The Consumer Financial Protection Bureau issued a new FCRA “Summary of Rights” form, effective September 21, 2018 https://www.natlawreview.com/article/compliance-now-required-new-fcra-summary-rights-released
“There has been little to no action in Congress that relates to the Equifax data breach or enacting legislation which creates future remedies or legislation designed to prevent such massive data breaches,” said Jim Francis, an attorney at Francis & Mailman, a firm that focuses on consumer protection litigation. https://www.americanbanker.com/news/dc-was-up-in-arms-over-equifax-breach-what-happened Visit annualcreditreport.com for free credit reports […]
Remember, consumers have a right to have accurate information on credit reports, even if related to student loans. http://www.foxnews.com/us/2018/09/06/students-families-struggle-to-repay-billions-in-crushing-loan-debts.html
The FBI is warning financial institutions that their ATMs could be targeted in a hacking attempt. The threat was reported Sunday by Krebs On Security, a popular cybersecurity blog run by the journalist Brian Krebs. Krebs reported that the scheme is known as an “ATM cash-out,” which means the attackers can hack a bank or […]
https://money.cnn.com/2018/08/04/news/companies/wells-fargo-mortgage-modification/index.html Wells Fargo said the computer error affected “certain accounts” that were undergoing the foreclosure process between April 2010 and October 2015, when the issue was corrected. About 625 customers were incorrectly denied a loan modification or were not offered one even though they were qualified, according to the filing. In about 400 cases, […]
https://www.housingwire.com/articles/46049-senate-looks-to-fix-broken-credit-reporting-system Sen. Brian Schatz, D-Hawaii, pointed out that 5% of credit reports contain confirmed material errors, affecting about 10 million people. What’s more, Schatz pointed out that even two years after the errors were found, 84% of those remained on the credit reports.
Credit remains more important than ever. Be sure your credit reports are accurate — it’s your right under federal (and New York) law. https://money.cnn.com/2018/05/22/pf/emergency-expenses-household-finances/index.html
Testifying on behalf of the Commission at a hearing on credit bureaus and the FCRA, Maneesha Mithal, Associate Director of the FTC’s Division of Privacy and Identity Protection, noted that the Commission has played a key role in the implementation, enforcement, and interpretation of the FCRA since its enactment in 1970. The FCRA requires consumer […]
According to a survey conducted by the Society for Human Resource Management, 60% of private employers check the credit histories of some of their job applicants, and 13% check the histories of all potential hires. https://www.tcpalm.com/story/specialty-publications/your-news/martin-county/reader-submitted/2018/06/07/credit-problems-may-hinder-job-search-wealth-management/681814002/
The new law has a long name – Economic Growth, Regulatory Relief, and Consumer Protection Act – but the outcome is simple. When the law takes effect in September, Equifax, Experian and TransUnionmust each set up a webpage for requesting fraud alerts and credit freezes. The FTC will also post links to those webpages […]