Collection Industry News

Home - Collection Industry News
administrator
Government News

New powers used by Insolvency service to ban covid-loan abusers

Victoria Mossman , July 25, 2022 The UK’s Insolvency Service has utilised its new powers for the first time against directors that dissolve businesses to avoid the payment of its debts. The move is seen as the Insolvency Service ramping up…
Educational News

The Israeli Addiction To Credit Cards

Caroline Haïat (Digital Journalist), July 23, 2022 The widespread price hike in Israel does not seem to have an effect on citizens’ consumption – On the contrary, Israelis continue to heat up their credit cards, breaking a new record for…
Educational News

NYC levies huge fines against car dealers, cites 7,000 consumer violations

CHRIS TEAGUE, July 22, 2022 There’s never been a worse time to buy a new or used car, but some dealers have gone out of their way to make the experience even more excruciating. There are markups, dealer add-ons, inventory issues, vehicles…
Legal News

CFPB Investigating Credit Card Late Fees And Penalties

April Lewis-Parks, July 22, 2022 If you’ve ever been late with a credit card payment and thought that late fee you got popped with was steep, you’re one of 42 million Americans [1] who will face that dilemma in 2022. Credit card…
Legal News

CFPB Sues TransUnion A Second Time For Same Violations

Kate Berry, July 24, 2022 TransUnion, one of the three large credit bureaus, never wanted to be in litigation with its regulator the Consumer Financial Protection Bureau. But the Chicago-based credit reporting agency is fighting back in court after the…
Bankruptcy News

Colorado pawn shops see increase in the number of people seeking loans

Source: site ENGLEWOOD, Colo. — U.S. inflation has reached a new 40-year high, putting even more pressure on households trying to afford the cost of essentials. People are scrimping on a lot to make ends meet, and now more Coloradans are…
Government News

US RMBS Loan Delinquencies Remain Stable; Foreclosures Edge Upward

Source: site Fitch Ratings-New York-15 July 2022: Borrowers continue to work with their servicers post-forbearance to avoid loan default, according to Fitch Ratings’ 1Q22 U.S. RMBS Servicer Metric Report. “Loan portfolio delinquencies for both bank and non-bank servicers remained stable in…
Educational News

Navient Ordered to Stop Collections on Discharged Student Loans

Source: site A bankruptcy judge ordered student loan servicer Navient Corp. to suspend its efforts to collect payments from borrowers of certain private student loans who filed for bankruptcy and whose debts were likely eligible for a discharge. Judge Elizabeth Stong…
Educational News

Half Of Americans Support Biden Forgiving $10,000 In Student Loans, Poll Finds

Source: site A new poll shows 51% of Americans support the idea of President Joe Biden canceling $10,000 of student loan debt for each borrower, illustrating how split the public is regarding one of the president’s early campaign promises. Key Facts…
Legal News

NY Dept. Of Financial Services Issues Overdraft/NSF Fee Guidance

Source: site The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises. The DFS indicates that, through the supervisory process, it has identified…