True Accord

MARCH 31, 2022

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. Add these all together and the financial outlook for consumers, especially those in debt, is scary. And lenders are happy to lend.

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Lender Personal loans Foreclosure Loans 57

Collection Industry News

MAY 18, 2021

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.

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Troutman Sanders

JANUARY 11, 2021

In its report, the Taskforce makes approximately 100 recommendations to the CFPB, Congress, and state and federal regulators to strengthen consumer protection. To promote access to capital, initially, only community financial institutions can make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.

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FFGN COLLECT NY

JANUARY 10, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. Medical Debt Medical debt was another topic addressed in the State of the State address.

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Garnishment Collections Debt collector Student Loans 52

Collection Industry News

MARCH 17, 2024

More specifically, the Department of Financial Services will crack down on the “buy now, pay later” industry. Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. Medical Debt Medical debt was another topic addressed in the State of the State address.

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Garnishment Collections Debt collector Student Loans 40

Fico Collections

MAY 27, 2021

FICO will present key insights gained from recent FICO® Resilience Index research and early lender adoption use cases across the consumer credit lifecycle at several key industry events starting later this month. To learn more, watch the recent Consumer Bankers Association webinar.

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Troutman Sanders

OCTOBER 26, 2020

which along with the Fair Debt Collection Practices Act, Telephone Consumer Protection Act, Section 5 of the Federal Trade Commission Act, and the Truth in Lending Act, forms the foundation of federal consumer rights law in the United States. . § 1681, et seq.), and throughout the world.

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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. See all Posts. chevron_left Blog Home.

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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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Financial services Financial Institution Government Consumer Credit 52

Fico Collections

MARCH 23, 2023

Highlights Average total sales per card down 8 percent compared to December 2022 at £755 Percentage of credit card accounts with two missed payments 13.6 percent higher than December 2022 Average balance on credit card accounts with two missed payments was 1.9 percent month on month — which could ring alarm bells for lenders.

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Fico Collections

MARCH 21, 2023

When asked what factors were most important to them in selecting a credit score model, more than half (55%) ranked a score’s ability to predict credit risk highest on their list, followed by a score that was proven over time (32%).

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Micro Bilt

MARCH 22, 2021

Alternative credit reporting relies on different types of financial data such as utility payment history, rental payment history, and information from alternative financial service providers, like short-term lenders allowing previously invisible consumers who were considered high-risk to have greater access to opportunities when it comes to borrowing. (..)

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Financial services Lender Consumer Credit 40

Fico Collections

JANUARY 26, 2022

In 2021, the financial services world continued to grapple with the uncertainty brought on by year two of the COVID-19 pandemic. FICO® Score At 716, Indicating Improvement In Consumer Credit Behaviors Despite Pandemic. It serves as a broad-based, independent standard measure of credit risk. Average U.S.

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Troutman Sanders

MARCH 7, 2022

On March 1, the Consumer Financial Protection Bureau (CFPB) released its “ Medical Debt Burden in the United States ” report, which questions whether consumer credit reports should include unpaid medical billing data. totaling $88 billion in medical bills in 2021. Work with other federal agencies, including the U.S.

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Fico Collections

JANUARY 15, 2021

The COVID-19 pandemic cast a huge shadow on the financial services worldwide. 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.

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Lender Loans Consumer Credit Credit Card Debt 59

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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Financial services Financial Institution Government Education 40

Better Credit Blog

DECEMBER 30, 2020

Wondering why DFS/Webbank showed up on your credit report? Short for Dell Financial Services/Webbank, the entry is probably on your report because you applied for a Dell Preferred Account. Most of the time, a hard inquiry from a lender or service provider is nothing to panic over. DFS/Webbank On My Credit Report.

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Fico Collections

JULY 15, 2022

As a data scientist working on credit models in the late 80s, it was a mission to help replace human bias with data-driven science. in 1989, it meant lenders of all sizes could leverage the technology of scoring and open up credit to consumers that they might not have lent to in the past. Hundreds of lenders in the U.S.

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Fico Collections

AUGUST 10, 2022

It is one of the biggest challenges lenders face over the next few years. Lenders could no longer base decisions simply on a customer’s history of repaying. Lenders have refined and improved their affordability models over the years in adherence to regulatory requirements. Affordability is top of mind.

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Fico Collections

MARCH 8, 2021

That’s why FICO has been focused on finding new ways to demonstrate responsible financial behavior so that lenders can confidently extend credit to more consumers. . Over the past several years, we’ve helped lenders develop on-ramps to mainstream credit using alternative data for those seeking financial inclusion.

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Lender Credit Bureau Acquisition Financial services 52

True Accord

JULY 5, 2022

A hike in the federal interest rate prompts a jump in the Bank Prime Loan Rate ( prime rate ), the credit rate that banks offer to their most credit-worthy customers and off of which they base other forms of consumer credit like mortgages and consumer loans. Key Factor 3: Rising Delinquencies.

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Lender Debt collector Loans Personal loans 52

Troutman Sanders

APRIL 24, 2023

Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. Americredit Financial Services, Inc. The court’s opinion in Shelton v.

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Troutman Sanders

OCTOBER 18, 2022

1987 (i)(6) (“The term “consumer credit” … does not include a loan procured in the course of purchasing a car or other personal property, when that loan is offered for the express purpose of financing the purchase and is secured by the car or personal property procured.”). No court order is required. We have the experience to assist.

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Troutman Sanders

JANUARY 19, 2022

In its complaint, the FTC cites representations made to consumers on IT Media Solutions’ network of websites, which assured consumers that their information only would be shared with “trusted lenders, lending partners and financial services providers.” Consent Order Requirements and Penalties.

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Collection Industry News

MARCH 15, 2021

SACRAMENTO – More than a year into the COVID-19 pandemic, the California Department of Financial Protection and Innovation (DFPI) continues to expand efforts to protect consumers from financial impacts of the lethal virus that has ravaged the state’s economy and killed more than 53,000 Californians.

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Foreclosure Student Loans Student loans Lender 40

Collection Industry News

MARCH 28, 2022

In 2021, the Office of Financial Technology and Innovation (OFTI) met with dozens of companies, venture capitalists, lawyers, industry advocacy groups, federal and state financial regulators, consumer advocacy groups, and academics to better understand stakeholder perspectives on what constitutes responsible innovation in financial services.

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Fico Collections

NOVEMBER 11, 2020

He has over 30 years’ experience working in senior roles across the technology, financial services and publishing industries and has a passion for using technology and pioneering approaches to drive outstanding business growth and customer retention. Tomas Klinger, decision science and data director at Home Credit (previous winner).

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Financial services Banks Debt Management Retail 52

Troutman Sanders

JANUARY 30, 2023

On January 25, the Consumer Financial Protection Bureau (CFPB) released a blog post on consumer credit score transitions during the COVID-19 pandemic. On January 24, the CFPB issued a request for information, seeking public input on how the consumer credit market is functioning.

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Collection Industry News

SEPTEMBER 21, 2021

Using the CFPB’s Making Ends Meet survey and consumer credit data, CFPB researchers found that financial conditions faced by renters and homeowners were divergent before the pandemic. During the pandemic, renters’ financial conditions, on average, appeared to improve as much as or more than those of homeowners.

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Credit Card Debt Government Financial services Lender 40

Troutman Sanders

JUNE 14, 2023

On June 6, Colorado Governor Jared Polis signed HB 23-1229, which amends the state’s Uniform Consumer Credit Code (UCCC). These amendments will become effective on July 1, 2024, and will govern consumer credit transactions occurring after that date. For more information, click here.

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Financial services Financial Institution Trade Student Loans 52

Consumer Financial Services Law

JANUARY 14, 2017

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. Equifax Order, ¶ 23; see also TransUnion Order, ¶ 29.

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Lender Creditworthiness Financial Institution Education 40

True Accord

APRIL 5, 2023

Meanwhile, eyes are on the Big Apple as the New York Department of Financial Services (DFS) and the New York City Department of Consumer and Worker Protection are simultaneously engaged in amending their consumer debt collection rules. consumer credit card debt has increased to nearly $1 trillion.

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Student Loans Student loans Credit Card Debt Loans 96

Fico Collections

JUNE 16, 2022

It directly relates to research undertaken in 2010 when empirical evidence showed that economic victims have very different risk profiles and often respond very differently when they’re struggling to service personal debt. Prior to the 2008 global financial crisis, the average RtFG of consumer credit customers having reached charge-off was 2.5

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Troutman Sanders

APRIL 18, 2022

Federal Activities: 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.” For more information, click here.

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Financial services Student Loans Student loans Loans 52

Troutman Sanders

JULY 12, 2021

On June 30, the CFPB released a blog post regarding trends of commercial reporting on consumer credit.

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Financial services Student Loans Student loans Foreclosure 52

Fico Collections

JUNE 23, 2023

A more predictive credit score means more predictable cash flows which are, in turn, more attractive to investors for all types of securitized assets (e.g., mortgages, auto loans, credit cards, etc.) offering continuity and stability for lenders, investors, and consumers.

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Lender Consumer Credit Financial services Government 52

Fico Collections

OCTOBER 20, 2022

FICO® Resilience Index: Resilient Credit Lifecycle Strategies Are a Requirement. FICO ® Resilience Index tools that measure consumer resiliency, benefit lenders in a recessionary environment. How can lenders build, manage, and secure credit portfolios in today’s uncertain market environment? by Moma Chakraborty.

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