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Compliance Digest – February 24

Account Recovery

District Court for the Eastern District of Texas granted the CFPBs unopposed motion for a 90-day stay in the litigation filed by Cornerstone Credit Union League and Consumer Data Industry Association (the Plaintiffs). More details here. In an alarming trend, we are seeing more consumer actions being brought for abandoned litigation.

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Making Medical Credit Reporting Harder is a Disaster in the Making

Nexa Collect

Anyway, back to our core topic of medical debts and credit reporting of medical bills, and here are our own thoughts on this. Reporting all unpaid bills, regardless of the balance, to credit bureaus as the final step does two main things. Then let the lenders decide which one they want to consider or ignore.

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Does Checking Your Credit Score Lower It?

Better Credit Blog

When deciding whether to give you a loan or a credit card, lenders and credit card issuers look at your score and credit history. “A A credit score is a number that rates your credit risk. They may agree to a bigger loan or larger credit limit as a result. So what is a soft credit check?” 740 to 799.

Lender 85
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What is Debt Consolidation and How Does it Work?

Better Credit Blog

Owing money to several creditors and remembering when the monthly payments are due for all of them can be overwhelming. And worse, forgetting to pay on time will lower your credit score and cost you more in late payment fees. Consolidating your debt could mean your credit score goes down initially. Debt Consolidation Guide.

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20+ Illuminating Credit Card Debt Statistics for 2023

Credit Corp

Average Interest Rates for New Credit Card Offers LendingTree analyzed the terms and conditions of 200 credit cards from upwards of 50 different credit card companies, banks, and credit unions. With this data, they were able to gather an assortment of information involving annual percentage rates (APR).

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Average credit card debt statistics in the U.S. for 2023

Credit Corp

5 percent decrease, and some states were able to continue keeping their debt low, according to Credit Karma’s report. Average interest rates for new credit card offers Lending Tree analyzed the terms and conditions of 200 credit cards from upwards of 50 different credit card companies, banks and credit unions.