The Consumer Financial Protection Bureau (CFPB) Wednesday announced that it is taking action against an auto finance company that distorted consumer credit records for years.
Business analytics and consumer credit score provider FICO announced Thursday that it has recalibrated its popular FICO Score formula to reflect a “more nuanced way to assess consumer collection information.”
For the first time this year, litigation surrounding the Fair Debt Collection Practices Act increased from one month to the next, but Telephone Consumer Protection Act and Fair Credit Reporting Act litigation decreased compared to the prior month, according to the latest data from WebRecon. However, when comparing data from June 2014 to June 2013, […]
May 2014 was a light month overall for debt collection complaints, and most types of litigation, according to new data from WebRecon. While 3188 consumers filed CFPB complaints against debt collectors – that’s a little more than 100 consumers a day – it still represents a 15.8 percent decline from April 2014. In all, the CFPB […]
From April to May 2014, complaints to the Consumer Financial Protection Bureau about debt collectors fell nearly 16 percent, according to the latest data from WebRecon. There were a total 3188 complaints filed against debt collectors in May 2014, but the data shows that 95 percent of complaints received a timely response, and 69 percent of […]
A new TransUnion analysis found that the reporting of rental payment information to the credit bureaus in a manner similar to other financial obligations could have a positive effect for the majority of subprime consumers’ credit.
A Texas-based company owned and operated by a husband and wife team has agreed to settle Federal Trade Commission charges that it violated federal law by lying to consumer reporting agencies, often referred to as “credit bureaus,” and charging consumers up-front fees before providing its services.
The Consumer Financial Protection Bureau (CFPB) Tuesday released a research report that found consumers’ credit scores may be overly penalized for medical debt that goes into collections and shows up on their credit report. According to the study, credit scoring models may underestimate the creditworthiness of consumers who owe medical debt in collections.
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The CFPB does not want debt collectors to tell consumers that paying their debts might help them to improve their credit score. Nor does the CFPB want collectors to encourage consumers to pay by informing them that their failure to do so might harm their credit. Is this position consistent with case law on this subject?