State Legislative Panel Reviews Medical Debt, Surprise Billings
A Georgia legislative panel hearing Thursday reviewed the issue of surprise billings for medical care, which can confound consumers and lead to difficult collection practices.  more »
Approximately 17.6 million people over the age of 16 reported at least one incident of identity theft in 2014, according to a new report from the Bureau of Justice Statistics. more »
The Pitch: NEFT's website would "help the creditors get paid" while benefiting borrowers and credit reporting agencies, too, founder G. Christopher Imrey says.
A fintech startup that wants to change the way lenders and consumers square bad debts has raised $10 million in financing from a group of prominent investors. more »
When Experian acknowledged Thursday that hackers had broken into one of its servers, it was bad news for everyone. Not just the 15 million T-Mobile customers whose personal information was compromised. more »
Bloomberg News
Consequences: "Obviously I am incredibly angry about this data breach and we will institute a thorough review of our relationship with Experian," T-Mobile CEO John Legere told consumers.
A server containing sensitive consumer information at Experian has been breached, with the records of as many as 15 million T-Mobile customers stolen, the companies said Thursday. more »
Due for Reboot: "We need a fresh approach to collecting money," says Max Haynes, chief executive of Customer Engagement Technologies.
At a time when fintech companies and banks are struggling to draw more consumer interest in their apps, a Reno, Nev., startup is hoping to motivate underbanked consumers to pay bills, including overdue ones, via a friendly mobile experience. more »
The man allegedly used his Baton Rouge, La.-based credit repair company to dupe his victims. more »
"Our request of them is to allow competition and specifically to allow lenders to use either FICO or us," said Barrett Burns, the head of VantageScore.
Despite pledges last year to move "aggressively" to implement new credit scoring models at the government-sponsored enterprises, the Federal Housing Finance Agency's effort appears to have stalled. more »
Federal regulators have cited F.N.B. Corp. in Pittsburgh for violating rules to protect consumers from unwanted, automated text messages. more »
Needing Wheels: Prestige Financial Services focuses on auto buyers who are in the bankruptcy process. Its customers are "great people" who have a life event "that just causes them to spiral," said President Bryant Henrie.
Prestige Financial Services, a privately held subprime auto lender, is looking to spark growth by offering credit directly to consumers over the Internet. more »
Self-Regulation? "It remains to be seen whether efforts on the part of the industry to adopt best practices will be successful," says a paper co-authored by Cleveland Fed senior policy analyst Ann Marie Wiersch.
In recent online focus groups, Federal Reserve researchers presented 44 small-business owners with basic information about a loan and asked them to estimate the interest rate. The business owners' responses were telling. more »
The Sixth Circuit Court of Appeals has ruled that a debtor providing a cell phone number to a creditor has consented to receiving calls and thus the creditor doesn't violate the TCPA by making repeated, automated calls to that number seeking payment. more »
Logos on the door of a Wyndham property.
When a federal appellate panel sided with the U.S. Federal Trade Commission (FTC) against the Wyndham hotel chain this week, it cemented the FTC as a power to be reckoned with for companies that have poor security. more »

Email Newsletters

Get the Payments Update and the Morning Scan when you sign up for a free trial.

Already a subscriber? Log in here
Please note you must now log in with your email address and password.