New York families victimized by scams such as false promises of loan modifications lose an average of $4,187 per household, 27% higher than the national average of $3,296. more »
It is a bold claim: Banks could potentially originate 300,000 more home loans per quarter without taking on too much more risk. more »
Consumer confidence fell in November, interrupting a steady rise in sentiment, but Americans still indicated plans to spend more, according to the Conference Board. The conflict clouds the trickle down expectations for the collection business. more »
Outstanding household debt rose by $78 billion in the third quarter compared with the previous three months, to $11.71 trillion, according to the Federal Reserve Bank of New Yorks quarterly Household Debt and Credit Report.
Complaints against debt collection companies logged with the Consumer Financial Protection Bureau rose in October, as did lawsuits citing alleged violations of the Fair Debt Collection Practices Act and Fair Credit Reporting Act.
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.
The Consumer Financial Protection Bureau has pushed back three key rulemakings - including the highly anticipated proposal on payday lending - until next year.
The founder of DECA Financial Services, once a fast-growing debt collection agency in Fishers, Ind., is facing federal charges in a $5 million fraud case.
The defendants in a federal court action brought by the Federal Trade Commission agreed Thursday to stop running an advance fee recovery scheme for the duration of the ongoing litigation.
Michael Levitis, the owner of a New York debt settlement company, was sentenced to nine years in prison Wednesday after pleading guilty in a fraud scheme that law enforcement officials said victimized 1,200 people with false promises of relief from credit card companies and banks.
Federal and state regulators on Wednesday stopped an online scheme that allegedly lured consumers with offers of free credit scores.
A Georgia-based collection agency and seven employees are facing fraud charges after a federal investigation revealed tactics that prosecutors believe convinced more than 6,000 people to pay the firm an estimated $4.1 million in purported debts, according to a criminal complaint filed Tuesday.