Better Credit Blog

MAY 17, 2022

One of the benefits of auto loans – which can actually be a problem – is that they’re so easy to get. Most auto loans are straightforward. But there are various types of auto loans that contain different provisions. If you don’t know what they are, you could pay too much for your loan. Auto Loans Can Be “Good Debt”.

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Credit Corp

AUGUST 23, 2021

It’s a common scenario: You apply for a personal loan or credit card and get denied. The reason seems shrouded in mystery, and you receive a letter with language such as “lack of recent installment loan information” or “proportion of balances to credit limits.” 8 Common Reasons You Were Denied Credit. .”

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Credit Corp

JULY 25, 2023

Paying off your car loan can lower your credit score, but the effects are usually temporary. Are you thinking about paying off your car loan early? Surprisingly, the opposite can occur—paying off a car loan early can cause a dip in your credit score. Paying a loan off early changes your utilization ratio.

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Credit Corp

OCTOBER 6, 2023

Today, we go over the average American car payment as well as other statistics like the total auto loan debt in the United States. We also discuss how the average loan differs based on age and credit score. Experian ] The average loan amount for new vehicles is $40,657. Experian® ] Average used car payments are only up 1.7%

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Nexa Collect

AUGUST 13, 2020

Each has its own way of gathering data and scoring your business, but they all look for information from investors, lenders, banks, and credit card issuers. The number of trade experiences is a driving force behind achieving a good business credit score. The way this can backfire is that lenders, in general, frown upon this practice.

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Nexa Collect

DECEMBER 12, 2021

DeFi applications reconstruct traditional finance systems revolving around borrowing, lending, trading, and investing with digital assets. A system that interacts buyers, sellers, borrowers, or lenders with peer-to-peer technology to access financial products or financial services bypassing middlemen such as financial institutions.

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Fraser

OCTOBER 13, 2020

In a recently issued procedural notice , the Small Business Association (“SBA”) addressed a lingering question of borrowers and lenders related to the Paycheck Protection Program (“PPP”) process: What procedures are required for changes of ownership of an entity that has received PPP funds? Is a Borrower Required to Obtain SBA Consent?

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Credit Corp

MAY 1, 2024

To remove a cosigner from a car loan and title, you typically need to refinance the loan solely in your name. This involves applying for a new loan based on your creditworthiness and income, which can be challenging if your financial situation has changed since the original loan was taken out.

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FFGN COLLECT NY

MAY 28, 2020

When money is tight, some seek out the last resort: a payday loan. These short-term, high-interest cash loans are offered in advance of a paycheck or some other form of cash injection. Critics call these loans predatory and warn that borrowers can fall into even greater debt. That’s why New York made payday loans illegal.

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True Accord

FEBRUARY 3, 2022

With digital lending via neobanks and fintechs on the rise, consumers have more options than ever for obtaining loans. based lender following GAAP accounting, the lender’s net loss rate (or net charge off rate) is the ultimate metric. This is even more important if a lender takes consumer deposits to fund any of their lending.

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Credit Corp

FEBRUARY 6, 2024

It depends on your financial situation and current market conditions – refinancing could get you a loan with better terms, or it could cost you more than you would save. Most people don’t have $50,000 in cash available, so banks, credit unions, and financing companies originate millions of auto loans each year.

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Troutman Sanders

FEBRUARY 24, 2023

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. Notably, the CFPB stated that these collection efforts will inform potential future data collection orders.

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Collection Industry News

FEBRUARY 22, 2021

On February 11, 2021, the Federal Trade Commission (FTC) announced a $114 million settlement with the owners and operators of an alleged tribal payday lending scheme. Instead, the payday lenders allegedly continued to withdraw funds from consumers’ bank accounts long after their loans had been repaid.

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Better Credit Blog

MAY 27, 2022

Home equity loans allow you to borrow funds against the existing equity on your property. Homeowners use these loans to fund home renovations, student loans, and high-value purchases or consolidate high-interest debt. If you’re considering a home equity loan, check out our pick of the best loan providers below.

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Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But more tellingly, the penalty related to the mistreatment of business and personal customers who fell behind on credit card and loan payments between 2014 and 2018 – well before many of us had even heard of COVID-19.

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Troutman Sanders

FEBRUARY 25, 2022

As a result of these increases, the CFPB expects the total amount of debt and average loan size to continue to rise. Fostering competition among subprime lenders. Fostering competition among subprime lenders. The CFPB’s blog post serves as a reminder that auto finance is still very much on the Bureau’s radar.

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Collection Industry News

JULY 27, 2021

The industry trade teams challenging the CFPB’s rule that is final Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a movement for summary judgment. Source: site. The re payments conditions may not be ratified in component, without ratification regarding the implementation period that is 21-month.

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Troutman Sanders

OCTOBER 29, 2020

On October 27, the Office of the Comptroller of the Currency (OCC) issued its final rule on how to determine when a national bank or federal savings association (referred to collectively as a national bank) is the “true lender” in the context of a partnership between a national bank and a third party.

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UK debt collections

DECEMBER 8, 2020

The Financial conduct authority has asked banks, lenders and debt collectors for advice on how to deal with the fall out from emergency Covid-19 loans given out during the pandemic. The FCA is preparing new guidance on how they can help businesses that took out emergency loans during the COVID-19 crisis.

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Credit Corp

AUGUST 8, 2021

Publicly-Traded REITs. These companies trade on public stock exchanges, which makes them extremely liquid. A combined strength and weakness of publicly-traded REITs is their dividend yield. Because they trade on public stock exchanges, they tend to move in disturbing correlation with stock indexes.

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UK debt collections

JUNE 22, 2020

Those firms who have secured funding through the Bounce Back Loan Scheme (BBLS) or Coronavirus Business Interruption Loan Scheme (CBILS) say they have lower cash reserves than the national average and have owners who are more likely to use personal funds to support their business. Latest figures show that so far, a total of £33.4

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Jimerson Firm

JANUARY 23, 2023

Imagine making a loan to a business for its use as start-up capital. Loan documents are drafted, and to secure payment, you retain an option to purchase equity in the company. The interest rate on the money lent is above market rate, but it doesn’t rise to the level of loan sharking. What is a usurious loan?

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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. 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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The Kaplan Group

MAY 3, 2022

Jump To A Section: Qualifications for Veteran Business Loans/Grants Different Types of Loans Available For Veterans How To Apply to Business Loans Veteran Business Loans FAQ More Business Credit and Loan Resources For Veterans. Qualifications for Veteran Business Loans/Grants.

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Credit Corp

OCTOBER 19, 2020

One of the biggest advantages of leasing is that you might get a lower monthly payment compared to a car loan on the same vehicle. With a loan, you’re also paying off the entire purchase price of the vehicle. However, these monthly costs don’t take down payments or trade-in values into account. Not Ready to Lease?

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Burr Forman

JANUARY 11, 2021

116-260 (“Economic Aid Act”), authorizes new and additional PPP loans and modifies the CARES Act for this purpose. billion for PPP loans, and which includes $35 billion for first-time borrowers. Borrowers who seek a Second Draw PPP Loan may apply through the same community financial institutions beginning January 13, 2021.

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Credit Corp

MAY 18, 2021

It shows lenders that you’re serious about this investment and can make payments on time. The Federal Trade Commission has reported that one in five people have an error on their report. The Federal Trade Commission has reported that one in five people have an error on their report. Credit Builder Loans. More Options.

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Sawin & Shea

JULY 13, 2022

The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get student loans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the student loans will put them in an unreasonably difficult position.

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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. ” In other words, they want to know if you’ll pay a loan back on time and if your history indicates that you’ll be a risk. It also impacted some people’s ability to get credit with new lenders.

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Troutman Sanders

APRIL 14, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “ Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy. Loans to a student attending school less-than-half-time.

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UK debt collections

JUNE 25, 2020

UK businesses are returning to work this month with some trepidation, according to fintech business lender MarketFinance. Only 43% of businesses that applied for a CBILS loan were successful in securing it. The typical loan taken by these businesses was £211,667, though they applied for almost double this amount.

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Troutman Sanders

MAY 2, 2023

CFS Associate Addison Morgan represents several of the nation’s preeminent financial institutions in litigation arising under the Fair Credit Reporting Act, Telephone Consumer Protection Act, Fair Debt Collection Practices Act, Federal Trade Commission Holder Rule, and other consumer protection state analogs.

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Nexa Collect

JULY 1, 2020

Borrowing money from a bricks-and-mortar bank, an online lender or a peer-to-peer marketplace and then paying it back has become a way of life for most, if not all, Americans. Lenders like Discover or Citibank indicate your credit score on their statements and their online portals provide breakdowns of how your credit score evolves over time.

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Credit Corp

JUNE 1, 2023

If you’ve gotten behind on payments to a creditor or lender, your debt could be sent to collections after around 120 days of missed payments. Paying off collections can help your credit score if the lender reports to new credit scoring models, including FICO 9®, FICO 10®, VantageScore 3.0® ® and VantageScore 4.0®.

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Better Credit Blog

APRIL 1, 2022

When you stop making payments on an auto loan, the lender will take the vehicle back. What’s worse: You could still owe money on the car loan, even after the repossession, if the bank can’t pay off your balance by selling the car. Your first option is to start negotiating with your original auto lender.

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Fico Collections

APRIL 19, 2022

Competitive Loan Pricing: How To Outprice (not Underprice) Rivals. Competitive loan pricing is a term that’s often overused to imply lower pricing than close competitors. The leading lenders achieve this by mastering customer-centric loan pricing optimization , which encompasses much more than just price. Matt Stanley.

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Credit Corp

JANUARY 11, 2024

Request a loan deferment If your financial difficulties are temporary, you may be able to request a pause on your car loan payments. For example, if you lost your job and need time to find a new one or were off work for a medical emergency, your lender may be willing to work with you. Your current loan balance is $12,600.

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