learn a bit more about the history of credit scores and repair. Luckily, we’ve compiled everything you need to know about the history of the credit repair industry.

Financial Institution 105

Financial Institution Lender Consumer Credit Creditors 105

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. Consumer Rights A pivotal aspect of compliance is understanding and respecting consumer rights.

Lender 69

Lender Collections Collection Agencies Collections Agency 69

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

Credit Corp

MARCH 8, 2023

Your credit history and scores can impact your entire life. Whether or not you can get a loan—and at what interest—often depends on your credit. Credit can also play a role in whether you can rent the apartment you want, get a credit card for use in daily life or enjoy a great deal on car insurance.

Credit Counselor 75

Credit Counselor Education Lender Credit Bureau 75

Fico Collections

AUGUST 29, 2022

As shown in figure 3, recent missed payments are up most notably on bankcards , followed by auto loans. During the first year of the pandemic, the combination of government stimulus programs such as the CARES Act and payment accommodation programs offered by lenders helped millions of consumers stave off missed payments. See all Posts.

Credit Bureau 98

Credit Bureau Government Lender Loans 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.

Credit Bureau 89

Credit Bureau Lender Loans Creditworthiness 89

Titan Consulting

MAY 17, 2020

As lenders acknowledge the need for alternative credit data, companies are finding innovative ways to track non-traditional payments without requiring consumers to borrow money or use a credit card. Rental agencies and alternative credit providers use the data to screen applicants and establish consumer credit scores.

Lender 98

Lender Debt Consolidation Creditworthiness Credit Card Debt 98

Fico Collections

APRIL 28, 2023

Credit Risk and FICO Score Trends? 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.

Student loans 52

Student loans Student Loans Consumer Credit Lender 52

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? Amounts owed in relation to credit limits.

Credit Bureau 56

Credit Bureau Lender Retrieval Debt Consolidation 56

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. What if the loan company or debt collector has already started the lawsuit? The lessor of these two amounts applies. Show up and fight.

Judgment 98

Judgment Garnishment Creditors Law Firms 98

Troutman Sanders

MAY 9, 2023

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. 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.

Financial services 52

Financial services Student loans Student Loans Loans 52

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. Mortgages and loans. Credit cards. Self-pay collections. Parking tickets. Government fines and fees.

Collections 74

Collections Collection Agencies Collections Agency Debt collector 74

Troutman Sanders

OCTOBER 16, 2023

On October 11, an automotive management company settled claims by the Department of Justice (DOJ) alleging that the company had violated the False Claims Act by knowingly providing false information in support of its Paycheck Protection Program (PPP) loan forgiveness application. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Credit Unions 52

Troutman Sanders

DECEMBER 7, 2021

On December 1, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. For more information, click here. For more information, click here.

Financial services 52

Financial services Debt collector Consumer Credit Credit Card Debt 52

Better Credit Blog

JANUARY 20, 2022

It was for a PMSI loan for an outdoor wood burning furnace. I came to learn that FDR mainly only works with credit cards. I also have solar panels with FDR; fortunately for me that is an unsecured loan, so they can help with that one.” – Laura Whipple, 4-star review, TrustPilot. I was not told that by my consultant.

Creditors 76

Creditors Credit Card Debt Unsecured Debt Debt settlement 76

Fico Collections

JANUARY 5, 2023

The data reflected in the UltraFICO® Score may improve an individual’s already-existing FICO® Score, but it also can provide credit scores to many individuals who are “unbanked” or “under-banked,” or those who have not had consistent or sufficient access to mainstream financial products, loans or services.

Financial Institution 52

Financial Institution Financial services Lender Banks 52

Troutman Sanders

OCTOBER 17, 2022

The report raises questions about whether some marketing deals between colleges and financial institutions comply with Department of Education rules. On October 11, the CFPB issued its 27th edition of Supervisory Highlights , which included findings on examinations of student loan servicers. For more information, click here.

Financial services 52

Financial services Banks Education Student loans 52

Credit Corp

FEBRUARY 9, 2024

Key Takeaways: Credit utilization makes up 30% of your credit score. Having good credit can help you secure better loans. How Debt Relief Programs Affect Credit Your credit utilization rate makes up 30% (roughly one-third) of your overall credit score. Each debt relief option has its pros and cons.

Credit Counselor 52

Credit Counselor Debt Consolidation Debt settlement Bankruptcy 52

Titan Consulting

MAY 10, 2020

In the last 30 years, the Fair Isaac and Company, better known as FICO, changed the way the lenders evaluate consumer applications. The FICO score, introduced in 1989, uses consumer credit payment history, to create a proprietary three-digit number predicting future repayment risk. Which Lenders Use the FICO XD. Final Thoughts.

Retrieval 52

Retrieval Lender Debt Consolidation Loans 52

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.

Lender 52

Lender Education Acquisition Foreclosure 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

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

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Manufacturing Debt Management Debtor 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. For more information, click here.

Financial services 52

Financial services Financial Institution Debt collector Trade 52

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.

Financial services 52

Financial services Financial Institution Trade Banks 52

Credit Corp

MAY 30, 2023

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. What if the loan company or debt collector has already started the lawsuit? The lessor of these two amounts applies. Don’t skip court.

Judgment 75

Judgment Garnishment Creditors Law Firms 75

Collection Industry News

AUGUST 30, 2021

of Americans had medical debt in collections as of June 2020, according to a study from the Journal of the American Medical Association (JAMA), which analyzed consumer credit reports between January 2009 and June 2020. We ended up refinancing our mortgage to combine our credit card debt that was significantly over $10,000.

Third-party Debt Collectors 52

Third-party Debt Collectors Credit Card Debt Government Collections 52

Troutman Sanders

JUNE 14, 2023

On June 7, the FTC announced that it is seeking public comments and suggestions on ways it can work more effectively with state attorneys general nationwide to help educate consumers about, and protect them from, potential fraud. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

JUNE 21, 2022

On June 15, the Consumer Financial Protection Bureau (CFPB) issued an update about its December 2021 market monitoring inquiry into Buy Now, Pay Later (BNPL) — a short-term, no-interest consumer credit product that has become nearly ubiquitous at the point of purchase online and, increasingly, in brick-and-mortar stores.

Financial services 52

Financial services Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

AUGUST 16, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. On August 5, President Biden signed the COVID-19 Economic Injury Disaster Loan Fraud Statute of Limitations Act ( R.7334

Financial services 52

Financial services Loans Student loans Student Loans 52

Troutman Sanders

APRIL 15, 2022

The Consumer Financial Protection Bureau (CFPB) will investigate credit reporting companies and debt collectors that violate patients’ and families’ rights and hold violators accountable. The Small Business Administration also has committed to ensuring credit access and a vested interest in accurate credit reporting and underwriting.

Creditworthiness 52

Creditworthiness Consumer Credit Debt collector Education 52

Collection Industry News

JUNE 10, 2024

In a statement, the CFPB said medical bills “have little to no predictive value when it comes to repaying other loans.“ In 2022, the three largest credit bureaus — TransUnion, Equifax and Experian — started removing paid medical debts from consumers’ credit reports.

Debt Consolidation 40

Debt Consolidation Healthcare Debt settlement Loans 40

Troutman Sanders

APRIL 18, 2022

On April 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report titled Student Loan Borrowers Potentially At-Risk when Payment Suspension Ends. Pre-pandemic payment assistance on student loans. Pre-pandemic payment assistance on student loans. Multiple student loan servicers.

Student Loans 52

Student Loans Student loans Loans Financial Institution 52

Troutman Sanders

JULY 11, 2023

Department of the Treasury (Treasury) launched an inquiry into specialty financial products, such as medical credit cards and installment loans, that consumers can use to pay for medical care. The CFPB further alleged that the defendants made guarantees about lowering consumers’ credit card interest rates.

Financial services 40

Financial services Student loans Student Loans Credit Card Debt 40