According to a recent report by the Consumer Financial Protection Bureau (CFPB), almost one-out-of-every-five consumers has information relating to their medical debt on a credit report. And while medical debt is the most common type of collection information on a consumer’s credit report, medical debts aren’t a good indicator of creditworthiness. Medical debt is usually […]
Category Archives: Consumer Financial Protection Bureau (CFPB)
In mid-March, all three major credit bureaus—Equifax, Experian, and TransUnion—announced they would no longer include most medical collection debt on people’s credit reports. This is a major change that should have everyone checking their credit reports. According to the Washington Post, the credit bureaus will be taking steps to change how they report medical debt […]
Last summer, Consumer Reports asked 5,858 volunteers to ask for their credit report and examine it for any errors. And more than one-third of them did indeed find at least one error on their credit report. And this wasn’t the only time Consumer Reports and others have found such damaging results. And those errors matter; […]
In 2017, credit bureau Equifax was hacked, and the records of approximately 147 million people were compromised. Unsurprisingly, lawsuits were filed, and, as part of a court settlement, those impacted by the breach were ultimately offered a choice between a one-time payment of $125 or four years of free credit monitoring. It may seem like […]
Confirmation of President Biden’s nominee Rohit Chopra will pivot agency back to only job: protecting consumers WASHINGTON — Consumer complaints about problems with financial companies such as banks, credit bureaus and debt collectors rose by more than 50 percent in 2020 and set new records for each month of the year, according to a new […]
If Kavanaugh maintains his position and finds four colleagues to join him, it is hard to see how any of the decisions the agency has made over almost a decade could stand. For instance, the CFPB has helped to reduce high late-fees on credit cards, undisclosed credit card fees and sharp interest rate hikes. It has also […]
Settlement with Consumer Financial Protection Bureau cites failures with preauthorized electronic fund transfers, reopening closed accounts https://www.wsj.com/articles/usaa-to-pay-12-million-in-restitution-to-customers-3-5-million-fine-11546556437
Business as usual or a new direction? https://www.consumerreports.org/government-law-regulation/what-to-expect-from-the-new-head-of-the-consumer-financial-protection-bureau/
http://money.cnn.com/2018/04/20/news/companies/wells-fargo-regulators-auto-lending-fine/index.html
Agencies under President Trump’s executive discretion have taken a laid back approach to consumer protections relative to previous administrations. The Washington Post writes: “At the [CFPB], for example, enforcement actions have dropped from an average of three-to-five each month during the past four years down to zero since a Trump appointee took charge of the […]