Chopra: Current Payments Path Could Lead to ‘China’ Style Surveillance of...
Rohit Chopra, the Director of the Consumer Financial Protection Bureau, doesn’t appear to be fazed by last week’s Supreme Court hearing that could alter the future of the agency he helms, and continues...
View ArticleGrowing Debt Loads Making it Harder for Consumers to Stay Current
One-third of all consumers owe at least $250,000 in debt — when factoring in mortgages and auto loans — while half of the population owe less than $250,000, and the remaining 17% are carrying no debt...
View ArticleStudent Loan Repayments to Have Little Impact on Economy: Fed Report
Concerns about the impact of individuals having to start making their student loan payments again on the economy are overblown, according to a report released by researchers from the Federal Reserve...
View ArticleLower-Income Households Falling Further Behind on Debt Payments
Perhaps not necessarily a surprise to anyone, consumers with lower incomes are falling increasingly behind on their finances while continuing to spend beyond their means and reporting higher debt...
View ArticleCFPB Report on Credit Cards Breaks Down Digital Collection Efforts, How Much...
Communications using email and text message to recover unpaid credit card debts, both before and after the debts are charged off and possibly placed with a third-party collector continue to rise,...
View ArticleChanges to Medical Debt Credit Reporting Boosting Consumers’ Credit Scores by...
Here’s a shocker … removing medical debt tradelines from consumers’ credit reports has led to fewer consumers having medical debts on their credit reports and improved the credit scores of individuals...
View ArticlePRA Group Swings to Loss in 3Q, But Points to Strong Consumer Performance...
There is little evidence that consumers are having a difficult time making ends meet and paying their debts, according to executives at PRA Group, which shared that insight and more during a conference...
View Article9-in-10 Consumers Say Medical Debt on Their Credit Reports Have Caused...
In a survey that the Consumer Financial Protection Bureau will no doubt begin citing as more evidence for its decisions related to the credit reporting of medical debt, 90% of consumers claimed to have...
View ArticleMore Families Struggling to Pay Bills, But Still Below Pre-Pandemic Highs: CFPB
Much like the economy itself, an annual report released by the Consumer Financial Protection Bureau that details the financial state of consumers offered mixed signals — more families are having...
View ArticleJanuary Raises $12M to Expand Collection Platform
January Technologies, a digital-first collection operation, announced this week that it has raised $12 million in its Series B financing, which the company plans to spend on scaling its platform and...
View ArticleAre Things Good or Bad?
Normally, companies in the accounts receivable management industry are like a school of fish — they all move in the same direction at the same time. When things are good, they are good for everyone....
View ArticleMany Consumers Surprised by Overdraft Fees: CFPB
Fewer than one-quarter of consumers who were hit with an overdraft fee in the past year were expecting it, according to research published last week by the Consumer Financial Protection Bureau....
View ArticleMost Americans Don’t Expect Financial Situations to Improve in 2024: Survey
Among consumers who have set financial goals for 2024, the most common one is paying down debt, according to the results of a survey conducted by Bankrate. While that may be good news for collectors,...
View ArticleFewer People Paying Off Credit Cards Every Month: Bankrate
Nearly half of all credit card users are carrying a balance from month to month, up from 40% just three years ago, according to data released by Bankrate, indicating the impact that high inflation has...
View ArticleMore Consumers Falling Behind on Loan Payments
Nearly 30% of consumers living in the 100 largest metropolitan areas of the United States were behind on at least one debt payment between July and September of last year, according to data released...
View ArticleLess than Half of Consumers can Afford $1,000 Emergency Expense: Survey
While the number of consumers who can afford to pay a $1,000 emergency expense has remained largely unchanged for the past three years, the percentage of consumers who are putting less away for a rainy...
View ArticleDelinquency Rates Keep Rising for Nearly All Consumers
Context is everything, including when it comes to data. Looking at delinquency rates published on Friday by VantageScore, if all you focused on was how much they changed from one month to the next —...
View ArticleConsumer BK Filings Spike in 2023
After falling for at least the past three years, the number of bankruptcy filings spiked upwards in 2023, according to data released last week by the Administrative Office of the U.S. Courts. The...
View ArticleThe Impact of Credit Monitoring on Debt Payments, Credit Scores
Have you ever thought of offering free credit monitoring services to consumers from whom you are trying to collect? Normally something that someone only does after they are informed that their personal...
View ArticleDebt Totals, Delinquency Rates Keep Climbing, While Accounts Placed with...
Delinquency rates are on the rise. The amount of debt being carried by consumers is on the rise. The number of accounts being placed with third-party collection agencies? That number is on the decline,...
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