What may have started as a way to read a restaurant menu has now resulted in a fast way for consumers to get and give information, have a mobile experience and even complete a financial transaction. In fact, 93% of consumers say since Covid, they’ve used a QR code to complete a financial transaction for the first time ever....
Informativ, which brings together top credit and compliance technology companies, Credit Bureau Connection (CBC), Dealer Safeguard Solutions, and CreditDriver, and provides more than 7,000 automobile dealers and other businesses with credit-focused lead generation, credit reporting, and compliance solutions, today announced a new, complete, and proactive credit and compliance offering....
Joint Measures from Consumer Credit Reporting Agencies Remove Nearly 70% of Medical Collection Debt Tradelines from Consumer Credit ReportsEquifax, Experian, and TransUnion have announced effective July 1, 2022, they will no longer include medical debt paid after being sent to collections on consumer credit reports. In addition, the time before unpaid medical collection debt appears on a credit report will increase from 6 months to one year.The companies also announced that beginning in 2023, they will only report medical debt when the amount owed is at least $500. They estimate that these changes will remove nearly 70% of medical collection debt tradelines from consumer credit reports. The announcement comes on the heels of a CFPB report issued earlier this month titled “Medical Debt Burden in the United States.” The report aims at medical debt collections, with the CFPB indicating that it intends to determine whether it is appropriate for medical debt to be on credit reports. Medical debt collection was also the subject of a January 2022 CFPB compliance bulletin which dealt with medical debt collection and consumer reporting requirements in connection with the No Surprises Act.Last month, the Department of Veterans Affairs announced that it was adopting new standards for when it will report information on outstanding medical bills to consumer reporting companies. The CFPB called the new standards “a clear and important precedent for the health care industry.”Key Takeaways The U.S. big three major credit reporting agencies—Equifax, Experian, and TransUnion—are removing most medical debt from credit reports starting in July.The change may provide relief to Americans dealing with financial consequences from incurring medical debts.Experts applaud the change but say changes from credit reporting agencies alone are not enough to alleviate healthcare costs.Businesses may find an increase in credit scores ranging from a few points to dozens rising in the coming monthsIn SummaryEquifax, Experian, and TransUnion —...
Most businesses don’t have it in the budget to hire a compliance consultant or pay for compliance training, despite the fact violations can be hefty and potentially even include jail time.We aree on your side and is here to provide a stable foundation for a solid compliance program that will keep you on the right track with your compliance obligations.Through this series of newsletters, we will cover compliance as it pertains to a credit transaction. Read on…INTRODUCTIONKnowledge is Power! Unfortunately, we don’t all have time to be a superhero. Keep these newsletters nearby, then rest assured that you’ll have the answer or answers you need when in doubt.Informativ is well known throughout the industry as the “best-in-class” leader of credit reports, and federal and state regulatory compliance tools. We will provide a straightforward understanding of the What, When, Why, and To Whom to satisfy credit report compliance requirements. Nothing in these materials should be regarded as rendering legal advice for specific cases. Please seek appropriate assistance from qualified legal counsel.DEFINITION OF A CREDITORA creditor is anyone who requests information from a person, persons, or business with the intent of providing or facilitating credit. Also, a creditor is any business that accepts a credit application regardless of whether you are the funding source or providing credit information to a lender. You must abide by FCRA, ECOA, GLBA, and other agency guidelines, and failure to do so can result in hefty fines leveled against an individual or business. Towards the end of this newsletter series, we will provide a list of all compliance fines and secure document storage rules. LET’S BEGIN WITH THE ITPP (Identity Theft Prevention Program)The Red Flags Rule requires creditors to implement a written Identity Theft Prevention Program. Templates are most likely available from your compliance provider or available on the internet...