University's Audit Shows Massive Bad Debt Increase
An audit of Cheyney University in Pennsylvania found the school's financial status has deteriorated in the past five years, partly because of failed collection efforts. Bad debt increased 348% since 2010.
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A Florida-based mortgage modification business and its owner are banned from the industry as part of a settlement resolving Federal Trade Commission charges that he tricked financially strapped consumers into paying for mortgage-relief services that he never provided. more »
The Federal Trade Commission is taking action against two auto dealer groups, operating in five states with more than two dozen retail stores, for civil penalties for violating FTC administrative orders prohibiting them from deceptively advertising the cost of buying or leasing a car. more »
Two credit-reporting companies say that a jump in lending to borrowers with poor credit has helped lead to a growing number of Americans falling behind on their car payments. more »
An estimated 43 million people carry delinquent medical debt on their credit reports and medical bills account for nearly half of all overdue debt on the reports, according to a study released Thursday by the Consumer Financial Protection Bureau. more »
Sen. Elizabeth Warren
Thirteen U.S. senators, led by Sen. Elizabeth Warren, D-Mass., sent a letter to the Department of Education this week calling for it to use its authority to discharge federal student loans for students who attend colleges that break the law. more »
The national mortgage delinquency rate will be 2.51% in 2015, the lowest mark since the start of the recession in the third quarter of 2007, according to a TransUnion forecast. more »
Bloomberg News
The CFPB's methodology is "flawed in its application and subject to significant measurements that lead to overestimation of racial disparities and calculations of alleged harm," said Chris Stinebert, president of the American Financial Services Association.
WASHINGTON — The financial services industry believes it has finally discovered proof that the Consumer Financial Protection Bureau uses flawed methods to detect possible discrimination in auto loans. more »
Encore Capital Group Inc., a San Diego-based debt buying firm, announced it is providing $124,000 in scholarships to students at 43 community colleges across the U.S., as part of its new national program, the Encore Capital Group Scholarship Fund. more »
Premier Consulting Group settled CFPB charges on Thursday, a month after another debt settlement firm's case closed with a nine-year prison sentence for its owner. more »
Lowell Group, a United Kingdom-based provider of credit management services specializing in debt recovery and data analytics, has earned a consulting agency's highest rating awarded for customer service. more »
The Consumer Financial Protection Bureau will hold a field hearing on medical debt collections at noon, EST on Dec. 11 in Oklahoma City. more »
Account Control Technology Inc. has been recognized as the No. 1 private collection agency on the U.S. Department of Education's unrestricted contract for the quarter ending September 30. more »

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