Starting in July 2024, new privacy laws will be enacted in Montana, Oregon, and Texas, providing significant consumer protections regarding personal data. These laws grant consumers the right to know what information is being collected about them, the right to be forgotten, and the right to know who is accessing their information.
Regardless of a credit union’s size, members expect digital-first capabilities that can compete with what for-profit financial institutions (FIs) offer. While many CUs are rising to the innovation challenge, there are differences across the CU landscape. To measure CUs’ current and planned innovations, PYMNTS Intelligence developed the Innovation Readiness Index (IRI). Scores indicate how well CUs’ current products, features and planned innovations align with what members want and the products and features linked to higher satisfaction levels.
Credit card debt declined in the first quarter of 2024; however, with other types of debt rising, consumers may simply be trading one problem for another. CardRatings’ credit card experts explain why this drop in debt might not actually be good news.
The credit reporting system is intended to help lenders accurately assess whether someone is likely to repay a loan. Most information on a credit report represents debts that a consumer voluntarily signed up for, like a mortgage, an auto loan, or a credit card. In recent years, however, medical bills became the most common collection item on credit reports. Research from the Consumer Financial Protection Bureau in 2022 showed that medical collections tradelines appeared on 43 million credit reports, and that 58 percent of bills that were in collections and on people’s credit records were medical bills.
.jpg)
.jpg)