An NBC Nightly News report that aired this month shared a couple of exciting credit scoring changes that will help improve the credit of millions of U.S. consumers. But before you get too excited, make sure you understand these changes and how they will (or won’t) affect you. Here’s what
CFPB Releases Report Detailing Problems in Credit Reporting Industry
The Consumer Financial Protection Bureau (CFPB) has released a special report that details the problems in the credit reporting industry that the CFPB has uncovered and corrected through oversight work and outlines actions the CFPB has taken to address these problems such as fixing data accuracy at credit reporting companies,
Business Opportunity Scheme Operators Banned from Telemarketing and Selling Investment Opportunities; Will Return Millions to Consumers
The operators of a telemarketing scheme charged with bilking millions of dollars from consumers, many of whom are seniors or military veterans on fixed income, will pay approximately $7.5 million in consumer redress under a settlement with the Federal Trade Commission. The stipulated final order also prohibits the defendants –
FTC Reports on 2016 Activities to Combat Illegal Debt Collection Practices
During the past year, the Federal Trade Commission has continued its efforts to stop unlawful debt collection practices, including vigorous law enforcement, education and public outreach, and research and policy initiatives. The FTC sent a summary of its 2016 work on debt collection practices to the Consumer Financial Protection Bureau
Student Loan Debt Collector Will Pay $700,000 for Unlawful Collection Calls in Settlement with FTC
GC Services, a large debt collector charged with using unlawful tactics to collect on federal student loans and other debts, will pay a $700,000 civil penalty under a settlement with the Federal Trade Commission. Student loan debt is a large and growing segment of the U.S. debt collection industry,
BBB Policy Change
The Better Business Bureau is changing their Type of Business policy on Credit Repair Companies. To get a No Advance Fees determination one must have a policy to NOT charge any fees up front. RATING ELEMENTS BBB ratings are based on information in BBB files with respect to the following
Defendants in Student Loan Debt Relief Scheme Banned from Industry in Settlement with FTC and Florida
Under a settlement with the Federal Trade Commission and the State of Florida, the operators of an alleged student debt relief and credit repair scam will be banned from those lines of business. The stipulated final order announced today resolves charges the FTC and the State of Florida brought in
CFPB Report Provides Further Insight Into Forthcoming Debt Collection Regulations
The Consumer Financial Protection Bureau (“CFPB”) recently released a report detailing the results of a first-of-its-kind survey on consumer experiences with debt and debt collection. The CFPB conducted the survey in connection with its ongoing effort to promulgate the first-ever federal debt collection regulations. The agency sent the survey to
Ninth Circuit Holds that Foreclosure Trustee is Not Subject to Fair Debt Collection Practices Act
In Ho v. ReconTrust Co., No. 10-56884, 9th Cir.; 2016 U.S. App. LEXIS 18836 (October 19, 2016), a borrower sued a foreclosure trustee, ReconTrust, and others, asserting that recording a notice of default and other statutorily mandated notices violated the FDCPA because they misrepresented the amount owed on the mortgage
Major Credit Reporting Agencies Have Been Lying to Consumers
The Consumer Financial Protection Bureau announced that two of the three major credit-reporting agencies responsible for doling out those scores—Equifax and Transunion—have been deceiving and taking advantage of Americans. The Bureau ordered the agencies to pay more than $23 million in fines and restitution. In their investigation, the Bureau found