We’re beginning to get a clearer picture of Buy Now, Pay Later borrowers. While it has been long speculated that BNPL borrowers chose to use that option because of a lack of credit, the CFPB released a report based on data from their 2022 Making Ends Meet Survey which makes it clear that BNPL borrowers do have access to other credit, and they are using it. In fact, BNPL borrowers are more likely to “actively use other credit products” than consumers who don’t use BNPL loans. According to their analysis, 95% of BNPL borrowers “had at least one credit record in another account, compared to 86% of non-borrowers.”
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NEW YORK, N.Y. -- Skit.ai, the leading Conversational Voice AI solution provider in the Account Receivable Management (ARM) industry, revealed the success of its partnership with Eagle Accounts Group, Inc. an Indianapolis-based business specializing in debt collection services since 1972. Skit.ai's compliant, configurable and easy-to-deploy Voice AI solution was strategically deployed to automate Eagle Accounts Group's collection efforts, enabling them to scale drastically, increasing connectivity, performance, while reducing collection cost.
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The Sixth Circuit recently affirmed a district court’s dismissal of a Fair Debt Collection Practices Act (FDCPA) and Michigan Regulation of Collection Practices Act (RCPA) suit, holding that the plaintiff lacked standing. The litigation, Van Vleck v. Leikin, Ingber, & Winters, P.C., arose from the defendant law firm’s service of process on the plaintiff in a different lawsuit.
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