Every year, about a million borrowers default on their student loans—and that number may increase. Research from the Brookings Institute found that nearly 40% of borrowers who took out student loans in the early 2000s may default by 2023. That’s … Continue reading →
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Consumers with a credit card balance have an average FICO Score of 735, according to Experian’s 2020 Consumer Credit Review. While Experian can’t specify whether these cardholders are paying off their balances in full each statement period or carrying a balance month-to-month, … Continue reading →
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Press release from Sikorsky Credit Union: Jan. 4, 2021 Sikorsky Credit Union recently donated to local non-profit organizations. The past year has been challenging for many in our local communities and several local non-profit organizations faced challenges too. Since these … Continue reading →
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On December 18, the Consumer Financial Protection Bureau (CFPB) issued a second debt collection final rule. The first debt collection final rule was published in the Federal Register in November. The NAFCU compliance team blogged twice about the first final … Continue reading →
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On December 16, the CFPB denied a petition by a non-profit guaranty agency that serves as a guarantor of federal student loans to set aside a civil investigative demand (CID) issued by the Bureau last September. The CID requested information … Continue reading →
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— When a debt collector calls you, you may be caught off guard. Being unprepared in such a scenario could make you agree to any terms put across by the debt collector. You may also lose your temper in the … Continue reading →
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Photo by Damir Khabirov / Shutterstock.com Damir Khabirov / Shutterstock.com This story originally appeared on Smartest Dollar. Since 2012, student loans have had the highest delinquency rate of any form of consumer debt. And while recent data from the New … Continue reading →
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WASHINGTON — Republican and Democratic lawmakers called on the Department of Veterans Affairs this week to continue its nine-month pause on billing veterans for medical debts after the agency announced it would start collections again in January. In response to … Continue reading →
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President-elect Joe Biden (left) and U.S. Speaker of the House Nancy Pelosi (right) (Photo credit: … [+] TIM SLOAN/AFP via Getty Images) AFP via Getty Images Your student loans may get cancelled in the new stimulus package. Here’s what you … Continue reading →
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Today’s Clogged Collection Channels May Drive Tomorrow’s Customer Departures During the pandemic, based on our observations, there have been fewer customer service representatives answering phones. The reasons include agent absenteeism, cutbacks and a lack of resources for agents to work … Continue reading →
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