Fico Collections

AUGUST 29, 2022

During the first year of the pandemic, the combination of government stimulus programs such as the CARES Act and payment accommodation programs offered by lenders helped millions of consumers stave off missed payments. Now, the average FICO® Score has leveled off during the second year of the pandemic.

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Fico Collections

OCTOBER 15, 2020

Missed payments reported in the credit file are down. Whether due to reigned in spending in the face of the economic uncertainty wrought by the pandemic, or simply due to having fewer opportunities for spending on discretionary items such as restaurant, retail, and travel, consumer debt levels during the pandemic are down substantially.

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Credit Corp

JUNE 27, 2021

On a different note, loan applicants with good credit scores will have a much better chance of receiving an approval for the funds needed to set up a business or start a side hustle. Though some lenders may consider people with lower credit ratings, lenders have a habit of charging them with a higher APR (Annual Percentage Rate).

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Better Credit Blog

OCTOBER 14, 2020

Today’s guide will walk you through the basics of debt collections and give you some pointers for getting ARS off your credit report. Asset Recovery Solutions isn’t a lender, provider, or retailer itself, so getting a letter or call stating that you owe them money may have you concerned about the company’s legitimacy.

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Fico Collections

JANUARY 15, 2021

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. We hope that what readers learned helped instill confidence in keeping credit flowing during uncertain times.

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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. trillion in Q3 2023, showing a 4.7%

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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. For more information, click here. On October 26, Senator Cynthia M.

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Fico Collections

JUNE 14, 2021

Our latest UK Credit Market Report on card trends for April 2021 shows the impact of the opening up of hospitality and retail on April 12. The figures include a 12 percent rise in card spend and more customers exceeding their card limit. This is the largest monthly increase in spend for over two years.

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Better Credit Blog

MAY 10, 2022

Credit Card with Co-Signer: If you know someone with excellent credit, he or she could co-sign on your application. Your co-signer would become responsible if you defaulted on the card. How to Apply for a First Credit Card. With a secured card you’re the borrower and the lender.

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Collection Industry News

AUGUST 6, 2023

Over 50% of borrowers added debt on regular credit cards during the student loan payment pause and another 31% racked up balances on retail cards, a recent TransUnion analysis found. Many will have to work to get out of credit card debt at the same time.

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Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam.

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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. Read more here.

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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. Why should we not extend these same protections to veterans and all Americans?”

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