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 […]
Author Archives: Inter_admin
Criminal background checks are commonplace Applications for certain employment positions. But what about credit checks? Is a job applicant’s credit history relevant for employment? May an employer lawfully check a job applicant’s credit? State and local laws are becoming more restrictive, adding an extra layer of protection for consumers over and above the federal […]
Here are five potential scenarios on what might happen to CFPB director Richard Cordray once the new president arrives. One: Bigger Fish Prevail Competing priorities may push back any big decisions about the CFPB or its director, even if the new administration ultimately plans an all-out assault on the agency, several sources predict. Two: Congress […]
Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing. The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student […]
In Graham v. Pyramid Healthcare Solutions, Inc., 2017 WL 2799928 (M.D. Fl. June 28, 2017), the plaintiff alleged that the employer utilized an FCRA disclosure that contained extraneous information in violation of the law’s standalone disclosure requirement. The employer’s disclosure improperly included: (i) the logo of the consumer reporting agency; (ii) blank lines for “Organization […]
A federal judge granted preliminary approval over the weekend for Wells Fargo’s $142 million national class action settlement. The court ruled that the settlement, which covers fake accounts back to 2002, “fair, reasonable and adequate.” Victims may still have to wait before they get paid. The bank and lawyers for the plaintiffs plan to reach out to […]
Four Seasons Hotels and Resorts was recently informed of a data security incident at Sabre, a third-party hotel reservations provider to thousands of hotel properties, including those managed by Four Seasons. The incident involved unauthorized access to certain guest information associated with a subset of hotel reservations processed through Sabre’s SynXis Central Reservations System (CRS) […]
The Consumer Financial Protection Bureau issued a new rule Monday that prevents companies from using arbitration clauses to stop consumers from bringing class action lawsuits. The clauses force people to “go it alone or give up,” said CFPB Director Richard Cordray. “Our new rule will stop companies from sidestepping the courts and ensure that people who […]
TransUnion will pay $60 million to consumers it mistakenly labeled as possible terrorists or drug dealers, under an order issued Tuesday by a federal jury. The decision stems from a 2012 class-action lawsuit that alleged the credit bureau failed to notify consumers who were reported to lenders as being included on a “blocked persons” list […]
For March 2017, debt collection was the most-complained-about financial product or service by consumers identifying as over the age of 62. Of the 2,169 older consumer complaints handled in March, there were 496 complaints about debt collection. The second most-complained-about consumer product was mortgages, which accounted for 486 complaints. Credit reporting was the third most-complained-about […]