Family legacies can feel impossible to live up to, especially if you’re named after your father or one in a line of many with the same name. That pressure can be challenging enough—so what do you do when your dad’s credit impacts your credit report because you both have the same name? What happens when […]
Category Archives: Credit Report Errors
Can you imagine knowing that you’re dying of multiple cancers, trying to make sure your spouse of 50 years could cover burial costs, and attempting to renovate your home, and then being denied your HELOC application? That’s what happened to James Rennick. He was told that there was a problem with his credit report. It […]
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 […]
CARES Act § 4021 provides less than minimal protections regarding credit reporting. From January 31, 2020 until 120 days after the end of the national state of emergency, if a creditor has made an accommodation (such as a forbearance or workout) for a consumer pursuant to the state of emergency, the creditor shall report that […]
A separate “mixed file” case against Equifax went to trial in 2013 and ended with a $18.6 million jury award. The sum was reduced to $1.62 million in damages and $300,000 in legal fees during post-trial proceedings. During that trial, an expert for Equifax testified mixed files could happen in 1% to 2% of all […]
James Rennick was in desperate need of money to help his ailing wife, but an incorrect credit report stood in his way, this lawsuit alleges https://www.marketwatch.com/story/this-woman-says-equifax-mixed-up-her-fathers-credit-report-and-destroyed-his-life-now-she-hopes-to-convince-a-jury-2019-10-25
Goldman Sachs and Apple have included an arbitration provision in the Apple Card customer agreement. It basically means you can’t join a class action lawsuit against either company, experts said. Customers can also easily opt-out of arbitration — here’s how you do it. https://www.cnbc.com/2019/08/21/apple-card-arbitration-agreement-how-to-opt-out.html
https://www.bankrate.com/personal-finance/credit/credit-report-mistakes-errors/ The Federal Trade Commission conducted a study which found that one in five consumers discovered mistakes on at least one of their credit reports that might impact their credit scores. However, many (perhaps most) of the errors on credit reports aren’t actually caused by the credit bureaus themselves. Rather, data furnishers like banks, creditors and collection […]
The heads of the three leading credit reporting companies heard bipartisan criticism as Waters, the veteran Los Angeles Democrat, launched her first major legislative initiative as chairwoman of the Financial Services Committee. “To credit reporting bureaus, consumers aren’t consumers. They are commodities,” Waters said, adding that dissatisfied Americans can’t just take their business to another company. […]
https://www.cbsnews.com/news/equifax-data-breach-was-a-year-ago-what-has-dc-done-about-it/ What should consumers do? Get your credit reports at AnnualCreditReport.com. By federal law, consumers can get a free copy of their credit report every 12 months from each of the three big agencies — Equifax, Experian and TransUnion. Examine all your listed accounts and loans to make sure that the personal information is […]