WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports declined by 33%, from 261 million tradelines in 2018 to 175 million tradelines in 2022.
A new CFPB report estimates that medical collections tradelines declined by 37 percent between 2018 and 2022. “Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting” also found that medical debt constitutes a majority (57 percent) of all collections on credit reports.
In this edition of Faegre Drinker’s State Attorneys General Update, we discuss:
OAKLAND — California Attorney General Rob Bonta and the Massachusetts Attorney General’s Office led a multistate coalition in a comment letter supporting the U.S. Department of Education’s (ED) proposed changes to income-driven repayment plans (IDR) for federal student loan borrowers, and urging further action to address the student debt crisis. IDR plans aim to reduce the burden of high monthly payments on struggling federal student loan borrowers, but the program has long suffered from regulatory and servicing problems. The proposed changes would help ensure that student loan borrowers have greater access to more affordable repayment terms.
To regulate pirates, cut off access to their ports and see how long they last at sea. That's the playbook being used in the U.S. to rid the scourge that is crypto too, or so it would seem.
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