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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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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Troutman Sanders

JULY 15, 2022

District Court for the Eastern District of Pennsylvania held that a purported public records vendor (Credit Lenders Service Agency or CLSA) is a consumer reporting agency (CRA) under the Fair Credit Reporting Act (FCRA). Credit Lenders Service Agency, Inc. CLSA filed a motion for summary judgment.

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Burr Forman

JULY 9, 2021

Section 1681(g) of the FCRA requires a lender to provide a CSD to a consumer whenever their consumer credit score is utilized in connection with a loan application “initiated or sought by a consumer.”

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Better Credit Blog

DECEMBER 18, 2020

While you may have applied for a loan from a popular lender or bank, their name isn’t necessarily the one that will appear on your credit report. Instead, banks, lenders, and other financial institutions turn to consumer credit reporting companies like CBCInnovis to vet applicants. Let a Credit Repair Company Help.

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Better Credit Blog

DECEMBER 2, 2020

Hard inquiries happen once you apply for a credit card or loan, and sometimes when you submit a rental application or submit to a background check for a job. Lenders access your entire credit report from Experian, Equifax, TransUnion, or all three bureaus. Hard Inquiries. A hard inquiry is more invasive. Charge-offs.

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Better Credit Blog

DECEMBER 2, 2020

Hard inquiries happen once you apply for a credit card or loan, and sometimes when you submit a rental application or submit to a background check for a job. Lenders access your entire credit report from Experian, Equifax, TransUnion, or all three bureaus. Hard Inquiries. A hard inquiry is more invasive. Charge-offs.

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Better Credit Blog

JANUARY 13, 2021

They run background checks on prospective employees, accessing documents like consumer credit reports to assess their financial responsibility. When you apply for a new job, the company’s HR team may turn to a company like Data Facts to gain access to your Equifax, Experian, or TransUnion credit reports. Hard Credit Inquiries.

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Better Credit Blog

DECEMBER 30, 2020

Wondering why DFS/Webbank showed up on your credit report? Most of the time, a hard inquiry from a lender or service provider is nothing to panic over. a revolving line of credit for financing Dell products. How Does a DFS/Webbank Hard Inquiry Impact Your Credit Report? Credit Karma. Credit Sesame.

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Better Credit Blog

DECEMBER 31, 2020

Citi is a popular bank that provides credit cards for a wide range of retail stores like The Home Depot. With The Home Depot, in particular, Citi offers four credit options: Consumer Credit Card. When you apply for any one of these cards, loans, or credit accounts, you authorize Citibank to run a hard credit check.

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Better Credit Blog

FEBRUARY 15, 2021

If you are overwhelmed by dealing with negative entries on your credit report, we suggest you ask a professional credit repair company for help. Lenders and companies who provide you with paid services will attempt to reach you to collect payment on late accounts for a period of time. Ask Lex Law for Help. Charge-offs.

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Better Credit Blog

NOVEMBER 23, 2020

While you might expect a credit check when you apply for a loan, many consumers don’t realize that background checks can result in a hard credit check as well. Lenders and service providers turn to companies like ACRAnet in order to obtain consumer credit reports to aid them in their approval process.

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Better Credit Blog

DECEMBER 18, 2020

A soft inquiry or credit pull occurs when you take a look at your score online using a credit monitoring app , or when prospective lenders check your score to pre-approve you for certain loans or card offers. It allows lenders to gain access to your full credit reports from one or more of the credit bureaus.

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Troutman Sanders

MARCH 11, 2024

On March 4, the Small Business Administration (SBA) announced the next generation of the SBA’s Lender Match tool for small businesses to connect to capital through SBA’s network of approved banks and private lenders. If enacted, the bill would, among other things, prohibit medical debts from being reported on consumers’ credit reports.

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Better Credit Blog

JANUARY 27, 2021

RentGrow On Your Credit Report. RentGrow is an agency that obtains consumer credit reports for landlords. These inquiries don’t do any damage to your score and don’t get added to your credit report. A word of caution: While one credit inquiry is nothing to fret over, try not to stack up too many. Hard Inquiries.

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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. The lawsuit alleges that the company and its owners scammed approximately 8,000 consumers throughout Texas and the U.S.

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Better Credit Blog

JANUARY 5, 2021

Luckily, hard inquiries are some of the least significant credit entries. They’re required for getting new credit. As such, lenders don’t judge you too harshly for having a few inquiries on your report. Regardless of the reason, here are two ways you can get a hard inquiry off your credit report. Contact Citibank.

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Better Credit Blog

JANUARY 5, 2021

Luckily, hard inquiries are some of the least significant credit entries. They’re required for getting new credit. As such, lenders don’t judge you too harshly for having a few inquiries on your report. Regardless of the reason, here are two ways you can get a hard inquiry off your credit report. Contact Citibank.

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Debt Free Colorado

NOVEMBER 13, 2017

According to the Consumer Financial Protection Bureau “a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly”, Freedom Debt Relief’s offers actually were too-good-to-be-true. Plans may negatively affect your credit score and ability to obtain credit.

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Better Credit Blog

JANUARY 29, 2021

Since they’re required for getting new credit, it’s okay to have an inquiry on your report. That being said, lenders might be discouraged from approving your application if your credit report is riddled with hard inquiries. In addition to disputing hard inquiries, they can also assist you with: Bankruptcy. Charge-offs.

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Better Credit Blog

JANUARY 29, 2021

If you are overwhelmed by dealing with negative entries on your credit report, we suggest you ask a professional credit repair company for help. How Does a Macys DSNB Hard Inquiry Affect Your Credit Report? Any time you apply for new credit, like a card, loan, or line of credit, the lender might run a hard credit check.

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Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. 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.

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Troutman Sanders

MAY 2, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan, as well as provide a framework for how these loans will be treated under the Truth in Lending Act. Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” On April 27, the U.S.

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Troutman Sanders

JUNE 14, 2023

On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. On June 6, Colorado Governor Jared Polis signed HB 23-1229, which amends the state’s Uniform Consumer Credit Code (UCCC). For more information, click here.

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Troutman Sanders

OCTOBER 13, 2023

The joint statement warns lenders that “unnecessary or overbroad” reliance on immigration status in the credit decisioning process may violate the Equal Credit Opportunity Act (ECOA) and other federal laws. ECOA is implemented by Regulation B.

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Better Credit Blog

OCTOBER 28, 2020

Is there a Credco credit inquiry on your credit report? Credco is an unfamiliar name to most consumers, but that doesn’t mean it isn’t legit. Short for CoreLogic Credco, it is a consumer credit reporting company. Corelogic Credco’s area of expertise is merged credit reports. Charge offs. Debt in collections.

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