In the United States today, debt collection is a $13.7 billion dollar industry with more than 6,000 debt collection firms operating in the United States. Debt collection affects 70 million consumers who have or are contacted about a debt in collection.
The Consumer Financial Protection Bureau surveyed consumers regarding their views and experiences in debt collection and have released a report on their findings.
Research shows that out of a sample of 20 million people, around 7.4 million Americans who don’t have a FICO score today could receive a research score of 620 and above if we weakened the minimum criteria to exclude the deceased or inquiry-only.
Currently on my teaching event for Embrace home loans’ Lunch & Learn Series, here at Greater Baltimore Board of REALTORS®.
Topic: Debunking Credit Myths
Wednesday 01/18
1:30 – 5:30pm @ Boardwalk Plaza Rehoboth Beach, DE
Open Bar and Hors D’oeuvres provided
Registration begins promptly at 1:30pm
WASHINGTON (AP) — Federal regulators have ordered credit-reporting agencies TransUnion and Equifax to pay about $23 million for falsely advertising that the credit scores they sell consumers are the same ones lenders use to make credit decisions.
The Consumer Financial Protection Bureau announced Tuesday that TransUnion and Equifax must pay fines totaling $5.5 million and return about $17.6 million to wronged consumers. The agency also said the two companies lured consumers into payments of $16 or more per month for credit scores and credit-related products.
TransUnion, based in Chicago, and Atlanta-based Equifax Inc. are two of the three major credit-reporting agencies in the U.S. The credit scores they generate are used to determine whether consumers can qualify for a mortgage, a car loan, a cellphone plan and a range of other loans.
Come join me at my teaching event for Embrace Home loans on Debunking Credit Myths. You’ll get an inside look at how credit scores work and what your clients can do to improve their scores. Open to all agents!
Wednesday 01/18
1:30 – 5:30pm @ Boardwalk Plaza Rehoboth Beach, DE
Open Bar and Hors D’oeuvres provided
Registration begins promptly at 1:30pm
