Account Recovery

JANUARY 7, 2025

Additionally, it bars lenders from considering medical information in credit decisions, addressing concerns about the fairness and accuracy of medical debt in credit assessments. The CFPBs research found that medical debt is a poor predictor of loan repayment, leading to unnecessary denials for mortgages and other credit products.

Lender 246

Lender Consumer Credit Loans Healthcare 246

Account Recovery

JANUARY 6, 2021

A group of eight state attorneys general filed suit yesterday in federal court in New York to block a rule that was issued by the Office of the Comptroller of the Currency that aimed to close a gap in the process of banks selling loans to third parties, such as debt buyers, arguing that the … The post States Sue Bank Regulator to Overturn ‘True (..)

Lender 246

Lender Banks Loans Debt Buying 246

Account Recovery

MARCH 26, 2021

In a sign of what may be to come, two members of Congress have announced plans to use the Congressional Review Act to repeal the Office of the Comptroller of the Currency’s “True Lender” rule, which was put into effect to help facilitate the sale of loans and portfolios from banks to debt buyers, among … The post Legislation (..)

Lender 238

Lender Banks Loans 238

Account Recovery

SEPTEMBER 9, 2021

The Consumer Financial Protection Bureau yesterday filed a lawsuit against LendUp Loans, accusing the company of violating a consent order from 2016 in which it paid $3.6 million in fines and restitution for misleading borrowers about the cost of its loans and the benefits of repeated borrowing.

Lender 244

Lender Loans 244

Account Recovery

JANUARY 5, 2023

The Consumer Financial Protection Bureau and the Attorney General of New York yesterday filed a lawsuit against an auto lender, accusing it of tricking consumers into high-cost loans on used cars that resulted in unaffordable monthly payments, vehicles being repossessed, and customers facing debt collection lawsuits.

Lender 243

Lender Repossession Collections Loans 243

Account Recovery

SEPTEMBER 1, 2020

a subprime auto lender, for knowingly originating loans to individuals even though it knew they would be unable to repay them, and then said the lender “harassed” those individuals by calling them as many as eight times a day in attempting to … The post Mass.

Lender 246

Lender Collections Loans 246

Account Recovery

JANUARY 28, 2022

million to consumers who lost money because of unfair and deceptive loan servicing practices by online lender Avant, LLC. Million To Consumers Harmed by Online Lender Avant appeared first on AccountsRecovery.net. The Federal Trade Commission is returning more than $3.7

Lender 245

Lender Trade Loans 245

Account Recovery

JULY 13, 2021

The Consumer Financial Protection Bureau has entered into a consent order with a fintech company accused of originating loans to consumers without the proper authorization, fining the company $2.5 million and requiring it to cancel or refund up to $9 million in loans.

Lender 246

Lender Loans 246

Account Recovery

SEPTEMBER 1, 2020

AG SUES AUTO LENDER FOR VIOLATING STATE COLLECTION CALL LIMITS, AMONG OTHER VIOLATIONS The Attorney General of Massachusetts yesterday announced a lawsuit against Credit Acceptance Corp., AG Sues Auto Lender For Violating State Call Limits; Calif. Legislature Approves State CFPB appeared first on AccountsRecovery.net.

Lender 246

Lender Loans Collections 246

Account Recovery

SEPTEMBER 8, 2020

A payday lender is appealing an administrative law judge’s ruling that it should repay $132 million in restitution to individuals who were misled regarding the terms of the loans they originated, were wrongfully required to provide access to their bank accounts, and had money taken from those accounts without their approval.

Lender 195

Lender Banks Loans 195

Account Recovery

AUGUST 12, 2021

A company that services online loans made to consumers has agreed to pay $1.6 The company, Avant, was accused of making excessive telephone calls to individuals with unpaid debts and of failing … The post Online Lender to Pay $1.6M Fine In Settlement With Mass. Fine In Settlement With Mass.

Lender 246

Lender Collections Loans 246

Consumer Finance

AUGUST 6, 2024

The CFPB issued a report finding that some residential solar lenders are misleading homeowners and cramming markup fees into borrowers’ loan balances.

Lender 126

Lender Loans Financial services 126

Account Recovery

SEPTEMBER 16, 2020

CFPB, STATE AGs SETTLE WITH PRIVATE LENDER; $330M OF STUDENT LOANS TO BE … The post Daily Digest – September 16. Site That Helps Consumers Respond to Collection Suits Launches Nationwide; CFPB, State AGs Settle With Lender appeared first on AccountsRecovery.net.

Lender 177

Lender Student loans Student Loans Collections 177

Nerd Wallet

AUGUST 19, 2021

“Guaranteed loan approval; receive funds in 24 hours.” “No The article 4 Ways Businesses Can Dodge Loan Scams and Predatory Lenders originally appeared on NerdWallet. No credit check; interest rates starting at 0%; only low application fee required.” Randa Kriss writes for NerdWallet. Randa Kriss writes for NerdWallet.

Lender 113

Lender Loans 113

Credit Corp

MARCH 12, 2025

Whether you are facing unexpected costs or you simply need extra financial support, personal loans are a viable option that many people rely on. adults have an unsecured personal loan as of the third quarter of 2024. So, you’re not alone in wondering how to apply for a personal loan. In fact, 24 million U.S.

Loans 52

Loans Personal loans Lender Collateral 52

Nerd Wallet

DECEMBER 2, 2020

Many lenders won’t let you use a personal loan to pay off student loans. Personal loans typically come with higher interest rates and shorter repayment terms than student loans do. If you’re looking for a loan to consolidate or pay off student debt, refinance into. Ryan Lane is a writer at NerdWallet.

Student loans 138

Student loans Student Loans Personal loans Loans 138

Account Recovery

MAY 12, 2021

Senate Passes Bill Repealing ‘True Lender’ Rule; Pa. Ag Recalls $18M in Accounts From Agencies appeared first on AccountsRecovery.net.

Lender 147

Lender Loans Banks 147

Nerd Wallet

MAY 24, 2022

For many, a payday loan may seem like the only way to get necessary cash. In recent years, however, as more states set restrictions on risky, short-term loans, new lenders offering lower-cost small loans. The article New Laws, Lenders Boost Access to Affordable Small Loans originally appeared on NerdWallet.

Lender 89

Lender Loans Personal loans 89

Account Recovery

FEBRUARY 24, 2023

The lender was accused of making illegal loans to military families, altering documents so that the borrowers would not be identified as servicemembers, and … The post Title Lender to Pay $15M in Penalties for Overcharging Military Families first appeared on AccountsRecovery.net.

Lender 130

Lender Loans 130

Account Recovery

FEBRUARY 13, 2023

Online lending company Avant is learning that lesson the hard way, after disclosing in a debt collection license application that it was making small dollar loans. Maybe … The post Application for Debt Collection License Leads to Enforcement Action Against Online Lender first appeared on AccountsRecovery.net.

Lender 130

Lender Collections Loans 130

Consumer Finance

OCTOBER 6, 2024

The CFPB published a new edition of Supervisory Highlights describing the agency’s supervisory findings related to illegal practices in auto finance, including lenders repossessing consumers’ cars after the borrower made timely payments or received loan extensions.

Repossession 134

Repossession Loans Lender 134

Credit Corp

DECEMBER 10, 2020

If you’re on the hunt for a mortgage, you might want to consider a conventional loan. But there are a ton of different types of conventional loans, so which is the right one for you? We’re here to break down conventional loans so you can decide if it’s the right choice for you. What Is a Conventional Loan?

Loans 111

Loans Lender Government Banks 111

FFGN COLLECT NY

NOVEMBER 17, 2024

Because Lindell’s companies defaulted on payments, suits were filed in New York alleging MyPillow-related entities and Mike Lindell as a personal guarantor defaulted on the loans. Sometimes businesses that do not qualify for traditional loans look for alternative forms of funding. We will have to wait and see.

Loans 52

Loans Judgment Lender Debtor 52

Account Recovery

MAY 20, 2024

the Consumer Financial Protection Bureau filed a lawsuit against SoLo Funds, an online lending platform, for allegedly deceiving borrowers about the true cost of its loans. Marketed as a consumer-friendly alternative to high-cost, short-term loans, SoLo Funds has come under scrutiny for […]

Lender 130

Lender Loans 130

Account Recovery

JANUARY 18, 2021

Debt collectors and payday lenders received more than $580 million in PPP loans, according to … The post Collectors Cited for Taking PPP Money During Pandemic appeared first on AccountsRecovery.net.

Debt collector 240

Debt collector Lender Loans Collections 240

Account Recovery

OCTOBER 8, 2024

While this issue of Supervisory Highlights focuses on auto finance, the CFPB does take a deep dive into the collection aspects of auto loans and there are likely tea leaves that can be read by those in the ARM industry for insights and trends, especially related to credit reporting. The big picture: Auto loan debt exceeds $1.6

Auto Loans collections 130

Auto Loans collections Loans Repossession Collections 130

Account Recovery

JANUARY 11, 2024

The Attorney General of Pennsylvania has announced a settlement with a national auto title lending company that will see it pay $2 million back to consumers in the form of restitution and cancel nearly $4 million of existing loans, after it was accused of making loans to residents of the state that had interest rates […]

Lender 130

Lender Loans 130

Nerd Wallet

DECEMBER 21, 2020

Chuong, 26, from Seattle, refinanced roughly $55,000 in federal student loans with a private lender in February. A month later, the government suspended most federal loan payments interest-free until September. Chuong’s new loan doesn’t qualify. The article Should You Refinance Part of Your Student Loans?

Student loans 113

Student loans Student Loans Loans Lender 113

Consumer Finance

JANUARY 12, 2025

The CFPB released a study finding one fifth of consumers used Buy Now, Pay Later (BNPL) loans in 2022, and many held simultaneous loans from multiple lenders.

Loans 122

Loans Lender 122

Sawin & Shea

NOVEMBER 30, 2022

Student loan default can impact millions of Americans. Unfortunately, defaulting on a student loan can hurt your finances, credit, and other aspects of your life. If you fall behind on student loan payments, your loan won’t default immediately. What Are My Options After Defaulting on Student Loans?

Student loans 112

Student loans Student Loans Loans Garnishment 112

Credit Corp

MAY 9, 2023

A jumbo loan is a type of mortgage that surpasses the Federal Housing Finance Agency (FHFA) limitations and is used to finance expensive properties. If you’re looking to purchase a property or a home in a more expensive area, it’s important to understand how jumbo loans work. So, what is a jumbo loan, and who requires one?

Loans 98

Loans Lender Banks 98

Nerd Wallet

MAY 7, 2021

Entrepreneurs hoping to secure startup funding with an SBA loan can look to the following programs backed (and, in some cases, funded) by the U.S. Small Business Administration: SBA microloans, Community Advantage loans, 504 loans and 7(a) loans. Kelsey Sheehy writes for NerdWallet. Kelsey Sheehy writes for NerdWallet.

Startups 111

Startups Loans Lender 111

Nerd Wallet

MARCH 28, 2022

Finding the right mortgage lender comes with a ton of considerations, including loan types, interest rates and, of course, how much they’ll lend you. And just as you might choose to shop small or buy from Black-owned brands, you can also take your values into account when looking for a home loan. Opting to use.

Lender 92

Lender Loans 92

Account Recovery

AUGUST 23, 2023

Judge Partially Grants MSJ for Defense in FCRA, FDCPA Case Over Claims Debt was Settled CFPB Sues Lender for ‘Churning’ Borrowers into Repeated Refinancings FTC Sues, Gets TRO to Stop Student Loan Debt Relief Scam 25 Companies Seeking Collection Talent WORTH NOTHING: Questions ahead of the first debate of the 2024 Presidential election cycle … (..)

Lender 130

Lender Student loans Student Loans Loans 130

Consumer Finance

OCTOBER 16, 2024

Today, the CFPB sued student lender Climb Credit and 1/0 (“one zero”) for misrepresenting the quality of the programs at their partner schools and making false claims about graduates’ outcomes.

Lender 133

Lender Student loans Student Loans Loans 133

Consumer Finance

MAY 30, 2023

The Consumer Financial Protection Bureau (CFPB) has ordered installment lender OneMain Financial to pay $20 million in redress and penalties for failing to refund interest charged to 25,000 customers who cancelled purchases within a purported “full refund period,” and for deceiving borrowers about needing to purchase add-on products to receive a loan. (..)

Lender 102

Lender Loans 102

Nerd Wallet

AUGUST 3, 2021

If you’re in the market for a new or new-to-you vehicle, average car loan interest rates by credit score may give you an idea of what rate to expect from a lender. Auto loan rates are provided as an annual percentage rate, or APR, and are based on several factors, such as your income and. Shannon Bradley writes for NerdWallet.

Loans 108

Loans Lender 108