The United States Trustee Program, a division of the Justice Department, is investigating several of the largest consumer lenders in the country over their debt collection and portfolio sales tactics relating to accounts owed by consumers under bankruptcy protection, according to The New York Times.
The CDIA is launching a comprehensive and flexible new Metro 2 e-Learning System to provide detailed guidance on the use of the Metro 2, the credit reporting industry’s standard reporting format.
U.S. Representative Maxine Waters (D-Calif.) will propose a bill Wednesday that changes many key provisions of the Fair Credit Reporting Act (FCRA) including a reduction in the time negative information can stay on credit reports and the removal of accounts in collection once paid off.
If you think developing a compliance management system is too costly — try getting sued. A growing trend in CFPB compliance for small- and medium-sized collection agencies and debt buyers is to retain a third party with the experience, skills and infrastructure to help them develop, support and drive their in house compliance management system. […]
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.
Business analytics and consumer credit score provider FICO announced Thursday that it has recalibrated its popular FICO Score formula to reflect a “more nuanced way to assess consumer collection information.”
For the first time this year, litigation surrounding the Fair Debt Collection Practices Act increased from one month to the next, but Telephone Consumer Protection Act and Fair Credit Reporting Act litigation decreased compared to the prior month, according to the latest data from WebRecon. However, when comparing data from June 2014 to June 2013, […]
May 2014 was a light month overall for debt collection complaints, and most types of litigation, according to new data from WebRecon. While 3188 consumers filed CFPB complaints against debt collectors – that’s a little more than 100 consumers a day – it still represents a 15.8 percent decline from April 2014. In all, the CFPB […]
From April to May 2014, complaints to the Consumer Financial Protection Bureau about debt collectors fell nearly 16 percent, according to the latest data from WebRecon. There were a total 3188 complaints filed against debt collectors in May 2014, but the data shows that 95 percent of complaints received a timely response, and 69 percent of […]
A new TransUnion analysis found that the reporting of rental payment information to the credit bureaus in a manner similar to other financial obligations could have a positive effect for the majority of subprime consumers’ credit.