Credit reporting past-due medical debt is a common and effective step in the collection process. However, the practice includes some risk. Recent lawsuits and the Consumer Financial Protection Bureau’s proposed debt collection rules illustrate the challenges surrounding medical debt credit … Continue reading →
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US regulators have opened a probe into the algorithm used to determine the credit worthiness of Apple Card applicants after a man took to Twitter to call it “sexist” for giving him a credit limit 20 times higher than his … Continue reading →
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Federal Reserve Building in Washington, D.C. (Source: Shutterstock) The Federal Reserve’s FedNow service is desperately needed and should be implemented as soon as possible, credit union trade groups said. “The development of FedNow is imperative to the continued success of … Continue reading →
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Australian politics The short-term, high-interest loans for amounts up to $2,000 can charge annual interest rates as high as 407% and lead to a debt spiral <!–[if IE 9]><![endif]–><!–[if IE 9]><![endif]–> Assistant treasurer Michael Sukkar, right, has said the … Continue reading →
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A group of consumer advocates are suing both the Department of Education and America’s consumer watchdog for allegedly siding with predatory student loan servicers over millions of indebted borrowers amid a $1.5 trillion student debt crisis. Democracy Forward, a nonprofit legal … Continue reading →
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Eric Lomas’ work helping financially distressed farmers has been picking up. Farmers make up only a portion of the Wichita, Kansas-based bankruptcy attorney’s work. But demand for his services in Chapter 12 filings, a specific area of bankruptcy law mostly … Continue reading →
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More than 80,000 Americans have taken low-paying public service jobs in return for the federal government’s promise of student debt forgiveness. As required, they stayed at those jobs for 10 years. Now it turns out they’re stuck with their debt … Continue reading →
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Some activists are stepping in to try to make the system more scrutable. Sheridan Aspinwall lives and works in Boston as a clinical research nurse at the Dana-Farber Cancer Institute. She also helps run a Debt Clinic with the local … Continue reading →
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Personal loans are growing at an 11% annual clip, according to Experian, faster that student loan or credit card balances. Borrowers with excellent credit can achieve savings by using personal loans for large projects, like home improvement. Credit card debt … Continue reading →
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Consumers’ credit behavior and the regulatory environment for accounts receivable management companies reflect the ups and downs for the industry, according to a new study from Aite Group and ACA International member TransUnion, “The State of Third-Party Collections 2019.” In … Continue reading →
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