True Accord

AUGUST 11, 2022

Financial literacy is an essential life skill that benefits people throughout their lives, but is often overlooked when it comes to what happens if a payment is late or missed. Financial literacy during delinquency is just as important as planning for the future—and can even play a big part in financial future-planning.

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Credit Corp

SEPTEMBER 13, 2023

Basically, credit scoring models want to see that you can manage different types of financing, most notably revolving accounts, such as a credit card, and installment accounts, such as a mortgage or auto loan. The credit bureaus have determined that the types of accounts you have is predictive of your future credit risk.

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Troutman Sanders

MARCH 3, 2023

According to the CFPB, on average, BNPL borrowers were much more likely to be highly indebted, revolve on their credit cards, have delinquencies in traditional credit products, have lower credit scores, and use high-interest financial services such as payday, pawn, and overdraft compared to non-BNPL borrowers.

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Titan Consulting

SEPTEMBER 22, 2020

By revising the Telemarketing Sales Rule (TSR), the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC), along with state Attorneys General set forth a strict set of regulations that standardize the way all financial services companies in the debt relief industry must operate.

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Troutman Sanders

MARCH 1, 2023

The Arizona Court of Appeals and Arizona Supreme Court have issued numerous opinions over the last several years clarifying when a cause of action accrues for mortgages and credit card debt. In Velazquez v. FMZ Industries, Inc.

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Credit Corp

APRIL 12, 2021

That’s because it can be easy to get discouraged or overwhelmed when looking at larger financial ambitions you may have. For example, you may have a significant amount of credit card debt. This goal is more attainable.

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Collection Industry News

OCTOBER 5, 2021

Whilst the new payment method originally took off in Europe, it has slowly sept into the US market as startups, like Affirm , have gone public and found success, and Square , the San Francisco based financial services and digital payments company, bought Australia’s Afterpay in $29billion deal, to benefit off BNPL’s growth.

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Troutman Sanders

FEBRUARY 3, 2023

As background, the plaintiff filed suit after receiving a collection letter from SAS, stating the total due on her debt was $2,017.83 The debt stemmed from a 2014 judgment on a credit card debt for $1,015.20, which included pre-judgment interest of 9% and certain fees and costs.

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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

A hike in the federal interest rate prompts a jump in the Bank Prime Loan Rate ( prime rate ), the credit rate that banks offer to their most credit-worthy customers and off of which they base other forms of consumer credit like mortgages and consumer loans. Missed payments on certain loans are already on the rise.

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True Accord

JANUARY 10, 2024

The fourth quarter marked the resumption of student loan payments for 22 million Americans, but repayment results were low. million borrowers missed their student loan payment —that’s 40% of loan holders. Breaking it down, credit card balances increased by $48 billion to $1.08 trillion in Q3 2023, showing a 4.7%

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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.

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Consumer Financial Services Law

AUGUST 30, 2016

Preparing for a future that would need to include litigating collections from a diverse portfolio of creditor sources (credit card, medical, bankruptcy, student loan, subrogation, commercial – just to name a few) became more and more pragmatic as the years of the recession marched forward.

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Burr Forman

JANUARY 29, 2021

Americredit Financial Services, Inc. , 29, 2006), the plaintiff had made multiple late payments on her car loan before paying the loan off entirely. Plaintiff made the payments as agreed and the debt was discharged. In Moulton v. C 04-02485 JW, 2006 WL 8459731 (N.D. Barclays Bank Delaware , No. Grossman , at *2.

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Fico Collections

JANUARY 15, 2021

The COVID-19 pandemic cast a huge shadow on the financial services worldwide. We hope that what readers learned helped instill confidence in keeping credit flowing during uncertain times. Many lenders are offering multiple options to consumers, including temporary deferred payment plans and/or placing loans in forbearance. “We

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Fico Collections

MAY 19, 2021

Or they may unintentionally sell it to criminal gangs, which then rack up thousands of pounds of fraudulent credit card debt. Furthermore, you might automatically assume that first-party fraud only affects banks, but as telcos evolve into payment processing and handset financiers, they also are now feeling the pinch.

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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. The next natural question is: how much of this data is available at the three nationwide credit bureaus? FICO® Scores use data from the three main credit bureaus.

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Fico Collections

NOVEMBER 30, 2022

Customers couldn’t be faulted when they heavily offset the drop in purchasing power and disposable income by leveraging a higher utilization of credit products that they have at their disposal towards staying afloat in these perilous times. You might raise credit lines and limits, for instance, on customers likely to pay.

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Fico Collections

AUGUST 16, 2022

The key is how these macrolevel measures impact individuals’ finances – all consumers are paying higher prices at the grocery store and gas station, but not all cash strapped consumers are shopping for loans or carrying large amounts of debt. This is only a 3.6% decrease year-over-year, but is still ~18.2%

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Fico Collections

JUNE 27, 2022

automobiles, 35% of them with a car loan. credit cards for 27% of all transactions with average credit card debt of $3352. On average, they pay $95,000 in homeowners insurance over their home-owning lifetimes. Purchases 9.4 And they pay about $94,000 for auto insurance over their driving lifetime.

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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. proposed a 36% cap on consumer loans in 2021. Alexandria Ocasio-Cortez, D-N.Y.,

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Troutman Sanders

JULY 11, 2023

Department of Health and Human Services (HHS), and the U.S. Department of the Treasury (Treasury) launched an inquiry into specialty financial products, such as medical credit cards and installment loans, that consumers can use to pay for medical care. Abusive Telemarketing Acts or Practices).

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Troutman Sanders

OCTOBER 4, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability.

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Collection Industry News

APRIL 26, 2024

Chicago Federal Reserve President Austan Goolsbee said Friday that while consumer debt levels aren’t yet “especially” high, the Fed is concerned about the rate of consumer delinquencies, or missed or late payments on expenses such as auto loans, credit card bills and rent. “If

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Troutman Sanders

AUGUST 2, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. million, to people who lost money to credit card debt relief schemes. For more information, click here.

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