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Mortgage Applicants More Likely to Open New Card Accounts, Auto Loans
Consumers applying for a new mortgage are on average two to three times more likely to open a new auto loan or credit card account over the next 12 months, according to a new TransUnion study. Many of these consumers open these accounts as soon as one month after their existing mortgage payoff.  more »
Overall household debt rises while consumer repayment rates improve, according to the Federal Reserve Bank of New York's latest Household Debt and Credit report. more »
As Columbia Law School professor Robert Jackson noted in an op-ed on Thursday, there needs to be a source of real competition for the credit-card pushers, namely online marketplace lenders, so consumers with below-average credit scores can have access to credit at somewhat reasonable rates. more »
Data through April released by S&P Dow Jones Indices and Experian shows a consumer credit default composite rate of 0.86% in April, down seven basis points from March. more »
U.S. consumers sharply increased their use of credit cards in March, pushing up total borrowing at the fastest pace in 15 years. more »
"Many banks and financial companies avoid accountability by putting arbitration clauses in their contracts that block groups of their customers from suing them," said CFPB Director Richard Cordray.
In a major setback for banks, credit unions, credit card companies and many other financial firms, the Consumer Financial Protection Bureau on Thursday issued a proposal that would ban the use of arbitration clauses that prevent consumers from bringing class-action lawsuits. more »
Consumers are boosting the balances of their personal savings accounts and are also more likely to rollover their monthly credit card balances, according to the 2016 Consumer Financial Literary Survey. more »
Forty percent of newly married people who responded to an Experian survey on finances reported they did not know their spouse’s credit score. One in three said their spouse’s spending habits were not what they expected. more »
The U.S. District Court for the Eastern District of Texas has granted the government’s motion for summary judgment against Texas-based collection agency Commercial Recovery Systems Inc. and its president, Timothy Ford. more »
The Consumer Financial Protection Bureau is expected on May 5 to release a proposal that would allow consumers to ban together in class action lawsuits even if there is an arbitration agreement. more »
Consumer credit default rates remained relatively flat in March despite a jump in bank card default rates, according to the S&P/Experian Consumer Credit Default Indices. more »
An Arkansas woman is alleging in a lawsuit that debt buyer PRA Group froze her bank account to try to collect $43,200 in interest on a $6,000 judgment that was less than two months old. more »
A lawsuit filed in New York alleges that Northern Leasing Systems, along with several affiliated companies and individuals, trapped small businesses into credit card processing equipment lease agreements and abused the court process by pursuing allegedly wrongful collection lawsuits. more »

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