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Credit Grantors

A credit grantor is any individual or business that extends credit to customers. The credit can be for other businesses or consumers and can come in many forms, such as closed-end loans (like auto loans, mortgages, and student loans), revolving loans (like credit cards or certain home equity loans), or a hybrid of the two. Some credit is backed by property or assets.

In the U.S., the primary credit grantors are large commercial banks and credit unions. But credit is also extended by small businesses, governments, and other organizations.

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Debt Collection Vendors and Clients Hang in the Balance of CFPB Rules

In Monday’s Know Your Debtor, Linda Straub-Jones, Director of Market Planning – Compliance at LexisNexis, stressed the importance of understanding how the Consumer Financial Protection Bureau defines the “service providers” working within the debt collection industry. As of April 2012, collection agencies have to think of all suppliers, subcontractors and vendors that touch any consumer data as […]