Revolving consumer credit, which is mostly made up of credit card loans, fell in November by the largest amount in a year, according to a report Thursday from the Federal Reserve Board. Collection & Credit Risk
The U.S. credit card industry continues its slow rebound from the financial crisis. In the second quarter, the number of open accounts rose by 24 million from a year earlier, while purchase volumes also increased significantly, according to a new report issued Wednesday by the American Bankers Association. Collection & Credit Risk
The Consumer Financial Protection Bureau is suing a Texas-based company, Union Workers Credit Services, for allegedly deceiving consumers into paying fees to sign up for a sham credit card. Collection & Credit Risk
Today, we’re releasing a report that looks at deals between financial institutions and colleges to market credit cards to students. Congress requires credit card companies to provide data on these agreements to the CFPB each year, and further requires the CFPB to look at these arrangements in an annual report. This year we found that [...]
Consumer credit card debt in the United States has been rising in recent years, although as the labor markets improve, defaults on such cards have fallen to multi-decade lows. Collection & Credit Risk
Since September 2013, debt collection has been the top complaint at the CFPB. Among all debt types, medical debt tops the list. When a debt is past due, a collector may report the account to a credit agency. This would appear as an account in collection, often resulting in a credit score drop. A staggering [...]
A week after making Discover the first credit card offered in its mobile bill-pay service, PreCash Inc. has already seen a spike in the use of Evolve Money, which previously accepted only debit cards. Collection & Credit Risk
The latest TransUnion Industry Insights Report found that total outstanding credit card balances increased by 4.3% in Q3 2014 from Q3 2013. It signals the second consecutive quarter of significant annual growth and it constitutes the highest growth rate observed since Q4 2008. Collection & Credit Risk
Back in the early 2000s, it was considered risky for credit-card companies to lean heavily on their websites to sign up new customers. The perception was that people who were scouring the Web for credit offers tended to be desperate and unreliable. Collection & Credit Risk
For some veterans, their time in uniform caused a severe service-connected disability. This dramatically impacts their life after transition out of the military. For 100-percent service-disabled veterans who have student debt, the Department of Education offers a valuable benefit to help them avoid financial distress – the chance to have their loans discharged (forgiven). Under [...]
