Troutman Sanders

NOVEMBER 18, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Because student loans are largely administered by the federal government, we know more about them too.

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Collection Industry News

MAY 18, 2021

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. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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CSA

OCTOBER 23, 2020

The true, underlying condition of the economy is clouded by the sheer scale of Government interventions since the start of the pandemic. This seems also reflected in recent consumer confidence surveys, with Bank of America data suggested UK customer sentiment has returned to the low depths last seen at the end of March. aspirations.

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Consumer Credit Government Lender Banks 52

Fico Collections

JUNE 23, 2023

In October 2022 , the FHFA validated and approved FICO® Score 10 T for use by Fannie Mae and Freddie Mac, two government-sponsored enterprises that guarantee most of the mortgages in the US. mortgages, auto loans, credit cards, etc.) offering continuity and stability for lenders, investors, and consumers.

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FFGN COLLECT NY

JANUARY 10, 2024

Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. The government will look to stop these exploitative tactics and more. In 2023, Hochul signed laws scrubbing all medical debt from consumer credit reports and prohibited wage garnishments for medical debt and liens on primary residences.

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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). Prior to the amendments, the nature of the claim determined whether the cure offer was governed by Section 46A-5-108 or Section 46A-6-106.

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Fico Collections

APRIL 28, 2023

economy, credit scores, and credit risk trends were headed. government and financial institutions to implement significant guard rails and safety net programs for consumers such as the government stimulus, extended unemployment benefits, and payment accommodations. consumers decreased on a year-over-year basis.

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Student loans Student Loans Consumer Credit Lender 52

Collection Industry News

MARCH 17, 2024

Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. The governor said: Plans to Outlaw Unfair and Abusive Collection Tactics Concerned with predatory business practices bilking people out of their hard-earned money, the government will focus on looking for bad actors.

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Garnishment Collections Debt collector Student loans 40

Public Citizen

DECEMBER 12, 2021

.   Here's the abstract: The history of consumer goods and consumer credit markets presents an anomaly: market transactions for consumer goods and credit transactions evolved in tandem from face to face and bespoke to standardized and widely distributed; the law governing these “product” markets has not.

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Fico Collections

OCTOBER 15, 2020

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, in the form of rising balances, credit seeking behavior, and eventually for some, missed payments. Missed payments reported in the credit file are down.

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Credit Card Debt Government Lender Consumer Credit 76

True Accord

JULY 9, 2024

Meanwhile, the Consumer Financial Protection Bureau (CFPB) has been busy, with new rules impacting lenders and collectors across the spectrum. Read on for our take on what’s impacting consumer finances, how consumers are reacting and what else you should be considering as it relates to debt collection in 2024.

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Student Loans Student loans Banks Lender 91

Credit Corp

MARCH 8, 2023

Find out more about free credit repair for low-income families and individuals below. As of early 2023, you could still get your free credit report once a week with each of the bureaus, though this option may end at any time. Request the report in writing after being denied credit. Get your credit score via your lender.

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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.

Financial services 52

Financial services Financial Institution Government Consumer Credit 52

CSA

SEPTEMBER 11, 2020

The impact of the pandemic on the credit/consumer eco-system has been profound, but the CSA?s s member firms have continued to facilitate payment deferrals and offer forbearance beyond the Government?s s requirements. Collections and recoveries remain an important part of the economic ? s Debt Management function.

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Fico Collections

AUGUST 29, 2022

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. FICO® Score at 716, Indicating Improvement in Consumer Credit Behaviors Despite Pandemic.

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Troutman Sanders

OCTOBER 26, 2020

To celebrate this important milestone, Troutman Pepper’s Consumer Financial Services Law Monitor would like to dedicate today’s blog to the FCRA. The FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information. and throughout the world.

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Fico Collections

JANUARY 26, 2022

FICO® Score At 716, Indicating Improvement In Consumer Credit Behaviors Despite Pandemic. Ethan Dornhelm wrote: The FICO® Score is the lingua franca, or common language, for the credit scoring industry. It serves as a broad-based, independent standard measure of credit risk. Fewer consumers are actively seeking credit.

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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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Lender Banks Financial services Consumer Credit 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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Lender Banks Financial services Consumer Credit 52

Fico Collections

OCTOBER 28, 2022

Information and data continue to be key tools at our disposal to better understand the dynamics of the last couple of years, and better navigate what lies ahead for the Canadian consumer credit environment. Average FICO® Score 10.

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Credit Card Debt Consumer Credit Credit Bureau Lender 52

Fico Collections

OCTOBER 15, 2020

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, in the form of rising balances, credit seeking behavior, and eventually for some, missed payments. Missed payments reported in the credit file are down.

Credit Card Debt 52

Credit Card Debt Government Lender Consumer Credit 52

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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Lender Loans Consumer Credit Credit Card Debt 59

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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Loans Repossession Secured Creditor Construction 52

Fico Collections

JUNE 30, 2023

Note that this odds-to-score relationship peaked in the first years after the onset of the COVID-19 pandemic, when government stimulus, lender payment accommodation and other tactics aimed at mitigating the financial impacts of the pandemic on borrowers led to historically low default rates. originations).

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Lender Personal loans Loans Consumer Credit 52

Collection Industry News

MARCH 7, 2022

More than half of the debt that appears on credit reports as being in collection stems from medical bills, the agency found. Unpaid medical bills became a bigger concern during the pandemic, and now, a federal consumer agency is considering whether those debts should be banned from consumer credit reports.

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Collection Industry News

SEPTEMBER 21, 2021

Millions of renters, and especially minority and low-income families, may suffer previously avoided economic harms of the COVID-19 pandemic as federal and state relief programs end, according to a report released today by The Consumer Financial Protection Bureau.

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Credit Card Debt Government Financial services Lender 40

Fico Collections

FEBRUARY 7, 2023

Saxon Shirley Fri, 05/20/2022 - 06:06 by FICO expand_less Back To Top Tue, 02/07/2023 - 19:10 As the independent standard in credit scoring, FICO® Scores are the leading credit scores used extensively across the lending ecosystem. million previously “unscorable” consumer files. Read the full post 3.

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Credit Bureau Loans Lender Consumer Credit 52

Fico Collections

JANUARY 5, 2023

FICO has been the pioneer in incorporating data from outside the credit bureaus, like cash flow data, to obtain a clearer and more accurate picture of consumer financial risk. This approach helps reduce risk for financial institutions, offering expanded access to credit along with reliability and predictive power. See all Posts.

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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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Collection Industry News

OCTOBER 5, 2021

economic crisis, credit card issuers last year mostly avoided clamping down on their existing customers’ borrowing limits, according to a new report from the Consumer Financial Protection Bureau. Their ascendance has prompted credit card heavyweights to add similar products within traditional cards.

Credit Card Debt 52

Credit Card Debt Lender Loans Consumer Credit 52

Troutman Sanders

MARCH 11, 2024

Drawing on expertise from key governmental bodies, the proposed legislation seeks to establish a comprehensive framework for stablecoin governance. If enacted, the bill would, among other things, prohibit medical debts from being reported on consumers’ credit reports. For more information, click here. On March 1, the U.S.

Financial services 52

Financial services Garnishment Lender Banks 52

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%). The vast majority said they would benefit from additional information.

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Financial Institution Financial services Lender Consumer Credit 52

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 Even the most finely crafted letter may appear intimidating to a confused consumer and do little to aid their understanding,? The wording of these ?default default letters? Chris adds. ?The

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Collection Industry News

MARCH 15, 2021

To aid consumers, the DFPI maintains a COVID-19 page that serves as a bulletin board for relief programs, consumer advisories, and includes a Q&A on financial relief efforts. The post California DFPI Continues To Expand Consumer Protection Efforts During The COVID-19 Pandemic appeared first on Collection Industry News.

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Foreclosure Student loans Student Loans Lender 40

Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. For more information, click here. On October 26, Senator Cynthia M.

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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. The Consumer Credit Protection Act caps these types of garnishments. What Is a Judgment on a Credit Report? Property liens.

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Judgment Garnishment Creditors Law Firms 98

True Accord

APRIL 5, 2023

At the beginning of March, the federal government ended pandemic-era payments for low-income families on the Supplemental Nutrition Assistance Program (SNAP), causing nearly 30 million Americans to lose increased food stamp benefits. consumer credit card debt has increased to nearly $1 trillion.

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