CreditStrong for Business

OCTOBER 24, 2024

Many local banks, credit unions, online institutions, and other lenders offer personal loans. In many cases, lenders will view those with minimal income as a credit risk and require forms of collateral and/or impose high-interest rates, fees, and other requirements.

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Due

AUGUST 27, 2024

Multiple lenders to choose from Unlike larger traditional loans available from banks and credit unions, which may often limit the number of options available, there are plenty of title loan lender options available to choose from. However, any remaining debt will not be passed through to a debt collector or reported as a delinquency.

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CreditStrong for Business

JULY 24, 2024

How Long Does It Take for Your Credit Score to Update After Paying off Credit Cards? Luckily, it doesn’t take most financial institutions longer than 30 days to send updates to the credit bureaus. But if you’re working with a smaller lender or credit union, they might only report to the credit bureaus once a quarter.

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Biz2X

SEPTEMBER 10, 2024

On the repayment front, automated systems offer lenders improved visibility into outstanding loans and can streamline debt collection processes, helping avoid default risks. The absence of small businesses is negatively impacting revenue at banks and other traditional lenders, including credit unions.

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CreditStrong for Business

OCTOBER 8, 2024

When you miss bill payments, you wind up in debt to the company providing the service. When the biller sends your account to collections, that means it has sold your debt to a debt collection company that will then come after you for payment.

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CreditStrong for Business

JULY 1, 2024

When you miss bill payments, you wind up in debt to the company providing the service. When the biller sends your account to collections, that means it has sold your debt to a debt collection company that will then come after you for payment.

Credit Scoring 40

Credit Scoring Credit and Collections Medical Billing Credit Reporting Agencies 40

Abrigo

NOVEMBER 22, 2021

Takeaway 3 Consumer compliance laws related to debt collection and preventing money laundering are also important for lenders. Regulation V, implementing the Fair Credit Reporting Act (FCRA) related to consumer reporting. Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA). ET and 9 p.m.

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RMAi Blog

MARCH 14, 2025

Relying on the representations of the creditor, the debt collector reported the consumers account to the CRAs as undisputed. The Court disagreed, explaining that what matters is the relationship between debt collection and the method of collecting, not the nature of the additional amount imposed.

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RMAi Blog

APRIL 12, 2023

New York AB 1035 – This bill would prohibit debt collectors from communicating with consumers through the use of email, text messaging, or private communication tools offered by social media companies. DFS is struggling with how to develop an appropriate consumer notice since the CCFA does not apply to all forms of consumer debt.

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RMAi Blog

JANUARY 14, 2025

Similar to the final rule on medical debt, the future of the initiatives listed in the Regulatory Agenda remains uncertain as a new administration takes office in early 2025. In its continued focus on debt collection, the CFPB recently issued a blog post titled, Protecting you from unlawful debt collection at work.

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RMAi Blog

NOVEMBER 13, 2024

The consumer disputed the debt, alleging “she did not owe the bill because she was covered by Washington’s Medicaid plan and entitled to coverage under a charity care program at the time,” and the debt was eventually discharged by the healthcare provider. The consumer, however, did not dismiss her cross-complaint.

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