On June 13, 2022, the Consumer Financial Protection Bureau (CFPB) issued the Office of Servicemember Affairs Annual Report for 2021. The report focuses primarily on customer complaints, highlighting issues related to credit reporting, debt collection, and medical billing.
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In a blog post released June 15, the Consumer Financial Protection Bureau (CFPB) continued to show its interest in credit reporting by Buy Now, Pay Later (BNPL) lenders. Recognizing the importance of credit reporting to consumers building credit profiles through payment of BNPL obligations, the CFPB encouraged BNPL lenders to report both positive and negative information and consumer reporting agencies (CRAs) to expeditiously develop uniform reporting standards so that the data can be included in core credit files as soon as possible.
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With a potential recession on the way, now is the right time to retool your recovery and debt collection strategy, says Jake Cahan, CEO of January. In this Q&A with iA Strategy & Tech, Cahan argues that creditors will need to make a philosophical shift - away from incremental dollars and towards compassionate customer care - if they want their brand and business to get through an impending recession successfully.
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