Collection Industry News

AUGUST 17, 2023

The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. Credit card balances increased by $45 billion, from $986 billion in Q1 2023 to a series high of $1.03 Other balances, which include retail cards and other consumer loans, increased by $15 billion.

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Credit Card Debt Student Loans Student loans Foreclosure 40

FFGN COLLECT NY

JULY 20, 2021

After New York Governor Andrew Cuomo signs the Consumer Credit Fairness Act (S.153/Thomas) 153/Thomas) into law, many creditors will need to provide significant documentation in order to file a debt collection action against their non-paying consumers. The New Consumer Debt Collection Requirements.

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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.

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Credit Bureau Loans Lender Consumer Credit 52

Collection Industry News

MARCH 22, 2022

Buy Now Pay Later (BNPL) deferred payment options are becoming increasingly popular with 56% of consumers using them, up from 38 % in July of 2020 — an increase of almost 50% in less than one year, according to a Motley Fool survey. Now, several credit bureaus are seeking to include these in credit reports.

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Lender Consumer Credit Loans Credit Bureau 40

True Accord

JULY 9, 2024

And businesses are responding accordingly to the lower demand – several top musical acts from Jennifer Lopez to the Black Keys have canceled summer tours due to low ticket sales while retailers like Walmart and Target are lowering prices on certain goods to appeal to budget-strained shoppers. trillion and $1.62 trillion respectively.

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Student Loans Student loans Banks Lender 91

Better Credit Blog

DECEMBER 31, 2020

Did a hard inquiry from THD/CBNA bring down your credit score? Whenever you apply for a retail credit card, it can lower your credit score by a few points and result in a new entry being added to your report. Citi is a popular bank that provides credit cards for a wide range of retail stores like The Home Depot.

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Retail Lender Loans Repossession 52

True Accord

MARCH 31, 2022

Add these all together and the financial outlook for consumers, especially those in debt, is scary. For one, the consumer credit market is looking strong with signs of expansion, specifically, originations for credit cards and personal loans are increasing. But there are silver linings, as well.

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Lender Personal loans Foreclosure Loans 57

Better Credit Blog

DECEMBER 18, 2020

The entry is most likely on your report as a hard inquiry, which happens when you apply for a retail credit card. If you never applied for a credit card from Victoria’s Secret, you should be able to get the inquiry deleted from your report. Cb/Vicscrt On My Credit Report. How to Get Cb/Vicscrt off Your Credit Report.

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Retail Lender Loans Repossession 52

Fico Collections

JUNE 14, 2021

Invitations to buy even the smallest items on an installment plan seem to be everywhere online, and in-store, too: called “buy now, pay later” or BNPL loans, these offers let consumers buy what they want, now, and pay for it over time in four equal payments. BNPL: Even the smallest purchases can now be broken into bite-size chunks.

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Banks Loans Retail Consumer Credit 52

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.

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Collection Industry News

DECEMBER 21, 2022

Credit Card, Personal Loan Delinquencies Expected to Surge in 2023. The company’s 2023 Consumer Credit Forecast released Wednesday projects serious credit card delinquencies will climb to 2.6% The number of “buy now, pay later” loans grew more than tenfold during the pandemic, a U.S.

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Credit Card Debt Personal loans Banks Loans 40

Better Credit Blog

NOVEMBER 23, 2020

Did the name ACRAnet recently appear on your credit report? 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. The company also provides retail, commercial, and automotive screening, but on a smaller scale.

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Better Credit Blog

DECEMBER 2, 2020

Banana Republic offers these cards through a partnership with Synchrony Bank, which issues credit cards for dozens of national retailers. Whenever you apply for a Banana Republic card or someone authorizes you to use their credit, it can lead to a hard inquiry on your report. Get a Free Copy of Your Credit Report.

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Lender Repossession Loans Foreclosure 52

Better Credit Blog

DECEMBER 2, 2020

Banana Republic offers these cards through a partnership with Synchrony Bank, which issues credit cards for dozens of national retailers. Whenever you apply for a Banana Republic card or someone authorizes you to use their credit, it can lead to a hard inquiry on your report. Get a Free Copy of Your Credit Report.

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Lender Repossession Loans Foreclosure 52

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.

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Financial services Student Loans Student loans Loans 52

Fico Collections

JANUARY 15, 2021

In our top post, Vice President and General Manager of Scores, Sally Taylor explained the new FICO Resilience Index, designed to provide lenders with a more precise assessment of consumer credit risk and consumers with demonstrated talent for weathering economic storms greater access to credit.

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Lender Loans Consumer Credit Credit Card Debt 59

Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But more tellingly, the penalty related to the mistreatment of business and personal customers who fell behind on credit card and loan payments between 2014 and 2018 – well before many of us had even heard of COVID-19.

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Lender Collections Acquisition Loans 52

Troutman Sanders

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

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Financial services Garnishment Lender Banks 52

Better Credit Blog

JANUARY 29, 2021

In the article below, we’ll break down the details of the NTB/CBNA credit card, how a hard inquiry works, and what you can do to get an inaccurate inquiry off your report. NTB/CBNA On My Credit Report. Citibank is a major financial institution that offers credit cards in partnership with numerous retailers, including: Best Buy.

Repossession 52

Repossession Loans Financial Institution Foreclosure 52

Troutman Sanders

OCTOBER 30, 2023

This bill would instruct the Consumer Financial Protection Bureau (CFPB) and the Government Accountability Office to conduct a study on BNPL and EWA services to help determine the degree to which consumers are utilizing both services for retail purchases. For more information, click here. For more information, click here.

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Better Credit Blog

JANUARY 29, 2021

If so, you shouldn’t be alarmed when you see a Macys DSNB entry on your credit report. Applying for new credit results in a hard inquiry, and it may have a small effect on your credit score. If you didn’t apply for a retail card from Macy’s, the inquiry could be a mistake, or it may be the work of an identity thief.

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Repossession Banks Loans Foreclosure 52

Collection Industry News

JANUARY 25, 2023

UK Credit Card Borrowing Soars to Highest Monthly Level Since 2004 Credit card borrowing in the UK soared in November to its highest monthly level since 2004 amid mounting pressure on households from the cost of living crisis. The New York Times ] Consumers Are Placing Their Trust in Mobile Deposits.

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Banks Credit Card Debt Creditworthiness Financial Institution 40

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. For more information, click here.

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Financial services Foreclosure Banks Trade 52

Consumer Financial Services Law

JUNE 11, 2016

includes consumer financial products including broadly the “extension of consumer credit”, as well as automobile leases, deposit accounts, debt management and settlement, check cashing and payment processing services, debt collection, credit reporting, and remittance transfers subject to the Electronic Funds Transfer Act.

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Judgment Financial services Retail Debt Management 40

Troutman Sanders

JANUARY 17, 2023

In November 2022, Genesis announced that it will prohibit retail investors from withdrawing their cryptocurrency deposits from Gemini Earn accounts due to liquidity risks. Supreme Court in support of the Biden administration’s student loan forgiveness plan. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Education 52

Troutman Sanders

OCTOBER 17, 2022

On October 13, the CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. For more information, click here. 1701 , et seq.).

Financial services 52

Financial services Banks Education Student Loans 52

Collection Industry News

OCTOBER 17, 2023

Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. Some cards — retail store cards, in particular — charge more than 30%, said Ted Rossman, industry analyst for CreditCards.com. Federally chartered credit unions have an 18% limit. proposed a 36% cap on consumer loans in 2021.

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