Buy Now, Pay Later platforms will soon be more regulated

May 22, 2024
The Consumer Financial Protection Bureau announced new rules today requiring companies like Afterpay and Klarna to investigate when customers dispute a charge, and issue refunds for returned products. They'll also have to provide periodic billing statements.
Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks at a Senate hearing. The CFPB recently announced new rules for Buy Now, Pay Later firms that signal the CFPB will move toward treating them like credit card providers.
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What should you do if your Social Security number is stolen?

May 10, 2024
Freeze your credit, and don’t be afraid to ask for help or use free, online resources, experts say.
Make sure you consistently review your financial statements to spot fraudulent activity.
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Lending by nonbanks is now a trillion-dollar business

Jan 16, 2024
Small and medium-size businesses are increasingly getting loans from nonbank entities like hedge funds or private equity firms.
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Delinquency rates rise for some types of household debt

Jan 8, 2024
But other positive factors in the economy are limiting the potential damage, economists say, like low unemployment.
Loan delinquencies are rising the most among young borrowers, low-income borrowers and borrowers with multiple types of debt.
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Rent reporting is affecting tenants' credit scores

Jan 1, 2024
In New York City, there's been an uptick in landlords reporting tenants' rents to credit bureaus, and not all renters are happy about it.
"One of the biggest things that landlords look at when they're deciding whether or not to rent to a tenant is their credit score," Chang said. A lower credit score can affect one's ability to move out and find a new place to live.
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Americans have almost $990 billion in credit card debt

Jun 9, 2023
But with interest rates high and wage growth slowing, that level of spending is becoming unsustainable.
Between early 2021 and mid-2022, about 10 million people got credit cards who hadn’t had them before.
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Where does the US credit rating come from?

May 25, 2023
Atsi Sheth from Moody's gives us a behind the scenes look into the company's ratings process.
"In the most basic terms, a credit rating is really an opinion on the credit quality of any entity that borrows on the debt capital markets," said Atsi Sheth at Moody's Investors Service.
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Why we're paying extra attention to senior loan officers right now

Apr 11, 2023
The recent banking turmoil could further tighten credit conditions and slow down the economy.
Kent Belasco of Marquette University believes the recent bank failures are isolated, but "it does have an impact on the banking industry as a whole."
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Americans’ use of credit is growing, but slowing 

Feb 8, 2023
In 2022, consumer credit increased 7.8% from the year before. But in December, the growth in borrowing decelerated.
Consumer credit increased 7.8% last year, according to recent Federal Reserve data. But some Americans appear to be getting more cautious about debt.
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Schools' creditworthiness could be challenged by new costs, report says

Jun 16, 2022
Teachers demanding higher pay is one example of new costs. That could make it harder for schools to borrow money, a new report says.
For large investments, schools can turn to the debt markets to raise money. But they're also facing rising costs, which could hurt their ability to borrow.
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