It is the carrier that has the responsibility to decide whether to use credit scoring, or insurance scoring, in its rating process, and it is the carrier that must satisfy state insurance department regulations regarding insurance scoring. However, the agent represents the company and must inform the insured that insurance scoring is being used by the company and how it affects his or her premiums. Consumer activists who are critics of insurance scoring say that it results in discrimination against minority groups and that it is just another excuse for insurers to raise rates. However, according to a white paper from the Insurance Information Institute, a report on credit-based insurance scores by the Federal Trade Commission found that auto insurers' use of insurance credit scores lead...
...CHAPTER I: FEDERAL TRADE COMMISSION. SUBCHAPTER F: THE FAIR CREDIT REPORTIN...
Nothing carries the impact with congressional members and staff as much as a visit from a constituent," said ACA President Jay E. Gonsalves, IFCCE. "At this particular meeting, the constituents were major players in our industry. As such, they also represented large employers in their respective districts. In addition to discussing our issues of concern, we were able to convey not only our industry's vital role in the economy, but also the employment opportunities and pathways to success that we offer individuals. The FTC's presentation at the Executive Summit came on the heels of its recent report, Collecting Consumer Debts: The Challenges of Change: A Federal Trade Commission Workshop Report. Peggy Twohig, associate director of the FTC's Financial Practices Division, discussed the m...
More than 50 credit and collection industry executives attended ACA In...
I. INTRODUCTION. Earlier this year, the Federal Trade Commission (FTC or "the Commission") staff p...
...CHAPTER I: FEDERAL TRADE COMMISSION. SUBCHAPTER F: THE FAIR CREDIT REPORTIN...
I. INTRODUCTION . Earlier this year, the Federal Trade Commission (FTC or "the Commission") staff p...
The Bureau of Consumer Financial Protection (Bureau) is proposing a new regulation pursuant to section 1024 of the Consumer Financial Protection Act of 2010. That provision grants the Bureau authority to supervise certain nonbank covered persons for compliance with Federal consumer financial laws and for other purposes. The Bureau has the authority to supervise nonbank covered persons of all sizes in the residential mortgage, private education lending, and payday lending markets. In addition, the Bureau has the authority to supervise nonbank ``larger participant[s]'' in markets for other consumer financial products or services. The Bureau must define such ``larger participants'' by rule, and such an initial rule must be issued by July 21, 2012. In this proposal, the Bureau proposes to d...
... consumer debt collection and consumer reporting. The Bureau intends that this proposal and subsequ... of very large banks, thrifts, and credit unions, and their affiliates,\2\ and certain nonba..., consumer advocacy groups, industry trade groups, individual companies, state and Federal re... Benchmarking Survey, collection agency commission rates averaged 27% in 2009, with a median of 25.6%...
...CHAPTER I: FEDERAL TRADE COMMISSION. SUBCHAPTER F: THE FAIR CREDIT REPORTIN...
... issues include the effect of a bad credit score on a person's ability to obtain credit and e... Scott the bad check mark on his credit report but he ends up paying $60 to $95, in line with the...The Regional Economist, St. Louis Federal Reserve Bank, April, 12-13. . Federal Reserve Boar...Federal Trade Commission (March 2008). Payday loans equal very c...
...CHAPTER I: FEDERAL TRADE COMMISSION. SUBCHAPTER F: THE FAIR CREDIT REPORTIN...
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