Better Credit Blog

MAY 20, 2022

How Personal Loans Affect Your Credit Score. Personal loans are installment loans offered by a bank, credit union, or other financial institution to an individual borrower. Consolidating Debt. Personal loans can help with debt consolidation. And faithfully making payments can quickly boost your credit score.

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Collection Industry News

JUNE 17, 2024

Our experts used debt statistics from the NYFRB broken down by debt category and down to the state level to get a detailed picture of what kinds of debt Americans are holding and where they are holding it. Household Debt Is at an All-Time High Household debt across all categories grew by 4.8% over the same period.

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Credit Card Debt Student loans Student Loans Loans 40

Troutman Sanders

OCTOBER 4, 2021

In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability. From a 2019 peak of $926 billion, credit card debt fell to $811 billion by the second quarter of 2020 — the largest six-month decline on record — before reaching $825 billion by the end of the year.

Financial services 52

Financial services Financial Institution Foreclosure Student loans 52

National Service Bureau

JUNE 23, 2015

trillion of auto loan debt in fourth quarter 2013, rising to $0.95 Auto loans, like credit card debt, can fall under financial institution collections. Here are the numbers from fourth quarter 2014: Credit card debt: $0.70 For comparison, there was $0.86 trillion one year later.

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Fico Collections

NOVEMBER 30, 2022

The financial institutions who were resilient during the pandemic learned from their experiences in 2008 and were better prepared for inflation. While the financial services industry would welcome the growth, the concern is that the share of debt transitioning into delinquency is also showing an increasing trend.

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Credit Corp

JUNE 1, 2021

Include a line item in the budget for any credit card debt. If your gross monthly income is $5,000, then your debt-to-income ratio would be 49%. Eliminate or Avoid Any Credit Card Debt. Some debt can be considered “healthy” or “productive.” Account for a splurge. Subtract expenses from income.

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Student loans Student Loans Loans Credit Card Debt 74

National Service Bureau

OCTOBER 13, 2015

More importantly, Congress decided that it was critical for military members to focus exclusively on their mission rather than dealing with potential financial distractions. How does the Servicemembers Civil Relief Act affect debt collections? Mortgage payments. Pending trials. Terminations of lease.

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Credit Corp

SEPTEMBER 13, 2023

You can get a personal loan from online lenders or from a bank or credit union. Credit Builder Loans : Credit builder loans are offered by some financial institutions. If you don’t have an installment loan reported on your credit reports, consider whether it makes sense to get one.

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Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. financial institutions. For more information, click here.

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Collection Industry News

JULY 26, 2024

They are not alone in this initiative as other big financial institutions like Bank of America and Wells Fargo are taking similar actions, with the forming increasing its provisions from $1.3 According to data from TransUnion, credit card balances in the United States have exceeded $1 trillion already. billion to $1.5

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Better Credit Blog

APRIL 1, 2022

They’re great for credit card debt consolidation, home improvement projects, major car repairs, or any other cash-heavy project. Since personal loans are unsecured, you’ll need an excellent credit score to get the best deal. Like LendingTree, Credible is free to use and won’t harm your credit score.

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Personal loans Loans Lender Student loans 65

Better Credit Blog

APRIL 1, 2022

Some finance home improvements, while others lend only to people who want to consolidate credit card debt. If your main goal is to consolidate debt, try the best debt consolidation loans. For borrowers open to working with a credit union, PenFed offers a variety of loan options. Happy Money. Lending Tree.

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Personal loans Loans Credit Unions Credit Unions 52

Credit Corp

FEBRUARY 21, 2021

Fortunately, we can assume that banks and other financial institutions are more vigilant than ever about monitoring fraud: 60% of Americans surveyed learned their accounts had been compromised after their bank reached out directly. How to Find Out If You’re a Victim of Fraud.

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Sawin & Shea

FEBRUARY 28, 2024

No-credit-check lending, such as payday and title loans, often comes with unreasonable fees and annual percentage rates (APR). When seeking a new personal loan after bankruptcy, use legitimate lenders, such as major financial institutions, credit unions, or through Credit Karma.

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Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Katabat

SEPTEMBER 14, 2021

Extended unemployment benefits from states, and supplemental unemployment from the Federal Government was credited earlier in the pandemic with keeping consumer debt and defaults lower than anticipated. In fact, CNBC termed this the “Credit Card Debt Paydown Miracle.”.

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Katabat

SEPTEMBER 14, 2021

Extended unemployment benefits from states, and supplemental unemployment from the Federal Government was credited earlier in the pandemic with keeping consumer debt and defaults lower than anticipated. In fact, CNBC termed this the “Credit Card Debt Paydown Miracle.”.

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Collection Industry News

APRIL 4, 2022

The CFPB launched a public consultation in January to analyze the markets for credit card fees and “junk fees” to identify potential distortions that may affect consumers and take action if necessary. If we look at the bigger picture of late fee volume, the report also shows a steep decline.

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Credit Corp

JULY 12, 2021

Consider buying a CD from a financial institution with FDIC insurance. Many people in the United States live paycheck to paycheck and use credit cards to pay for their basic needs. Credit card debt is extremely detrimental to financial stability and should be paid off as soon as possible.

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Collection Industry News

JANUARY 25, 2023

Issuers will likely turn off the spigot of generous incentives and easy credit in 2023 in response to a weaker economy, according to analysts. We spoke to credit experts about emerging credit card trends, how they may impact consumers and how you can prepare. People might find themselves in more credit card debt.

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Credit Corp

APRIL 13, 2021

If you’d like to see the numbers behind financial infidelity in America, take a look at our stats. How to Spot Financial Infidelity. Technology has made it harder to spot financial infidelity. What was once phone calls and paper statements from financial institutions have now turned into emails and electronic notifications.

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Fico Collections

JANUARY 15, 2021

consumers had on average $6,004 in credit card debt, down from an average of $6,934 back in January 2020. A reduction in amounts owed (30% of the FICO® Score calculation), and especially the amount of credit card limits being used can yield measurable gains in a consumer’s FICO® Score.

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Better Credit Blog

AUGUST 3, 2021

Having a bad credit score can make it difficult to get a loan. “A bad credit score is somewhat of an indicator of your short, medium, and long-term ability to repay the loan, which is how banks make money.”

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Better Credit Blog

AUGUST 3, 2021

Having a bad credit score can make it difficult to get a loan. “A bad credit score is somewhat of an indicator of your short, medium, and long-term ability to repay the loan, which is how banks make money.”

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Loans Lender Collateral Education 52

Payment Savvy

JULY 21, 2023

Building Business Credit – Regularly using and promptly paying off a business credit card can help build your business’s credit history, which can be beneficial for securing larger loans in the future.

Startups 52

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Troutman Sanders

MAY 9, 2023

On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt.

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Credit Corp

JUNE 1, 2023

Rewards cards: These cards pay you back via cash that you can use to pay down your credit card debt or points that you can redeem at stores or in the form of airline miles. You earn rewards by using your card. Each card company works within a network, and, sometimes, they’re partnered with another brand.

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Troutman Sanders

DECEMBER 5, 2022

On November 30, the Federal Trade Commission (FTC) announced that it has temporarily shut down a credit card debt relief program and its affiliated companies that allegedly took millions from consumers by falsely promising to eliminate or substantially reduce their credit card debt.

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Account Recovery

DECEMBER 3, 2024

The background: The case began when the plaintiff received a letter from the defendant that attempted to collect on a retail credit card debt for which the credit card was issued by a financial institution.

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Burt and Associates

OCTOBER 31, 2024

Introduction and Spotlight on Medical and Rental Debt 1.1 Medical Debt 1.1.1 Introduction: This section highlights the CFPB’s work on medical debt issues, including a proposed rule to restrict medical debt reporting on credit reports. Rental Debt 1.2.1 Consumer Issues in Debt Collection Complaints 3.2.1

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True Accord

JANUARY 21, 2025

In addition to specific actions targeting offenders in the consumer financial services industry, the CFPB announced myriad other topics of interest to close out 2024 with a sharp focus on protecting consumers and their data.

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Student loans Student Loans Credit Card Debt Financial Institution 82

Troutman Sanders

JULY 11, 2023

The defendants also pitched a credit card debt elimination service, and alleged that they could access funds from the government or from a lawsuit against the credit card industry to pay off consumers’ credit card debt.

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Financial services Student loans Student Loans Credit Card Debt 40