In response to Equifax’s July data breach, droves of Americans rush to freeze their credit, overwhelming the “Big Three” credit bureaus’ resources. See NBC News video here
Author Archives: Inter_admin
Congressman Barry Loudermilk’s proposal to weaken the Fair Credit Reporting Act (FCRA) entered the national discourse on the heels of Equifax’s potentially catastrophic data breach. Industry watchdogs highlight the sharp contrast between the need for credit-industry regulation (as evidenced by the Equifax breach) and the coziness with which some Congress members comport themselves to the […]
For nearly half a century, the Fair Credit Reporting Act (FCRA) has empowered American consumers, serving as a deterrent against credit reporting and background check errors—nowadays an all-too-familiar feature of the credit reporting industry. The possibility of punitive damages (available in some matters) supplies the FCRA with a great deal of its bite. Georgia Congressman, […]
Earlier this year, the Consumer Financial Protection Bureau (CFPB) promulgated a long-awaited rule prohibiting banks and payday lenders from using forced arbitration clauses in their contracts. The rule was brought to a halt, however, by the House of Representatives–under the seldom used Congressional Review Act, an authority which enables Congress to “veto” executive-agency actions–and now […]
Industry watch groups are calling on Rep. Barry Loudermilk (R-Ga.) to withdraw proposed legislation that would limit “remedies for consumers who are victims of credit reporting abuses.” A congressional subcommittee met to consider the legislation last Friday as news broke of Equifax’s massive data breach. Rep. Loudermilk’s legislation could drastically limit consumers’ recourse against the […]
In response to the July data-breach, Equifax has offered their Trusted ID Premier service in exchange for consumers’ right to sue Equifax. Industry watchdogs suggest cause for concern regarding Equifax’s terms. The Federal Trade Commission (FTC) warns that consumers’ vital data may have been stolen within minutes of the breach, and Matt Schulz, senior industry […]
Responding to news of Equifax’s huge data breach, the Federal Trade Commission (FTC) offers guidelines for consumers to protect themselves. The FTC suggests that consumers take proactive measures, such as checking their credit reports (available to consumers at annualcreditreport.com), and monitoring “existing credit card and bank accounts closely for charges you don’t recognize.” Read FTC article […]
Equifax, one of the “Big Three” credit reporting companies, suffered a major data breach in late July 2017. The breach (made public today) has compromised the accounts of roughly 143 million Americans. In addition to consumers’ credit scores, “loans, loan payments and credit cards, as well as information on everything from child support payments, credit […]
Neighborhoods within a mile and a half of the Crosby, Texas facility that exploded on Thursday have been urged to evacuate as officials warn that more explosions are possible. The chemical plant exploded early Thursday morning. Authorities are concerned about another explosion because chemicals have not been stored at proper temperatures since power went out […]
A major auto lender has decided to change its approval process to look beyond credit scores in an effort to pump up sales. The move by Ford Motor’s financing unit is expected to unfold in coming years, even as concerns mount about rising auto-loan losses in the industry. Ford Motor Credit is expected to announce […]