Consumer/Retail

TASC: FTC Proposal Would Hurt Finance Industry

2009-11-20T08:50:56-07:00

MADISON, Wis.—The Federal Trade Commission’s proposed changes to the Telemarketing Sales Rule (TSR) would not only adversely affect consumers in debt but creditors as well, The Association of Settlement Companies (TASC) announced today.

The FTC is seeking to create an amendment banning advanced fees that TASC believes could effectively eliminate debt settlement as a viable option for consumers struggling with unsecured debt as well as for creditors (e.g. banks) that need to repay the federal government. The ban would make settlement companies in essence work for free for the better part of what is normally a three-year program. Last year, the debt settlement industry settled $2.2 billion worth of debt.

“Without the debt settlement industry, many consumers who lack the courage to admit an overloaded debt condition and the willingness to do something about it will lose their conduit to a better tomorrow,” Carmine Dorio, Senior Vice President of Progressive Financial, said. “These consumers will then simply dissipate into credit’s black hole commonly referred to as bad debt.”

This bad debt would stem from consumers who cannot afford credit counseling or have to file for bankruptcy, the so-called alternatives to debt settlement if the industry was eliminated. According to a study conducted by consumer advocacy group Credit Karma, credit card debt increased 14 percent nationally from September to October, so the need for a viable option such as debt settlement also is increasing, TASC noted.

At the same time, debt settlement has grown as an increasingly useful financial tool for creditors. The publication insideARM reported recently that “accounts receivable management companies are shifting their collection strategies to include more settlement offers … as debtors struggle through a recession that shows little sign of letting up.”

“Debt settlement provides a useful medium for consumers in debt and their creditors,” Dave Leuthold, Executive Director of TASC, said. “During this tough economic climate, debt settlement is even more valuable for more consumers and creditors and should not be eliminated by the FTC.”

About The Association of Settlement Companies
The Association of Settlement Companies (TASC) promotes fair business practices, consumer protection and industry standards for the debt settlement industry. TASC, founded in 2005, serves to protect consumers through an organization seal that represents best practices and standards of reputable companies. The organization also protects its member companies through lobbying efforts at the state and national levels, as well as awareness initiatives to educate consumers on debt settlement as a financial solution. All TASC member companies pledge compliance to strict association bylaws governing business practices and ethics. For more information, visit www.tascsite.org.

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NCO Launches New Consumer Website

2009-11-18T07:46:18-07:00

HORSHAM, Pa. -- NCO Financial Systems, Inc. ("NCO"), the U.S.'s largest provider of accounts receivable management services, announced today that it has launched its new consumer help website, www.consumerhelpunit.org.

Through the new website, U.S. consumers can communicate with NCO, 24 hours a day, 7 days a week, 365 days a year. Consumers can communicate via email or opt to have a representative call them with just the click of a button.

"Consumers wanted a better way to get in touch with us," said Lisa Hagee, Senior Vice President of Marketing. "Today, more and more consumers are using the Internet to communicate and make payments. With the launch of www.consumerhelpunit.org, consumers searching the Internet for NCO will quickly find the tools they need to communicate with us."

In conjunction with the new website, NCO deployed a dedicated team to provide around-the-clock telephone support.

About NCO Financial Systems, Inc.
NCO is an industry leader in providing clients with business process outsourcing (BPO) solutions. NCO's outsourcing portfolio includes accounts receivable management, customer
relationship management services and back-office services for a diversified customer base. NCO operates a global network of over 100 operations centers running on a centralized data platform with the flexibility to respond to a rapidly changing marketplace and to scale operations to meet client specifications. Qualified applicants wishing to apply for employment with NCO should visit www.ncogroup.com.

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TransUnion.com: Mortgage Loan Delinquency Rates on Course to Hit Record in 2009

2009-11-18T07:46:17-07:00

CHICAGO -- TransUnion.com released today the results of its analysis of trends in the mortgage industry for the third quarter of 2009 and the associated impact on the U.S. consumer. The report is part of an ongoing series of quarterly consumer lending sector analyses focusing on credit card, auto loan and mortgage data available on TransUnion's Web site at www.transunion.com/trenddata. Information for this analysis is culled quarterly from approximately 27 million anonymous, randomly sampled, individual credit files, representing approximately 10 percent of credit-active U.S. consumers and providing a real-life perspective on how they are managing their credit health.

Statistics

Mortgage loan delinquency (the ratio of borrowers 60 or more days past due) increased for the 11th straight quarter, hitting an all-time national average high of 6.25 percent for the third quarter of 2009. This statistic is traditionally seen as a precursor to foreclosure and increased 7.57 percent from the previous quarter's 5.81 percent average. While still increasing, this quarter marks the third consecutive period the delinquency rate increase has decelerated. For comparison purposes, the delinquency rate from the fourth quarter 2008 to first quarter 2009 saw an increase of almost 14 percent, and the percent change from first quarter to second quarter 2009 increased by 11.3 percent. Year-over-year, mortgage borrower delinquency is up approximately 58 percent (from 3.96 percent).

Mortgage borrower delinquency rates in the third quarter of 2009 continued to be highest in Nevada (14.5 percent) and Florida (13.3 percent), while the lowest mortgage delinquency rates were found in North Dakota (1.7 percent), South Dakota (2.3 percent) and Vermont (2.6 percent). Areas showing the greatest percentage growth in delinquency from the previous quarter were Wyoming (+17.9 percent), Kansas (+17.4 percent) and North Dakota (+16 percent). Bright spots for the quarter included the District of Columbia, showing a decline in mortgage delinquency rates, down 0.19 percent from the previous quarter.

The average national mortgage debt per borrower dropped (0.36 percent) to $193,121 from the previous quarter's $193,811. On a year-over-year basis, the third quarter 2009 average represents a 0.43 percent increase over the third quarter 2008 average mortgage debt per borrower level of $192,287.

The area with the highest average mortgage debt per borrower was the District of Columbia at $359,788, followed by California at $354,510 and Hawaii at $312,844. The lowest average mortgage debt per borrower was in West Virginia at $97,265. Quarter over quarter, South Dakota showed the greatest percentage increase in mortgage debt (+2.2 percent), followed by Montana (+1.96 percent) and Wyoming (+1.7 percent). Areas showing the largest percentage drop in average mortgage debt were Nevada (-2.6 percent), Vermont (-1.97 percent) and California (-1.4 percent).

Analysis

"The third quarter provided a mixed bag of economic indicators. Many companies' third quarter results are coming in above analysts' expectations. The unemployment rate like the mortgage delinquency rate is still climbing, but has decelerated in the number of monthly job losses during the quarter. While housing starts improved during the first four months of the year, a drop was seen during this quarter and consumer spending still remains anemic or cautious at best," said FJ Guarrera, vice president of TransUnion's financial services division. "The economic peaks and valleys that we experienced during the quarter will most likely continue into the first half of 2010."

"While it continues to be a positive sign that the increase in mortgage borrower delinquency rates has slowed for three consecutive quarters, we have to keep things in perspective. Delinquency rates are rising and expected to peak at record levels. Until the housing market can consistently demonstrate several months of home value appreciation and the unemployment rate improves, mortgage delinquency will likely continue to rise," explained Guarrera. "Many of these delinquencies in places like Nevada, California and Florida will result in foreclosures, potentially keeping home values depressed in these areas."

Forecast

"TransUnion is confident that its 2009 mortgage delinquency forecasts will continue on track falling just short of 7 percent by year end. TransUnion's 2009 third quarter national predictions were slightly above actuals, indicating in part that a slowdown in delinquency may be on the horizon. Until the stabilization of housing prices makes solid traction across the U.S., TransUnion does not see national delinquency rates beginning to fall until the first half of 2010," said Guarrera.

With regard to regional forecasts, Nevada is anticipated to experience the highest mortgage delinquency rate by the end of 2009, reaching as high as 16 percent. North Dakota is expected to continue to exhibit the lowest mortgage delinquency rate by year end (1.7 percent), with forecasts showing a downward trend by early 2010.

(Related Graphs: http://transunion.mediaroom.com/index.php?s=98)

(MP3 File Sound bites: http://transunion.mediaroom.com/index.php?s=102)

TransUnion's Trend Data database

The source of the underlying data used for this analysis is TransUnion's Trend Data, a one-of-a-kind database consisting of 27 million anonymous consumer records randomly sampled every quarter from TransUnion's national consumer credit database. Each record contains more than 200 credit variables that illustrate consumer credit usage and performance. Since 1992, TransUnion has been aggregating this information at the county, Metropolitan Statistical Area (MSA), state and national levels.

About TransUnion
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs associates in more than 25 countries on five continents. www.transunion.com/business

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Synovate Mail Monitor Shows US Credit Card Situation Remains Grim

2009-11-16T08:19:34-07:00

NEW YORK - US credit card balances increased to $8,083 in Q3 2009 from
$7,489 in Q2 2009 according to Mail Monitor, the credit card direct mail tracking service from global market research company Synovate. This increase in balances follows several quarters of reduced credit card debt, partly due to the stimulus package earlier in the year. As credit lines are cut consumers are moving their balances to their other cards, causing an increase in the mean balance on the cards that carry a balance.

"A significant proportion of credit card accounts are being closed, either by issuers or by the consumers themselves due to the change in terms proposed by issuers," said Anuj Shahani, Director of Competitive Tracking Services for Synovate's Financial Services Group.

"This was inconsequential initially as issuers were mainly cutting lines on inactive accounts or for transactors, people who pay their balance in full each month. Recently, we are seeing many issuers reduce credit lines on active accounts or for revolvers, people who do carry a balance each month.

This can put many households in a risky situation," he added.

For example, if a household with $25,000 in credit lines across all their cards has one of their $10,000 limit cards cancelled, the credit limit for the household is reduced to $15,000. If they were to revolve on one card with $5,000 as an outstanding balance, their utilization ratio (ratio of outstanding balance to available credit limit) increases from 20% to 33%.

"A utilization ratio above 30% is considered risky by the industry and this makes the household a credit risk in the eyes of most issuers, potentially triggering further reductions in their existing credit limits, making matters even worse," said Shahani.

Credit limits have continued to drop since the beginning of the year as consumer credit has become harder to access. US households had $26,657 in available credit in Q3 2009 vs. $28,005 in Q2 2009, a drop of 5%. As the pace of new acquisition slows, fewer households can add new credit cards to their wallets.

Additionally, a mere 35% of households in the US received a credit card solicitation in Q3 2009 versus 40% in Q2 2009 and 60% during Q3 2008.

"This is less than half of what the norm was prior to this credit crisis.
Not only are fewer households getting offers, those that still receive offers tend to get fewer of them," said Shahani.

Many new card offers now carry an annual fee (30% of the offers in Q3 2009 carried an annual fee versus 28% in Q2 2009). A recent Consumer Confidence Survey conducted by Synovate reported that 15% of consumers said they'd cancel all their credit cards if charged an annual fee and 38% said they'd keep only one card or cancel the ones they don't use. Another 24% of consumers would look for a card with a lower fee and the rest would take no action.

"Whenever you have a situation where less than a quarter, at best, of customers feel secure, and the rest are either in the process of cancelling their cards or intend to find a new one, it's reasonable to conclude that the credit card situation remains dire," Shahani added.

About Mail Monitor
Synovate Mail Monitor tracks credit card acquisition volumes and response rates throughout the US, and evaluates attitudes, behaviors, terms, and usage for each card in consumers' wallets. It is a service of Synovate's Financial Services Group, which generates consumer insights that drive competitive marketing solutions in the banking, investments, insurance and payments industries. For more information on Mail Monitor visit www.synovate.com/mailmonitor.

About Synovate
Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions. Synovate employs over 6,400 staff across 62 countries. For more information on Synovate visit www.synovate.com.

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TransUnion Enhances Express Portfolio Review Solution with New Scores and Credit Attributes

2009-11-16T08:19:34-07:00

Chicago – In its continuing effort to meet the changing needs of mid-tier financial institutions, TransUnion today released its newly enhanced Express Portfolio Review solution. Already an industry leader in self-service portfolio reviews, TransUnion now offers users of Express Portfolio Review a choice of 17 scores and more than 200 credit attributes. In addition, TransUnion has increased capacity for this application to 300,000 records per job while continuing to return results within 48 hours. Together, these enhancements provide businesses with more information to improve risk management.

“TransUnion’s Express Portfolio Review now offers financial institutions of every size access to a full spectrum of credit scores and attributes needed to control risk in today’s economy,” said Steve Sassaman, executive vice president in TransUnion’s financial services group. “Whether evaluating credit limits on open-ended credit lines or prioritizing collections, TransUnion’s clients now have a secure tool that enables them to quickly obtain the most up-to-date credit data on their customers by using the Internet and a spreadsheet.”

The newly enhanced Express Portfolio Review is easily accessed via the Web-based TransUnion Direct platform (https://direct.transunion.com). Through the platform, customers may choose from 17 scores, including three TransUnion Risk Scores, VantageScoreSM, six FICO® scores including Classic 08, Classic 04 and Classic 98, five TransUnion Collection Recovery Models and TransUnion Income Estimator and Debt-to-Income Estimator.

TransUnion Express Portfolio Review now also offers more than 200 credit attributes to supplement its expanded offering of risk scores. When used in combination with risk scores, TransUnion’s credit attributes allow risk managers to further segment their portfolios. These attributes are pre-configured into packages designed to meet specific needs, including credit card, mortgage and collections. Express Portfolio Review users can also create their own custom attributes packages. “The solution gives TransUnion’s self-service customers the largest number of pre-configured attribute packages and the greatest ability to append scores and attributes in the industry,” added Sassaman.

TransUnion Direct has also introduced a real-time file validation feature that will automatically check for input file formatting errors and allow for corrections before processing begins. The maximum input file has increased to 300,000 subjects, and processing is completed within 48 hours. The output is provided in a standard comma separated file, which can then be uploaded into a spreadsheet, database or other financial institution system.

“If a financial institution needs to quickly obtain current credit data for risk management, collections or portfolio valuation,” said Sassaman, “then Express Portfolio Review is the only solution in the market with this combination of available data, ease of use and processing speed.”

More information about Express Portfolio Review may be found at www.transunion.com/business or by contacting Mike Jones of TransUnion’s financial services group at mjones@transunion.com.

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NFCC and CBBB Hosted "Protect Your Identity Week," Attracted Thousands

2009-11-13T08:23:35-07:00

Silver Spring, MD – Recognizing the need for continued education around identity theft prevention, the National Foundation for Credit Counseling (NFCC) and the Council of Better Business Bureaus (CBBB) jointly hosted National Protect Your Identity Week (PYIW) from October 17-24.

During that one week

95 NFCC Member Agencies and BBBs hosted events
150 events were held nationwide
Events were located in 41 states and Puerto Rico
500 tons of material were shredded
Close to 20,000 consumers participated in workshops and shredding opportunities

“When we saw the level of commitment from the NFCC Members and the BBBs, we knew we were going to have a successful event, and we were right! Knowing that 20,000 people were interested in becoming better equipped to protect themselves against identity theft only serves to underscore the ongoing need for this type of education. We’re already looking forward to and planning next year’s events,” said Gail Cunningham, spokesperson for the NFCC.

“BBB has long been a partner of both consumers and small business owners in the fight against identity theft and National Protect Your Identity Week was a great opportunity for us to educate thousands of people across North America,” said Alison Southwick, spokesperson for the Council of Better Business Bureaus. “Preventing identity theft requires ongoing vigilance and BBBs will continue to provide trusted guidance for consumers and small business owners throughout the year.”

Support for the event came from a wide cross-section of national organizations. Coalition Members included the American Bankers Association Education Foundation, AFSA Education Foundation, Consumer Action, Consumer Federation of America, Credit Union National Association, Federal Trade Commission, Identity Theft Resource Center, Jump$tart Coalition for Financial Literacy, Junior Achievement USA, National Council of LaRaza, National Crime Prevention Council, National Education Association Member Benefits, National Sheriff’s Association, Office of the Comptroller of the Currency, and the National Association of Triads. MSN Money was once again the national online media sponsor.

The NFCC and the CBBB encourage consumers to remain committed to protecting themselves against identity theft, particularly as the holidays approach. Putting prevention tips in place is a much better option than spending time and money recovering from ID theft.

About NFCC
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national nonprofit credit counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior and build capacity for its members to deliver the highest quality financial education and counseling services. NFCC Members annually help more than three million consumers through close to 850 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit www.nfcc.org.

About BBB
BBB, the leader in advancing marketplace trust, is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Businesses that earn BBB accreditation contractually agree and adhere to the organization’s high standards of ethical business behavior. BBB provides objective advice, free business BBB Reliability ReportsTM and charity BBB Wise Giving ReportsTM, and educational information on topics affecting marketplace trust. To further promote trust, BBB offers complaint and dispute resolution support for consumers and businesses when there is a difference in viewpoints. The organization is also a recognized leader in developing and administering self-regulation programs for the business community, and, with respect to the advertising industry, does that through a joint venture in conjunction with National Advertising Review Council partners. The first BBB was founded in 1912. Today, 124 BBBs serve communities across the U.S. and Canada, evaluating and monitoring more than four million local and national businesses and charities. Please visit www.bbb.org for more information about BBB.

The identity theft Web sites of www.ProtectYourIDNow.org and www.cuidesuidentidad.org will remain live as resource tools for consumers to use throughout the year. The Web sites include identity theft prevention tips, videos, an interactive quiz to assess your risk of identity theft, and resources for victims. Nationally known identity theft expert and blogger, Robert Siciliano, will continue blogging periodically, allowing consumers to remain up to date on the most recent news related to ID theft.

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www.bharatbook.com included a new report on "Aktiv Kapital ASA - Financial Analysis Review" into its market report catalogue for reselling.

2009-11-13T08:13:00-07:00

Aktiv Kapital ASA (Aktiv Kapital) is an international supplier of credit and debt management solutions. Aktiv Kapital is engaged in debt collection and from the management of acquired non-performing consumer credits. The company’s services include portfolio acquisition, debt collection and administrative and financial services Aktiv also provides other operations which consist of charter income from vessels. The company principally serves to financial institutions and individual customers. Aktiv Kapital owns portfolios in 14 countries and has business operations in 10 countries in Europe and Canada.

Global Markets Direct’s Aktiv Kapital ASA - Financial Analysis Review is an in-depth business, financial analysis of Aktiv Kapital ASA. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed financial ratios of the company

Scope

Provides key company information for business intelligence needs The report contains critical company information – business structure and operations, the company history, major products and services, key competitors, key employees and executive biographies, different locations and important subsidiaries.

The report provides detailed financial ratios for the past five years as well as interim ratios for the last four quarters.

Financial ratios include profitability, margins and returns, liquidity and leverage, financial position and efficiency ratios.

Reasons to buy

A quick “one-stop-shop” to understand the company.
Enhance business/sales activities by understanding customers’ businesses better.
Get detailed information and financial analysis on companies operating in your industry.
Identify prospective partners and suppliers – with key data on their businesses and locations.
Compare your company’s financial trends with those of your peers / competitors.
Scout for potential acquisition targets, with detailed insight into the companies’ financial and operational performance.

To know more and to buy a copy of your report feel free to visit : http://www.bharatbook.com/Market-Research-Reports/Aktiv-Kapital-ASA-Financial-Analysis-Review.html

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Comtech Systems Partners with WebRecon to Protect Against Litigious Consumers

2009-11-13T08:13:00-07:00

Grand Rapids, MI — Comtech Systems, Inc. and WebRecon LLC announced today a strategic partnership to connect users of Comtech’s Collect! ARM solution with WebRecon’s consumer litigant database. The alliance will give users of Collect! the ability to easily recognize and actively protect themselves against consumers with a history of litigating collection agencies.

Both companies are market leaders in their respective areas.

According to WebRecon LLC CEO Jack Gordon, lawsuits against collection firms have been growing at an unprecedented rate. “Not only are the numbers of lawsuits growing each year,” he said, “but the pace of that growth is speeding up. In 2009, we are on track for an astounding rate of 44% growth over 2008.”

“The impact of these lawsuits on small and mid-sized collection agencies can be devastating,” adds Gordon. “This service helps agencies avoid a significant percentage of those suits, saving many thousands of dollars in legal fees and settlement costs for each one prevented.”

Comtech Systems Inc. is the first of the major software providers to acknowledge the effect of this alarming growth on their client base and implement appropriate mechanisms to prevent possible unnecessary litigation. According to Comtech CEO H. Neal Cropper, “We understand the pain this issue is causing our clients, and we are thrilled to be in a position to help them address it. WebRecon is offering a number of options to our user base, from a very low cost list of litigants to full database scrubbing that we will be able to integrate back into their databases. There is an option for every agency.”

About Comtech Systems, Inc: Comtech was founded in 1988 and is headquartered in Victoria, BC, Canada with an additional office in Brisbane, Australia. Comtech's flagship product, Collect!, is widely recognized as the leading business management software solution for the world's receivables management industries.

Comtech's software is installed in 38 countries by over 1,200 companies including collection agencies, debt buyers, credit grantors, medical and dental billing offices, legal offices, municipal fine collection offices, car dealerships, rental application verification offices, credit grantors and a host of finance, credit and billing organizations.

About WebRecon LLC: Creditors and collection firms use WebRecon’s services to easily segregate predictably litigious consumers from their databases. A significant percentage of consumer litigation is initiated by the same consumers over and over again, and screening them out of the general population can reduce lawsuits by as much as a third.

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Consumer Credit Card Debt Increases in October

2009-11-11T08:02:33-07:00

SAN FRANCISCO, CA - Credit Karma (www.creditkarma.com), the consumer's advocate for demystifying credit, today released its U.S. Credit Score Climate Report with trend data for October 2009. Amongst consumers with a credit card, credit card debt increased 14% nationally from September. The Midwest and Northeast regions showed the highest increases in credit card debt with 16% and 17% respectively, and Philadelphia consumers represented the highest gain for a Metropolitan Statistical Area (MSA), increasing debt by 28% in October.

In October, the average consumer with an open account had:

$7,573 in credit card debt
$194,372 in home mortgage loans
$54,039 in home equity
$14,729 in auto loans
$26,417 in student loans

"This month's data shows that consumers are feeling more confident about spending money again ahead of the holidays," says Ken Lin, CEO of Credit Karma. "However, credit scores remain high in regions with lower increases in credit card spending proving there's a direct correlation between debt and credit scores."

In addition, credit scores are on the rise for many consumers with 40% of consumers increasing their credit scores in October. However, despite the high percentage of increasing credit scores, the average credit score is still down one point from September and down five points since the beginning of the year. The current average credit score is 671.

Here are some other key findings:

The South region had the highest percentage of increasing credit scores. In October, 41% of consumers in the South increased their creditscores, while 28% of consumers' credit scores decreased and 31% of consumers' credit scores stayed the same. Despite this high percentage of increasing credit scores, Southern consumers still have the lowest credit score nationwide. The average credit score in the South in October was 661.

Among states, North Carolina and Louisiana had the highest percentage of increasing credit scores. In both states, 44% of consumers were able to increase their credit scores in October; however both states have average credit scores below the national average. The average credit score in October was 663 for North Carolina and 646 for Louisiana.

Since the beginning of 2009, consumers in the West have had the highest credit scores nationwide. In October, the average credit score in the West was 682. Additionally, the San Francisco MSA remains the only MSA with an average credit score above 700. On average, San Francisco consumers have a credit score of 707.

Methodology

Each month, the Credit Karma U.S. Consumer Credit Score Climate Report compares the current credit scores of its user base with previous scores pulled at least 30 days prior and no more than 90 days prior to the stated month. This month's report includes a comparison of more than 79,000 Credit Karma user scores.

About Credit Karma
Credit Karma, the consumer's advocate for demystifying credit, is the only Web site that provides consumers free access to their credit score, plus a range of tools and information resources to help them monitor and manage the credit aspect of their financial health. Credit Karma's goal is to help consumers easily digest the contents of their credit report and understand what makes up their credit score. Credit Karma works with a range of partners, including mortgage lenders, credit card providers, banks, and wireless providers. For more information, visitwww.creditkarma.com.

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Cavalry Portfolio Services Unveils New Online Payment Center

2009-11-10T08:55:33-07:00

PHOENIX, AZ - Customers are now able to go online to the Cavalry Portfolio Services website to manage their accounts. With a few keystrokes and mouse clicks, customers can easily manage any of the following account services directly:

View account information
Update their profile
Make an offer to resolve their account
Set up a customized payment plan to resolve their account
Make a payment online

Cavalry Portfolio Services buys consumer debt portfolios from banks, credit card companies, consumer finance companies, auto finance companies and other financial institutions.

"At Cavalry, our focus is helping customers to create affordable resolutions," said Andrew Zaro, Chairman of Cavalry Portfolio Services. "We recognize that financial issues affect each person differently, so we built this website to provide our customers with more flexibility in managing their accounts."

Cavalry works with each customer individually to resolve debt issues, Zaro added.

"Most people get into debt because of a major change in their lives, such as a job loss, divorce or illness," he went on to say. "At Cavalry, we understand that. People's situations also change and improve over time. Our goal is to work with you, one-on-one, to find a financial solution."

For more information, visit www.cavalryportfolioservices.com or stay connected with us online at Flickr, Twitter, LinkedIn and Facebook. Customers with questions about their accounts can also call Cavalry at 866-434-2996.

About Cavalry Portfolio Services LLC:
Cavalry Portfolio Services collects distressed consumer debt portfolios from banks, credit card finance companies and consumer finance companies, as well as other industries including automotive, utilities and telecom. The firm has offices in Hawthorne, New York; Phoenix, Arizona; Tulsa, Okla.; St. Paul, Minn,; and Buffalo, New York. Its affiliate companies include Cavalry Investments, Cavalry SPV I and Cavalry SPV II.

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FDCPA and Other Consumer Rights Lawsuit Statistics

2009-11-10T08:55:33-07:00

Grand Rapids, MI – The following statistics are provided to the ARM industry courtesy of WebRecon LLC.

Monthly Recap: There were a total of 766 FDCPA cases filed for the month of October 2009, along with 89 FCRA cases and 7 TCPA cases. This compares to 506 FDCPA cases and 101 FCRA cases in October 2008.

FDCPA and Other Consumer Rights Lawsuit Statistics, October 16-31, 2009 There were about 492 lawsuits filed under consumer statutes in the second half of October. Here is an approximate breakdown:

415 Fair Debt Collection Practices Act
37 Fair Credit Reporting Act
2 Telephone Consumer Protection Act
19 Truth In Lending Act
1 Consumer Legal Remedies Act
1 Credit Repair Organizations Act
2 California Unfair Competition Law
3 Equal Credit Opportunity Act
2 Electronic Fund Transfers Act
2 Fair Housing Act
1 Federal Trade Commission Act
2 Home Ownership And Equity Protection Act
1 Indiana Deceptive Consumer Sales Act
1 New York Unfair and Deceptive Acts and Practices
1 Pennsylvania Unfair Trade Practices and Consumer Protection Law
6 Real Estate Settlement Procedures Act
1 Right to Financial Privacy Act
1 Racketeer Influenced and Corrupt Organizations Act
1 Unfair Business Practices
7 Unjust Enrichment
1 Wisconsin Consumer Act
1 Washington Consumer Protection Act
2 West Virginia Consumer Credit & Protection Act

Summary:

Of those cases, there were about 541 unique plaintiffs (including multiple plaintiffs in one suit).
Of those plaintiffs, about 155 had sued under consumer statutes before.
Combined, those 155 plaintiffs have filed about 774 lawsuits since 2001
Actions were filed in 108 different US District Court branches.
About 483 different collection firms and creditors were sued.

The top courts where lawsuits were filed:

40 Lawsuits: California Central District Court – Western Division – Los Angeles
33 Lawsuits: Illinois Northern District Court – Chicago
23 Lawsuits: New York Eastern District Court – Brooklyn
18 Lawsuits: Florida Middle District Court – Tampa
17 Lawsuits: Pennsylvania Eastern District Court – Philadelphia
15 Lawsuits: New York Eastern District Court – Central Islip
15 Lawsuits: Florida Southern District Court – Fort Lauderdale
14 Lawsuits: Minnesota District Court – DMN
12 Lawsuits: California Southern District Court – San Diego
12 Lawsuits: Colorado District Court – Denver

The most active consumer attorneys were:

Representing 32 Consumers: George Thomas Martin, III
Representing 23 Consumers: Gene W. Choe
Representing 22 Consumers: Matthew William Kiverts
Representing 19 Consumers: Ryan Scott Lee
Representing 19 Consumers: Adam Jon Fishbein
Representing 17 Consumers: Sergei Lemberg
Representing 14 Consumers: Nicholas J. Bontrager
Representing 11 Consumers: Adam Jacob Krohn
Representing 11 Consumers: Kenneth W. Pennington
Representing 11 Consumers: Donald A. Yarbrough

Statistics Year to Date:
8052 total lawsuits for 2009:

6638 FDCPA
994 FCRA
23 TCPA

Number of unique Plaintiffs: 7898 (including multiple plaintiffs in one suit)

The most active consumer attorneys of the year:

Representing 379 Consumers: Ryan Scott Lee
Representing 270 Consumers: Nicholas J. Bontrager
Representing 199 Consumers: Kenneth R. Hiller
Representing 191 Consumers: Todd Michael Friedman
Representing 174 Consumers: Brent F. Vullings

About WebRecon LLC: Creditors and collection firms use WebRecon’s services to easily segregate predictably litigious consumers from their databases. A significant percentage of consumer litigation is initiated by the same consumers over and over again, and screening them out of the general population can reduce lawsuits by as much as a third.