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?
The CFPB announced Monday it has filed a lawsuit against a debt collection law firm and its three principal partners alleging that the firm was a “lawsuit mill” that churned out debt collection actions and violated the FDCPA en masse. The firm denies the claims and says it will defend the action in court.
Bank card delinquencies declined significantly in the first quarter, falling 16 basis points to 2.44 percent of all accounts as consumers continue to improve their financial situations, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
Credit and collection professionals fixated on the CFPB and other regulations may be overlooking a significant developing trend that could pave the way to sustainable increases in placement volumes and improvement in liquidation results from a critical market segment.
The Consumer Financial Protection Bureau (CFPB) today announced that it is ordering GE Capital Retail Bank, now known as Synchrony Bank, to provide an estimated $225 million in relief to consumers harmed by illegal and discriminatory credit card practices. The CFPB said it is the federal government’s largest credit card discrimination settlement in history.
The Federal Reserve said late Friday that U.S. consumers expanded their use of credit cards at the fastest rate in six-and-a-half years.
The percentage of Americans with at least one account in the third party debt collection system jumped to 14.3 percent in the first quarter of 2014, according to a report released Tuesday by the Federal Reserve Bank of New York.
Delinquencies for installment and home-related loans fell in last year’s fourth quarter as the economy improved and consumers conscientiously managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The Federal Reserve Bank of New York recently reported household credit data for the fourth quarter and full year 2013. It showed modest annual growth in most categories with only student and auto loans gaining significant ground.