This is part one of a four-part series that looks at how inaccurate credit reporting is being fought by a attorneys, the CFPB, and state AGs. You may read Part 1 here and Part 2 here. In the news this month are several successful efforts to improve credit report accuracy, compensate the victims of credit […]
This is part one of a four-part series that looks at how inaccurate credit reporting is being fought by a attorneys, the CFPB, and state AGs. You may read Part 1 here and Part 2 here. In the news this month are several successful efforts to improve credit report accuracy, compensate the victims of credit […]
About 12 million people will get a lift in their credit scores next month as the national credit reporting agencies wipe from their records two major sources of negative information about borrowers: tax liens and civil judgments. The change stems from a lengthy crusade by consumer advocates and government officials to force the credit bureaus […]
A jury in California last week awarded $60 million in statutory and punitive damages to more than 8,000 consumers who sued TransUnion, one of the three credit reporting agencies. The consumers filed the class action, claiming that TransUnion violated the Fair Credit Reporting Act (FCRA) when it misidentified them in their credit reports as terrorists and drug […]
There is a new type of automated call sneaking up on American consumers: ringless voicemails, the quieter cousin of what some people call the “annoying robocall.” The messages go straight to voicemail, without ringing your phone. “I’ve received at least a hundred of these voicemails,” said Sue Merritt, president of Lenox Fit in Lenox, Massachusetts. […]
The American economy has looked pretty robust of late — unemployment just hit a 16-year low, and stocks recently reached an all-time high. This makes it all the more curious that Americans have suddenly stopped paying off their credit-card bills at a rapid rate. In the past two fiscal quarters, banks reported a steep rise […]
A potential class action lawsuit brought by a former employee against Five Guys claims the popular burger chain violated the federal Fair Credit Reporting Act (FCRA) and California labor law by conducting background checks on employees without properly notifying them, according to a report from BigClassAction.com. BigClassAction.com reports that the plaintiff, Jeremy R. Lusk, claims […]
When Congress sought to make sure that abuses by the financial industry that put our economy on the brink of collapse would never be repeated, it created the Consumer Financial Protection Bureau. Since its founding in 2011, the CFPB has delivered resoundingly, providing $12 billion in relief to 29 million consumers wronged by banks and […]
The House of Representatives on Thursday passed sweeping legislation to strip and replace much of the financial regulations passed under former President Barack Obama after the 2008 financial crisis. The House passed the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, 233-186, along party lines. The bill is not expected to […]
House lawmakers are poised to pass the “crown jewel” of the GOP-led regulatory reform effort on Thursday, effectively gutting the Dodd-Frank financial regulations that were put in place during the Obama administration. Called the Financial Choice Act, the Republican bill seeks to undo significant parts of the 2010 financial reform law. Crafted by House Financial […]