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.

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Consumer Credit Student loans Student Loans Financial services 40

True Accord

APRIL 5, 2023

Consumers trying to make ends meet have continued turning to credit cards and other credit types to bridge the income to expense gap. consumer credit card debt has increased to nearly $1 trillion. Credit card balances jumped more than $60 billion over Q4 2022, lifting the total amount of U.S.

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Student loans Student Loans Credit Card Debt Loans 102

Collection Industry News

MARCH 19, 2024

“And we’re seeing consumers often need help to organize the different debts.” And then we add student loans back into consumers’ repayment mix… The Impact of Resumed Student Loan Repayments Millions of people are resuming another financial obligation every month: their student loan payments.

Consumer Credit 40

Consumer Credit Student loans Student Loans Collections 40

Troutman Sanders

NOVEMBER 18, 2022

Because student loans are largely administered by the federal government, we know more about them too. As a result, the CFPB is announcing an effort to work with industry and other agencies to develop a new data set to better monitor the auto loan market.”. But, despite its size, we know much less about the auto lending market.

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Collections Lender Student Loans Student loans 98

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.

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Credit Corp

JANUARY 7, 2021

You could also: Put together a realistic debt-repayment plan Increase your income with a better-paying job, or ask your boss for a raise Ask your lenders for a lower interest rate Consider consumer credit counseling Concentrate on one debt at a time to avoid feeling overwhelmed. >> Download our free budget template to get started.

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Debt Consolidation Student Loans Student loans Loans 108

Public Citizen

OCTOBER 24, 2020

  In addition, the Symposium welcomes discussion over the recent decision by the Uniform Law Commission to address debt collection efforts by third-party debt collectors or buyers based on default judgments. 

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Fico Collections

APRIL 28, 2022

BNPL loans are cited as a potential driver of greater financial inclusion, both in terms of consumer access to the BNPL loan themselves, as well as access to credit products that could enable unbanked and underbanked consumers to establish (or re-establish) their credit histories with one or more of the Consumer Reporting Agencies (CRAs). .

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Loans Consumer Credit Credit Bureau Student Loans 98

True Accord

JULY 9, 2024

Thanks to record interest rates, stubborn inflation and other economic factors, credit card balances are likely only going to climb, despite what we saw in the first half of the year. The verdict is still out on how those with student loans are faring with resumed payments.

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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 Student loan balances fell by $35 billion and stood at $1.57 trillion in the Q2 2023, marking a 4.6%

Credit Card Debt 40

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Troutman Sanders

JANUARY 19, 2022

ruling that the plaintiff failed to specifically allege facts to support an inference that Navient Corporation and Navient Solutions LLC violated the Fair Credit Reporting Act (FCRA) and the California Consumer Credit Reporting Agencies Act (CCRAA). Navient Corp.

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Student loans Student Loans Loans Bankruptcy 52

Fico Collections

APRIL 28, 2023

Credit Risk and FICO Score Trends? 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, such as in the form of rising balances, credit seeking behavior, and eventually for some, missed payments.

Student Loans 52

Student Loans Student loans Consumer Credit Lender 52

Credit Corp

JUNE 8, 2023

In other words, about how personal credit works and how credit scores work still confuses people. How Are Credit Scores Created? 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.

Lender 98

Lender Loans Creditors Credit Unions 98

Troutman Sanders

OCTOBER 28, 2022

Pursuant to its authority under Section 1022(b)(1) of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to consumer reporting agencies (CRAs), highlighting their obligation to screen for and eliminate obviously false data from consumers’ credit reports.

Student Loans 52

Student Loans Student loans Consumer Credit Loans 52

Collection Industry News

AUGUST 25, 2024

The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. The New York Fed also issued an accompanying Liberty Street Economics blog post examining growing balances of home equity lines of credit (HELOC). It includes a one-page summary of key takeaways and their supporting data points.

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Student loans Student Loans Credit Card Debt Loans 40

Collection Industry News

MAY 19, 2024

The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. The New York Fed also issued an accompanying Liberty Street Economics blog post examining credit card utilization and its relationship with delinquency.

Student loans 40

Student loans Student Loans Credit Card Debt Loans 40

FFGN COLLECT NY

JANUARY 10, 2024

Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying. 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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Katabat

MARCH 30, 2021

That’s the headline from a recent NBC News story about the millions of Americans who have deferred payment on mortgages, rent, student loans and utility bills. 26% of Consumers Have a Third-Party Collection Tradeline on Their Credit Report. “Payment deferrals were a lifeline for millions during Covid.

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Troutman Sanders

OCTOBER 16, 2023

State Activities: On October 12, California’s Department of Financial Protection and Innovation (DFPI), announced, in its October bulletin, that final regulations to implement the Student Loan Servicing Act and the Student Loans Borrower Rights Law have been approved and will become effective January 1, 2024.

Financial services 52

Financial services Student Loans Student loans Credit Unions 52

Fico Collections

FEBRUARY 2, 2021

We found that FICO® Resilience Index continues to be a strong predictor of the presence of loan accommodations in place as of October 2020 – representing a mix of “long haul” accommodations by mortgage lenders and newer short-term accommodations allowed on bankcard, auto finance and personal loan accounts.

Loans 52

Loans Student Loans Student loans Lender 52

Credit Corp

JUNE 3, 2020

The Consumer Credit Protection Act caps these types of garnishments. Exceptions apply for things like child support, spousal support, student loans and some property liens. When your employer receives the proper legal notice, they must withhold a percentage of your wages. The lessor of these two amounts applies.

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Debt Guru

JANUARY 27, 2021

The Federal Trade Commission recommends finding a reputable credit counseling organization that uses certified counselors trained in consumer credit and debt management. Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP. Student loans aren’t covered, either.

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Credit Corp

SEPTEMBER 7, 2020

It gathers credit reports from the three major credit bureaus and analyzes anonymous consumer data to generate a scoring model specific to each bureau. VantageScore, on the other hand, uses a combined set of consumer credit files, also obtained from the three major credit bureaus, to come up with a single formula.

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Credit Bureau Lender Loans Creditworthiness 89

Sawin & Shea

NOVEMBER 1, 2023

In fact, medical debt is one of the most common types of debt reported on consumer credit reports. According to the Consumer Financial Protection Bureau, consumer credit reports show $88 billion in medical debt as of June 2021. Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors.

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Troutman Sanders

MAY 9, 2023

For more information, click here. On May 1, Oklahoma Governor Kevin Stitt approved HB1443.

Financial services 52

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Collection Industry News

MARCH 17, 2024

Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying. 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.

Garnishment 40

Garnishment Collections Debt collector Student Loans 40

Collection Industry News

MARCH 15, 2021

It has taken actions to collect data on a number of new industries, including debt relief and earned wage access providers, and has filed a cease-and-desist order against a student loan debt relief company charging borrowers exorbitant fees for the false promise of getting their student debt wiped.

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Foreclosure Student Loans Student loans Lender 40

Credit Corp

JULY 7, 2021

If you’re among them, be sure to dispute the misinformation with the credit bureau in question (here’s how). Your credit score will likely thank you for it. We are trying to draw attention to a very important nuance of credit scores: They reward you for responsibly managing different types of credit.

Student Loans 59

Student Loans Student loans Loans Credit Bureau 59

Better Credit Blog

MAY 12, 2022

Just like with consumer credit, debt from a civil judgment must be validated under the Fair Credit Reporting Act. How Long Do Judgments Stay on My Credit Report? Just like consumer credit, court-ordered debt could stay on your credit report up to seven years if you don’t take action to remove it.

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Collection Industry News

NOVEMBER 13, 2023

Credit card delinquency rates also rose across the board, according to the New York Fed, but especially among millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt. My rent is going up, so even though all my bills are paid, sometimes I’m living paycheck to paycheck.”

Credit Card Debt 40

Credit Card Debt Student Loans Student loans Loans 40

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. But there are silver linings, as well.

Lender 59

Lender Personal loans Foreclosure Loans 59

Troutman Sanders

DECEMBER 21, 2021

Federal Activities: On December 16, the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The CFPB is concerned about accumulating debt, regulatory arbitrage, and data harvesting in a consumer credit market already quickly changing with technology.

Financial services 52

Financial services Credit Unions Credit Unions Third-party Debt Collectors 52

Troutman Sanders

OCTOBER 4, 2021

Federal Activities: On September 29, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report to Congress on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. Privacy and Cybersecurity Activities. Among other provisions, S.B.

Financial services 52

Financial services Financial Institution Foreclosure Student Loans 52

Collection Industry News

MAY 18, 2021

In a letter sent to the leaders of the House and Senate , CUNA President/CEO Jim Nussle stated his objections to section 403 of the bill, which would amend the Fair Credit Reporting Act to prohibit credit scoring models from treating certain medical debt information on consumers’ credit report as a negative factor.

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Troutman Sanders

NOVEMBER 13, 2023

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here.

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Better Credit Blog

JANUARY 20, 2022

Nelson, aged 27, took out a private student loan of $10,000 to cover unforeseen college costs after using up his federal loan. You can use several methods: Consumer credit counseling. Mary and Stuart ended up with $14,000 in department store debt after their wedding costs escalated beyond their budget. “A-”

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Collection Industry News

MARCH 28, 2022

The post DFPI marks success in implementation of the California Consumer Financial Protection Law appeared first on Collection Industry News. The Department has also begun licensing debt collectors. The first change under the CCFPL was a new name for the Department which was formerly the Department of Business Oversight.

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