Troutman Sanders

NOVEMBER 14, 2023

On November 13, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).

Consumer Credit 52

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Better Credit Blog

DECEMBER 29, 2020

If you have begun receiving calls from a company called Wilshire Consumer Credit, you are probably feeling overwhelmed by their advances. They are a third-party debt collector and auto loan financer out of California. We can help you remove their collection account from your credit report. About Wilshire Consumer Credit.

Consumer Credit 52

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Fico Collections

APRIL 28, 2022

According to the research from Cornerstone Advisors , these point-of-sale short-term installment loans with low credit amounts have been increasing in popularity during recent years for retail purchases like clothing, household goods, electronics, and more.

Loans 98

Loans Consumer Credit Credit Bureau Student Loans 98

Micro Bilt

NOVEMBER 3, 2020

It is especially useful, though, for lenders who specialize in the types of loans identity thieves frequently target. Instant Bank Verification has a lot to offer lenders of every type.

Consumer Credit 52

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Consumer Financial Services Law

DECEMBER 17, 2016

This week, the CFPB introduced a new research tool, its Consumer Credit Trend Tool. According to the CFPB, the new tool’s purpose is to track originations of various consumer credit products. For now, the tool will focus on four credit products: mortgage, student loan, credit cards and auto loans.

Consumer Credit 40

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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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Collections Lender Student Loans Student loans 98

FFGN COLLECT NY

JUNE 30, 2021

Today, you have six years to collect monies owed from consumer credit transactions. However, a bill approved by the New York Senate seeks to shorten the time to collect consumer credit transactions to three years. Personal bank loans. Credit union loan. Credit cards. Home equity loans.

Consumer Credit 40

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Troutman Sanders

SEPTEMBER 20, 2022

On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post , exploring the potential relationship between rising car prices and changes in auto loan performance. For example, auto loans for consumers with deep subprime credit scores were 2.4%

Consumer Credit 52

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Collection Industry News

MARCH 19, 2024

Bottom line: households took on more debt at the end of last year and we’re seeing loans increasingly going bad, according to data from the Federal Reserve Bank of New York, leading to a shift in consumer spending for 2024. And we’re seeing consumers often need help to organize the different debts.”

Consumer Credit 40

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Credit Corp

JANUARY 24, 2024

While there is no minimum requirement, most lenders prefer a credit score of 620 or above. A VA home loan is a mortgage backed by the Department of Veterans Affairs (VA) for service members, veterans, and their families. The purpose of VA loans is to help veterans purchase homes with lower interest rates and better terms.

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Debt Free Colorado

FEBRUARY 21, 2022

The Fair Debt Collection Practices Act (FDCPA) applies to collection firms and debt collectors attempting to recover consumer debts. Consumer debts include credit card debts, vehicle loans, medical costs, and school loans. What is Colorado Uniform Consumer Credit Code (Colorado UCCC).

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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. The law will take effect on January 1, 2024.

Student Loans 52

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Fico Collections

JUNE 20, 2022

How Might Buy Now, Pay Later Loans Impact FICO® Scores? Key findings from FICO research on consumer credit files with recently opened Buy Now, Pay Later loans. consumer credit files. NicholetteLarsen@fico.com. Tue, 03/23/2021 - 22:16. by Suna Hafizogullari. expand_less Back To Top. Mon, 06/20/2022 - 15:00.

Loans 52

Loans Consumer Credit Credit Bureau Personal loans 52

Troutman Sanders

JANUARY 23, 2023

On January 1, 2023, House Bill 132 went into effect enacting a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act (SLA).

Loans 52

Loans Lender Debtor Banks 52

Fico Collections

FEBRUARY 2, 2021

Early in the COVID-19 pandemic, FICO data scientists discovered that the FICO® Resilience Index was a strong predictor of the likelihood that consumers were receiving loan accommodations such as payment deferrals and forbearances following implementation of the CARES Act. .

Loans 52

Loans Student Loans Student loans Lender 52

Fico Collections

APRIL 11, 2023

Home Blog FICO Are Student Loan Holders at Risk as Deferments Expire? Here we present results of our research into FICO® Score dynamics for holders of student loan debt between 2021 and 2022, to give an indication of key factors that seem to accompany large decreases in the FICO Scores of this population.

Student Loans 52

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Credit Corp

JANUARY 7, 2021

If you want to lose the plastic altogether, think about applying for a debt consolidation loan. Go for a loan with a low interest. Then, avoid putting any more money on credit cards until you’ve paid off most of the consolidation loan. . Compare Rates on Debt Consolidation Loans. Check Your Credit Score.

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Troutman Sanders

OCTOBER 4, 2022

On September 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights , focusing on student loan servicing. It’s time to open up the books on institutional student lending to ensure all students with private student loans are not harmed by illegal practices.”.

Student Loans 52

Student Loans Student loans Loans Education 52

Troutman Sanders

FEBRUARY 25, 2022

Specialized Loan Servicing LLC , holding that defendant Specialized Loan Servicing LLC (Specialized Loan) properly reported plaintiff Eric Mitchell’s (Mitchell) loan status by using a designation indicating “no payment history available this month.” This “D” code indicates “no payment history available this month.”.

Judgment 52

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Collection Industry News

SEPTEMBER 2, 2023

And another factor might make the increases more painful for some consumers: The pause on federal student loan payments ended Sept. Student loan balances have already begun accruing interest again, and soon, borrowers will be expected to start making regular payments.

Credit Card Debt 40

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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. The court’s opinion in Shelton v. Americredit Financial Services, Inc. Hence, no inaccuracy.

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Debt Guru

JUNE 3, 2020

Sign up for consumer credit counseling. Reach out to a credit counseling agency. This requires you to apply for a new fixed-rate, low-interest loan – you use the new loan to pay off your current debt, then pay back the new loan over a set term. The complication is that you typically need good credit.

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Credit Corp

JUNE 8, 2023

When you borrow money, whether through a revolving account, like credit cards , or an installment account, like an auto loan or student loan , the information is gathered by the credit bureaus. The data the bureaus keep in your credit files is the date used to calculate your credit scores.

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Account Recovery

AUGUST 19, 2024

What do they mean and how are they to be used in a consumers’ credit report? The real issue in Frazier is that the tri-merge report showed Equifax reporting “90-119 Days Past Due” for months after the date the loan was closed in a short sale – the “dates”.

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Account Recovery

AUGUST 19, 2024

What do they mean and how are they to be used in a consumers’ credit report? The real issue in Frazier is that the tri-merge report showed Equifax reporting “90-119 Days Past Due” for months after the date the loan was closed in a short sale – the “dates”.

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Collection Agencies Collections Agency Collection Agent Debt Recovery 130

Troutman Sanders

DECEMBER 6, 2023

In March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would update the definition of loan to include what it dubs as “income-based advances” also known as earned wage access (EWA) products, except for those offered by employers.

Loans 52

Loans Creditors Lender Consumer Credit 52

Troutman Sanders

JANUARY 20, 2023

22-(R22-011) , concluding earned wage access (EWA) products that are fully non-recourse and no-interest are not “consumer lender loans” under Arizona law. Thus, those who make, procure, or advertise EWA products are not required to be licensed as a “consumer lender” by Arizona’s Department of Insurance and Financial Institutions.

Lender 52

Lender Loans Financial Institution Consumer Credit 52

Debt Collection Answers

FEBRUARY 21, 2024

Two entities that may send debt consolidation loan mailers are Symple Lending and Secure One Financial. What is a Pre-Screen Firm Offer of Credit? A Pre-Screen Firm Offer of Credit, often referred to as pre-approved credit, is a marketing strategy employed by creditors to identify potential customers for their financial products.

Debt Consolidation 40

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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

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Account Recovery

SEPTEMBER 30, 2024

WHAT THIS MEANS, FROM LORI QUINN OF MESSER STRICKLER BURNETTE: Plaintiff brought a putative Class Action against Oliphant in State Court that was removed to Federal Court alleging violations of the Fair Debt Collection Practices Act, Maryland Consumer Debt Collection Act and Mary Maryland’s Consumer Protection Act.

Fair Debt Collection 130

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Credit Corp

MARCH 29, 2021

Reward It pays back for applying and getting approved for a credit card or loan. And there’s up to $300 in cashback rewards from personalized offers for loans, insurance, and even personal finance apps. We also wanted everyone to be well-informed on exactly what their credit situation looks like. Sign up for ExtraCredit.

Education 98

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Troutman Sanders

MARCH 24, 2023

As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state. As part of the settlement, the entities will forgive $223,685 in loans, pay $33,991 in restitution, and pay $33,000 in civil penalties and costs to the state.

Personal loans 52

Personal loans Loans Government Trade 52

Credit Corp

SEPTEMBER 27, 2023

Can you pay a loan with a credit card? Yes, paying a loan with a credit card is sometimes possible. Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off. Below are two instances where you’ll see THD/CBNA show up on your credit report.

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Fico Collections

SEPTEMBER 24, 2021

The next natural question is: how much of this data is available at the three nationwide credit bureaus? The answer is that while the availability of this data has been increasing, it remains far below other tradeline data such as credit cards, auto loans or mortgages.

Credit Bureau 96

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Credit Corp

JANUARY 21, 2021

Some of those laws also cover your rights as a consumer to fair debt collection practices. A few of the laws that might come into play are as follows: The Fair Credit Report Act ensures your right to an accurate consumer credit profile. It obligates companies to report truthful information on your credit report.

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Fico Collections

OCTOBER 24, 2022

improvements in predictive power enable FICO® Score 10 T to help mortgage lenders safely avoid unexpected credit risk and better control default rates, while making more loans to more consumers. . FICO Score 10 Suite Available from All Three Credit Bureaus.

Credit Bureau 93

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Public Citizen

DECEMBER 16, 2021

The Consumer Financial Protection Bureau has issued a series of orders to five companies offering “buy now, pay later” credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna, PayPal, and Zip.

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