Store-branded credit cards are becoming more popular with major retailers and with consumers who have the option to save money on their purchases if they open one.
The debt collection and broader accounts receivable management industry is a state of rapid and fundamental change. A new and far more aggressive regulatory structure is driving much of this change, along with economic pressures felt by all businesses. But recent news stories have pointed to large creditor clients leading the change revolution in ARM.
Minnesota Attorney General Lori Swanson Wednesday filed a lawsuit against a Florida debt buyer that purchased millions of charged-off customer accounts from large banks, and then allegedly manufactured affidavits to aid in the collection of those accounts from individuals and businesses.
Creditors seeking to reduce collection costs often ask collection agencies for “precollect” efforts at a discount from normal contingent fee rates. Some collection agencies provide lettering services — with all calls and payments directed to the creditor — at a flat rate per letter or account. Unfortunately, the FDCPA prohibits such flat fee arrangements in some circumstances.
Total consumer credit card debt outstanding fell at an annual rate of 1.2 percent in August for the third straight month, according to the Federal Reserve.
Consumer delinquencies rose slightly across most loan categories in the second quarter of 2013, but remain significantly below their 15-year average, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The average debt held by consumers who are behind in their debt repayments rose 17 percent between 2007 and 2012, according to data released today by FICO
On Wednesday, October 2, the Consumer Financial Protection Bureau (CFPB) will convene a public field hearing in Chicago, Ill. to discuss the consumer credit card market.
A case that sought to include a class of every American ever sued for a debt against a defendant list that comprised the bulk of the ARM industry was dismissed late last week in fairly hilarious fashion by a District Court judge in New York.
A rundown of all the recent ARM news important to Mike Ginsberg.