Category Archives: Auto Loans

What Is “Synthetic Identify Theft” and How Can It Impact Me?

“Synthetic identity theft” is when a fraudster combines real information about someone—such as a Social Security number—and information they’ve created about an entirely fake person. They then use these  “Frankenstein IDs” to commit theft. Some analysts have concluded that synthetic identity theft is the fastest-growing financial crime in the United States. At the same time, […]

Collections Information Declines on Credit Reports—But There’s More to the Story

The Consumer Financial Protection Bureau (CFPB) recently issued an analysis of debt collection appearing on consumers’ credit reports. On the one hand, the findings are a positive sign: Consumers’ financial well-being seems to be improving. But on the other hand, the analysis shows that false and inaccurate information on credit reports continues to be a real […]

What Happens When Two Women Share a Social Security Number? Financial Chaos Ensues

Recently, NBC News covered an incredible story of mistaken identity. Or, perhaps, to put it more accurately, it’s a story of “mixed identity.” Two women share the same name (Jieun Kim), age, and same date of birth. Both were born in South Korea and later emigrated to the U.S.—one woman moving to Los Angeles, the […]

CFPB Wants to Tackle Form Contracts

On January 11, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it is considering the creation of an online, public database of the form contracts being used by “nonbanks,” companies that aren’t banks but provide financial services to their customers (such as a car company that provides loans). According to the CFPB, these nonbanks […]