Credit Corp

OCTOBER 31, 2023

Late payment may negatively impact your credit score. FICO® Scores are used by 90% of top lenders ¹Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Results may vary. Learn More $2.50

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Credit Corp

SEPTEMBER 13, 2023

This means that consumers with the strongest credit scores tend to have a mix of accounts. If your goal is to build or maintain great credit, you’ll want to get and keep different types of credit accounts. One reason that lenders look at credit mix is to make sure that you can be responsible with multiple types of credit.

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Troutman Sanders

MARCH 1, 2023

Arizona has a six-year statute of limitations to enforce installment debt created by a written contract, which is codified at A.R.S. § A lender must enforce the debt through foreclosure or a lawsuit within six years after the cause of action accrues. In Velazquez v. FMZ Industries, Inc.

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Fico Collections

JANUARY 24, 2023

FICO’s latest market report of UK card trends suggests that consumers managed their credit card debt to keep lines of credit open for the festive season as spend increased month on month. However, a continuing trend in those missing two or three payments will be a concern for lenders. percent to 39.3

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Fico Collections

JANUARY 15, 2021

The COVID-19 pandemic cast a huge shadow on the financial services worldwide. The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted.

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Fico Collections

JANUARY 26, 2022

In 2021, the financial services world continued to grapple with the uncertainty brought on by year two of the COVID-19 pandemic. It serves as a broad-based, independent standard measure of credit risk. year-over-year decrease in the average number of hard credit inquiries in consumers’ credit files.

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Collection Industry News

SEPTEMBER 21, 2021

Renters’ debt obligations also differed considerably from those of homeowners before the pandemic. In June 2019, renters were more to have student debt and to have used some form of alternative financial service, such as payday lender, pawn shop, or auto-title loans.

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True Accord

JULY 5, 2022

Credit card balances are also already up year over year, reaching $841 billion in the first quarter of 2022, and are expected to keep rising, according to a report from the Federal Reserve Bank of New York. If you’re in charge of recovering debt, you may be readying for an uphill battle.

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Fico Collections

JUNE 28, 2022

Typically, the higher-risk accounts are more credit hungry, so lenders will want to be vigilant in monitoring this trend. FICO believes that inflationary impacts will be worst for those already identified as in persistent debt or potentially new candidates for that designation. Liz Ruddick.

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True Accord

JANUARY 10, 2024

The Consumer Financial Protection Bureau (CFPB) has had its hands full overseeing actors across sectors–from regional and large banks to auto and online lenders to mortgage and credit agencies–in an ongoing effort to protect consumers in an ever-growing landscape of financial product offerings. a year ago. a year ago.

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Collection Industry News

OCTOBER 17, 2023

Some lawmakers and regulators are calling for interest rate caps and lower fees on credit cards as debt levels march higher. Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. The financial services industry remains largely opposed to imposing a ceiling.

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Better Credit Blog

SEPTEMBER 9, 2021

After your birthday, Social Security number, and cell phone number, your credit score is the most important number in your life. Your credit score, known in the financial services industry as a Fico Score, is a snapshot of your financial history. You’ll be taken to websites that try to sell you financial services.

Debt Consolidation 59

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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

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Collection Industry News

APRIL 26, 2024

Americans are already struggling to keep up with their credit card payments. Credit card debt rose $143 billion during the fourth quarter of 2023 from the year before, according to data from the New York Fed. Delinquency transition rates rose for all debt types excluding student loans.

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