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Medical Collections, Scoring Scrutiny Grows
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.
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WASHINGTON — The Consumer Financial Protection Bureau is calling on the biggest credit reporting agencies to submit reports regularly on how they handle consumer disputes, and produce lists that name the furnishers and industries which have the most complaints. more »
The Consumer Financial Protection Bureau has released its semi-annual report to Congress. The report includes a review of the complaint process and collection industry rules. more »
Charity care and community benefit at the Cleveland Clinic jumped to $652 million in 2013, up 7% from $610 million in 2012, according to numbers released by health system. more »
CONUNDRUM: Laurie Goodman, the director of the Urban Institute's Housing Policy Finance Center, wonders why credit remains tight even though risky loans with unsustainable terms were eliminated by the Dodd-Frank Act.
It is a bold claim: Banks could potentially originate 300,000 more home loans per quarter without taking on too much more risk. more »
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 »
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 »
"Addressing these concerns by providing tighter definitions and clarity should encourage sellers to serve a broader range of qualified borrowers," said Freddie Mac EVP David Lowman.
Fannie Mae and Freddie Mac last week revised their representation and warranty frameworks to provide lenders clarity on an issue they have long raised as a sticking point in housing reform, and one that some say has made lenders less willing to extend credit. more »
The mortgage delinquency rate continued its robust decline, falling for the 11th straight quarter, according to TransUnion's latest mortgage report. more »
Plaintiffs advocating for spousal rights in existing Home Equity Conversion Mortgages are renewing their motion for class certification, citing circumstances surrounding two instances of foreclosures under interim government policy. more »
Dallas officials are supporting a lender called Community Loan Center of Dallas that is designed to allow participants an alternative to the payday lending industry that the city has long battled and heavily criticized. more »
WASHINGTON — The Department of Justice and the Federal Deposit Insurance Corp. have agreed to launch preliminary investigations into Operation Choke Point. more »
Markind Law Group, a Cherry Hill, N.J. debt collection law firm, has won a court ruling in a case brought by a consumer who argued an arbitration provision included in his sales contract for a Ford Fiesta couldn't be enforced by the firm. more »

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