Account Recovery

JANUARY 5, 2024

A trade group representing non-bank financial institutions that provide sales-based financing to businesses has filed a lawsuit against the Consumer Financial Protection Bureau claiming it has overstepped its authority by issuing a rule regulating how lenders must collect and submit data related to small business lending activities.

Financial Institution 130

Financial Institution Trade Lender Banks 130

Nerd Wallet

MAY 18, 2021

Most SBA loans are issued by banks, credit unions and other financial institutions, not the government. The best lenders have substantial experience with these small-business loans, so you get effective help during the application process and hopefully increase your chances of approval. Randa Kriss writes for NerdWallet.

Lender 62

Lender Credit Unions Credit Unions Financial Institution 62

Jimerson Firm

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Lenders that charge off a debt trigger issuance of the 1099-C when their defined policy leads the lender to discontinue collection activity and discharge a debt.

Lender 98

Lender Credit Unions Credit Unions Collections 98

Troutman Sanders

MAY 5, 2022

One area the CFPB identified as a consumer harm is when financial institutions charge a consumer overdraft fees because the institutions failed to lift the initial automatic holds on the amounts of mobile check deposits after an additional suspicious deposit hold was placed on the account. Prepaid Accounts.

Financial Institution 52

Financial Institution Repossession Debt collector Lender 52

True Accord

JULY 27, 2020

Banks, lenders, and other financial players are accelerating their digital transformation roadmaps, shortening years’ worth of development into mere months, in an attempt to service consumers at scale while managing the complexities of our new normal and the limitations of outdated infrastructure.

Financial services 128

Financial services Financial Institution Lender Banks 128

Collection Industry News

MAY 9, 2022

One area the CFPB identified as a consumer harm is when financial institutions charge a consumer overdraft fees because the institutions failed to lift the initial automatic holds on the amounts of mobile check deposits after an additional suspicious deposit hold was placed on the account. Prepaid Accounts.

Financial Institution 40

Financial Institution Repossession Debt collector Student Loans 40

Credit Corp

JULY 31, 2024

In recent years, the rise of digital lenders like SoFi and Ally has transformed the lending landscape, offering borrowers new options for obtaining loans quickly and conveniently. But what sets these digital lenders apart from traditional banks and credit unions? And how can you navigate the process of shopping for a loan with them?

Lender 52

Lender Loans Student Loans Student loans 52

Nerd Wallet

AUGUST 12, 2020

While a “C” average may feel middle-of-the-road on an academic scale, nailing the five C’s of credit is the key to getting business funding from banks and other financial institutions. Jackie Zimmermann is a writer at NerdWallet. Email: articles@nerdwallet.com.

Collateral 92

Collateral Financial Institution Lender Banks 92

Qualco

APRIL 15, 2024

THE NEW ERA OF CONSUMER LENDING In today ’ s rapidly evolving financial landscape, the significant increase in consumer lending presents new challenges for financial institutions, particularly in managing collections. INTRODUCING QCR ACCELERATOR The QCR Accelerator is a collections solution developed by QUALCO.

Financial Institution 97

Financial Institution Collections Debt Recovery Unsecured Debt 97

Troutman Sanders

MAY 2, 2023

CFS Partner Lori Sommerfield brings more than two decades of experience in representing a wide range of banks, financial institutions, and financial services companies in fair lending and responsible banking regulatory compliance.

Financial Institution 97

Financial Institution Fair Debt Collection Financial services Law Firms 97

True Accord

AUGUST 25, 2020

Banks are accelerating their adoption of new digital debt collection tools in anticipation of a “tidal wave of consumer debt issues” when government stimulus programs end and financial institutions stop offering forbearance and loan deferral options. About TrueAccord.

Collections 119

Collections Financial Institution Banks Construction 119

Credit Corp

DECEMBER 14, 2020

While creditors weren’t looking up someone’s history of debt and payments, many lenders did take risk-mitigation actions. 1960s: Credit reporting bureaus “sponsored” by banks or other financial institutions didn’t share information outside of their networks. The concept of credit reporting may be almost as old.

Financial Institution 105

Financial Institution Lender Consumer Credit Creditors 105

FFGN COLLECT NY

OCTOBER 14, 2021

Worries from the credit card processor and/or their lender that they won’t be repaid. The laundry list of situations that constitute a default makes it far easier for a buyer to “default,” which enables the lender to accelerate payment, penalties, and the like. That is unless you are put out of business by the lender.

Loans 98

Loans Lender Financial Institution Banks 98

Consumer Finance Watch

SEPTEMBER 14, 2021

Eng, and Chenxi Jiao Lenders, mortgage servicers, and other financial institutions should take note that the New York State legislature has extended the COVID-19 Emergency Eviction and Foreclosure Prevention Act (“CEEFPA”) and the COVID-19 Emergency Protect Our Small Businesses … Continue reading →

Foreclosure 74

Foreclosure Financial Institution Lender 74

Nerd Wallet

MAY 9, 2022

Minority business loans are available from many lenders. But getting funding from a traditional financial institution may be tougher for minority business owners due to issues like unconscious bias, insufficient credit and limited banking history. In fact, a 2019 report.

Loans 71

Loans Financial Institution Lender Banks 71

True Accord

JUNE 20, 2024

When financial institutions enact this fine print tactic to try to trick consumers into believing they have given up certain legal rights or protections, they now risk violating the Consumer Financial Protection Act. “The Its reputation as the “Consumer Watchdog” continues to be well-earned as the economic landscape evolves.

Financial Institution 111

Financial Institution Student Loans Student loans Loans 111

Fico Collections

JULY 19, 2021

Lenders face a myriad of challenges these days. A pooled model is a scoring model built on “pools” of historical data from many financial institutions. No data is required from the customer because it’s built on pools of historical data from other financial institutions. What Is a Pooled Model?

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Qualco

NOVEMBER 30, 2021

That makes clear the need for financial institutions to apply different recovery strategies according to the segment a customer is included. In that context, analytics can bring true value for lenders. By using state-of-the-art technology to segment their customers, lenders will be armored to make better-informed decisions.

Collections 98

Collections Financial Institution Lender Creditors 98

Qualco

NOVEMBER 30, 2021

That makes clear the need for financial institutions to apply different recovery strategies according to the segment a customer is included. In that context, analytics can bring true value for lenders. By using state-of-the-art technology to segment their customers, lenders will be armored to make better-informed decisions.

Collections 98

Collections Financial Institution Lender Creditors 98

Credit Corp

MAY 10, 2023

Your credit score is an important aspect of your financial health and is oftentimes used by lenders, landlords, and even employers to determine your creditworthiness. Hard inquiries , also known as hard pulls, are typically made by lenders and other financial institutions and can harm your credit score.

Creditworthiness 97

Creditworthiness Lender Financial Institution Loans 97

Nexa Collect

DECEMBER 12, 2021

DeFi decreases the barrier of entry to financial products and services for people who are unbanked from traditional financial services because of significant reasons, such as lack of credit history, weak banking infrastructure, or limited banking hours. What is so special about DeFi?

Collateral 130

Collateral Banks Financial Institution Financial services 130

Troutman Sanders

OCTOBER 27, 2023

In a major victory for small business lenders, yesterday the U.S. Supreme Court reverses the Fifth Circuit in Community Financial Services Association v CFPB (CFSA case), which found the CFPB’s funding structure unconstitutional. A discussion of the preliminary injunction issued by that Texas federal court on July 31 can be found here.

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Fico Collections

FEBRUARY 16, 2021

The UK’s Financial Conduct Authority (FCA) has handed out a £26m fine following poor treatment of more than 1.5 It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. As we pass the first anniversary of the pandemic’s outbreak, where does this leave lenders?

Lender 52

Lender Collections Loans Acquisition 52

Nerd Wallet

MAY 23, 2022

According to the Federal Reserve’s 2021 Small Business Credit Survey, banks remain the most common source of credit for small businesses — compared with options such as online lenders, community development financial institutions or credit unions. Randa Kriss writes for NerdWallet.

Banks 71

Banks Loans Credit Unions Credit Unions 71

Credit Corp

MARCH 7, 2021

Online lenders make it easy to compare rates and terms and find the right online personal loan for your situation. That is, the lender advances you money that you pay back with interest over a predetermined period of time. This often allows digital lenders to streamline the applications. Benefits of Online Personal Loans.

Personal loans 98

Personal loans Loans Collateral Lender 98

Qualco

DECEMBER 7, 2021

In that context, lenders need to have access to state-of-the-art technology to avoid major losses. What is vital in this part, is that ML can adapt when conditions change, meaning it can add new data and re-run the analysis in real-time so that lenders can form a new strategy in a blink of an eye. The problem.

Debt Management 97

Debt Management Financial Institution Creditors Lender 97

Fico Collections

NOVEMBER 24, 2020

Synthetic identity fraud is so dangerous because it tends to go undetected for long periods of time, as there is no individual who has had their identity stolen to realize what is happening and alert financial institutions. This post is the first in a series looking at the issues around both first-party and synthetic identity fraud.

Financial Institution 98

Financial Institution Lender Banks Loans 98

Troutman Sanders

JANUARY 20, 2023

22-(R22-011) , concluding earned wage access (EWA) products that are fully non-recourse and no-interest are not “consumer lender loans” under Arizona law. Thus, those who make, procure, or advertise EWA products are not required to be licensed as a “consumer lender” by Arizona’s Department of Insurance and Financial Institutions.

Lender 52

Lender Loans Financial Institution Consumer Credit 52

Qualco

DECEMBER 7, 2021

Customers are becoming more sophisticated and the same goes with the solutions they expect from financial institutions. External events like the pandemic will continue to transform customer behavior in a permanent manner. Luckily, customer data are flowing like an ocean around us. That is where customer analytics comes in.

Collections 98

Collections Financial Institution Lender Financial services 98

Credit Corp

MAY 23, 2021

Incorrect Personal Information Lender Inquiries You Don’t Recognize Accounts You Never Opened Credit Utilization Goes Up Credit Score Goes Up or Down Unexpectedly Public Records You Don’t Recognize. Warning Sign 2: Lender Inquiries You Don’t Recognize. Warning Signs of Identity Theft. How Do I Check My Credit for Identity Theft?

Bankruptcy 98

Bankruptcy Financial Institution Lender Credit Bureau 98

Fico Collections

JUNE 30, 2023

Origination is just the initial phase of the long and complex mortgage lifecycle, which begins with a lender qualifying a borrower and then providing the funds used to purchase a new property or refinance an existing property. The lender then holds the mortgage on its balance sheet or sells the mortgage on the secondary market to investors.

Lender 96

Lender Loans Banks Creditworthiness 96

Troutman Sanders

APRIL 20, 2022

In its recent blog post, the CFPB is clearly signaling that the practice of withholding transcripts as a debt collection tactic does not make much sense to the Bureau, stating: “It is particularly perplexing, as it can undermine rather than enhance a student’s likelihood of repaying.”

Education 52

Education Lender Student loans Student Loans 52

Account Recovery

SEPTEMBER 5, 2024

This partnership will undoubtedly enhance the impact SpringFour has on improving financial well-being for individuals and families across the nation.” About CORA GroupCORA Group is a collective organization redefining advancement through the acquisition, strengthening, and growth of over 30 independent software brands worldwide.

Acquisition 130

Acquisition Credit Unions Credit Unions Construction 130

Micro Bilt

OCTOBER 20, 2021

Whether you're a financial institution, a private lender, you can't be too careful when it comes to verifying the identity of your customers. We all love the convenience of making purchases, opening accounts, and applying for jobs from our computers or smartphones.

Financial Institution 63

Financial Institution Lender 63

Credit Corp

MAY 30, 2023

Whether you’re looking to buy a house, lease a car, or get a loan, lenders need to check your credit. In some cases, these lenders will remove the reports without conducting a formal dispute. Step 4: Begin the Dispute Process You can file a formal dispute if the lender doesn’t remove the inquiry from your informal request.

Lender 98

Lender Loans Financial Institution Debt Consolidation 98

Consumer Finance Watch

MARCH 9, 2022

Eng, Cheryl S. Chang, and Jessica A.

Lender 40

Lender Loans Financial Institution 40

True Accord

FEBRUARY 8, 2021

By communicating at the right time in the right channel with payment options that meet consumer needs, TrueAccord provides exceptional recovery rates for top 10 financial institutions, debt buyers, lenders, and technology companies.

Financial Institution 98

Financial Institution Lender Financial services Collections 98