Some of the problems that the CFPB documented in its report include: • No programs to test the accuracy of credit reports that the CRCs produced, prompting Director Cordray to remark “we were surprised to find that [the CRCs’] quality control systems were either rudimentary or virtually non-existent.” •Deficiencies regarding the CRCs’ relationship with furnishers and […]
As the CRCs roll out improvements under NCAP [National Consumer Assistance Plan], tax lien and public records data that historically was used to calculate consumers’ credit scores likely will be eliminated entirely or in part. With those changes in mind, VantageScore 4.0: – Distinguishes medical collections from other types of collection accounts, ignores medical collections less than […]
Alarm bells are ringing because one of the largest subprime auto lenders in the nation — Santander Consumer USA — only checked the incomes of 8% of its applicants, according to a new report from Moody’s Investors Service. Subprime refers to loans made to people with poor credit. “A lack of income verification…creates more uncertainty […]
CBCInnovis, a leading provider of credit reporting and data validation services to the mortgage lending industry, announced today its alignment with data and analytics company LexisNexis® Risk Solutions to offer the LexisNexis® RiskView Liens & Judgments Report. This new FCRA product enables lenders to fill the gap left behind when the National Credit Reporting Agencies cease […]
Americans went on a massive shopping spree for cars and trucks in recent years. Many paid for their vehicles by taking out a loan. A record 107 million Americans have auto loan debt, according to data released this week by the Federal Reserve Bank of New York. That’s about 43% of the entire adult population in the […]
Some drivers say they have been wrongly barred from jobs due to inaccuracies in their DAC reports, and that HireRight and its rivals don’t do enough to verify claims or correct mistakes. In 2011, HireRight paid $28 million to settle a class-action lawsuit with more than 650,000 plaintiffs who accused it of failing to properly […]
A CBS News investigation has uncovered over 4,000 complaints against AT&T and DirecTV related to deals, promotions and overcharging in the past two years. Customers who try to opt out of their contracts are forced to pay early termination fees and are not allowed to file lawsuits. http://www.cbsnews.com/videos/at-t-faces-thousands-of-complaints-about-overcharging-for-services/
Have you been a victim of ID theft? Check your credit report for errors at annualcreditreport.com. Tens of thousands of ransomware attacks are targeting organizations around the world on Friday. Cybersecurity firm Avast said it has tracked more than 75,000 attacks in 99 countries. It said the majority of the attacks targeted Russia, Ukraine and Taiwan. The ransomware locks […]
Wells Fargo has reached a $110 million preliminary settlement to compensate all customers who claim the scandal-ridden bank opened fake accounts and other products in their name. It’s the first class action settlement by Wells Fargo since authorities revealed in September that the bank opened up to 2 million fake accounts to meet unrealistic sales […]
Congressman Bob Goodlatte, introduced a bill ironically titled “Fairness in Class Action Litigation Act,” which passed through the House Judiciary Committee two weeks ago. Its passage was a remarkable feat of avoiding public notice or debate, with Goodlatte ramming through the legislation in the middle of the night, voting down all amendments along party lines, […]