Category Archives: News

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 […]

Free Credit Reports Have Been an Invaluable Tool for Consumers—But They Could Be Ending

In April 2020, as the nation began to shut down because of the COVID pandemic, the three national credit bureaus—Experian, Equifax, and TransUnion—jointly announced they would allow Americans to get free credit reports every week. However, there are indications that the bureaus may end the policy by the end of this year. Consumer advocates are […]

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 […]

New Report Shows Progress in the Fight Against Credit Bureau Errors and More—But We Aren’t Done Yet

On January 3, 2023, the Consumer Financial Protection Bureau (CFPB) released a new report assessing the state of the nation’s credit reporting system, particularly the work of the three national credit bureaus, Experian, Equifax, and TransUnion. Compared to last year’s dismal report, the results are encouraging. While there is still a ton of work to be […]

Amateur Golfer Gets Invited to the Masters: Mistakes Like That on Rare on a Golf Course But Common on a Credit Report

Scott Stallings, a Georgia real estate agent, was amazed to open his mail and discover that he’d been invited to play in the Masters, one of the world’s most prestigious golf tournaments. While Stallings is an amateur golfer, once he’d recovered from the shock of receiving the invitation, he and his wife Jennifer realized the […]

T-Mobile Data Breach May Hit Almost 37 Million Customer Accounts

It wasn’t yet Groundhog Day, but news at the end of January felt all too familiar. T-Mobile announced that it has been investigating yet another major data breach. Initial reports are that this hack has potentially compromised the information relating to 37 million accounts, roughly a third of T-Mobile’s customers. This is the second time […]

Credit Bureaus Under Increasing Scrutiny from Feds and Consumers Alike

A little-known governmental entity—the Consumer Financial Protection Bureau (CFPB)—plays a significant, if unnoticed, role in American consumers’ lives. And it could get even bigger. That’s because one of the CFPB’s chief responsibilities is tracking, analyzing, and investigating consumers’ complaints against the national credit reporting agencies. It’s becoming increasingly clear there’s a concern with credit reporting, […]

How Americans Lost $603 Billion by Sticking With Big Banks

We tend to assume that big banks like Citi, Bank of America, Wells Fargo, U.S. Bank, and Chase treat us fairly when we deposit our money with them. Relentless advertisements, featuring smiling families and beloved celebrities, are designed to make us, dare I say, trust these big banks. That trust is totally unwarranted. The Wall Street Journal recently explained how consumers […]

Is There Help Coming for Consumers Impacted by Hurricane Fiona and Ian?

It was clear from the stunning news footage and other coverage that Hurricane Ian and Hurricane Fiona caused enormous physical damage to their communities. Houses were leveled, businesses were left in rubble, and streets became rivers. But, as people lose their homes and jobs or have to wait until insurance checks arrive, the bills somehow […]