The Consumer Financial Protection Bureau (CFPB) Wednesday took its first action against a “buy-here, pay-here” car dealer over illegal debt collection and credit reporting practices.
s another bubble market emerging in the subprime auto sector? Perhaps, but a growth market for accounts receivable management (ARM) firms is fast developing already.
A new TransUnion study found that the consumer loan wallet – the composition of loans that people typically carry – has materially changed for both the youngest and oldest segments of the population during the last decade.
Delinquencies declined nearly across the board in the second quarter, falling in nine out of 11 categories as the economy improved and consumers responsibly managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The Consumer Financial Protection Bureau (CFPB) Wednesday announced it is proposing to oversee larger nonbank auto finance companies for the first time at the federal level.
Auto loans have long been an interesting market for the accounts receivable management industry. While total outstanding balances have always been quite high, historically in line with credit cards for example, the secured nature of the loans limit the work collection agencies could do for lenders. Is that paradigm about to change?
The Consumer Financial Protection Bureau (CFPB) Wednesday announced that it is taking action against an auto finance company that distorted consumer credit records for years.
A joint study from the think tank Urban Institute and debt buyer Encore Capital Group released today reported that more than 35 percent of U.S. adults with a credit report have accounts that qualify to be in some stage of the debt collection system. The average balance of those accounts is $5,178.
How can ARM companies know where their market opportunities exist in the five to ten year time range? We all know that credit card debt is slowly recovering from recent lows and student loans are growing at a silly rate. But what about everything else?
Buried in the FTC’s announced settlement with an auto lender last week over debt collection practices was a seemingly new set of standards for debt collectors. The directives addressing FCRA and debt collection compliance suggest regulators are toughening certain standards and, in some cases, creating entirely new standards for certain debt collection activities.