Abrigo

MAY 30, 2023

Timelines for small business loan data collection and reporting Deadlines for complying with the new CFPB section 1071 rule requirements for financial institutions to collect data on small business loan activities. Takeaway 3 The earliest deadline requires financial institutions to begin collecting data Oct.

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Credit Unions Credit and Collections Transactions Small Businesses 78

RMAi Blog

APRIL 13, 2023

Credit cards and debit cards can be confusing. Credit cards allow you to use other people’s money while debit cards only let you spend your own money. How a Credit Card Works: Before you can get a credit card, you will have to complete a credit application. They look the same but behave differently.

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CreditStrong for Business

JULY 19, 2024

A new car loan will likely result in a small, temporary drop in your credit score stemming from lender credit inquiries, having a recently opened new credit account, and the resulting greater overall debt load. The following table provides an overview of how lenders typically interpret a prospective borrower’s credit score.

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Credit Scoring Credit and Collections Credit Unions Credit Application 52

Biz2X

FEBRUARY 27, 2024

This rule requires financial institutions to collect and provide data on lending to small businesses, aiming to enhance transparency, accountability, and fair lending practices. Larger lenders are required to collect and report data earlier, with thresholds set to ensure comprehensive coverage.

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Credit and Collections Credit Unions Small Businesses Credit Application 52

Due

AUGUST 25, 2023

A lender will require documentation of your income and assets, as well as a credit check. A refinance can be an effective way to consolidate credit cards or personal loans if you have multiple high-interest debts. You may be able to qualify for a loan with more favorable conditions if your credit score or income improves.

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Credit Scoring Credit and Collections Credit Unions Credit Application 96

Abrigo

NOVEMBER 22, 2021

Takeaway 3 Consumer compliance laws related to debt collection and preventing money laundering are also important for lenders. Banks and credit unions extending payments on vehicle loans, personal loans, or other consumer loans had to ensure they provided accurate disclosures in compliance with federal and state consumer protection laws.

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Abrigo

SEPTEMBER 14, 2022

What banks need to know as the CFPB gets closer to its final rule Banks, credit unions, and other creditors may be required to collect more data for each application under a new rule. You might also like this webinar: "Fortify Your Loan Policy to Effectively Manage Credit Risk." Proposed Rule.

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