New research studies from Experian, the leading global information services company, found that by adding on-time alternative payment data to credit report files, millions of consumers could gain access to basic financial services such as loans and credit cards
The CFPB’s Consumer Advisory Board (CAB) meeting in Washington, DC Thursday was used as a platform to reiterate the Bureau’s focus on matters dealing with consumer credit reporting and medical debt, specifically how it is collected and appears on credit reports.
A federal district judge in California late last month dismissed a lawsuit brought against an ARM firm alleging violations under a number of statutes for its promise to mark an account as “paid in full” on a consumer’s credit report even though the consumer was paying only an amount agreed to in a settlement offer.
The Federal Trade Commission has issued a follow-up study of credit report accuracy that found most consumers who previously reported an unresolved error on one of their three major credit reports believe that at least one piece of disputed information on their report is still inaccurate.
A district judge in Georgia last week sided with a debt collector in an FDCPA suit where the consumer plaintiff claimed violations because collection efforts continued after she orally disputed a debt and did not dispute the debt in writing for seven months. The ruling, while positive for the ARM company, further confuses the oral vs. written dispute issue.
The United States Trustee Program, a division of the Justice Department, is investigating several of the largest consumer lenders in the country over their debt collection and portfolio sales tactics relating to accounts owed by consumers under bankruptcy protection, according to The New York Times.
The CDIA is launching a comprehensive and flexible new Metro 2 e-Learning System to provide detailed guidance on the use of the Metro 2, the credit reporting industry’s standard reporting format.
U.S. Representative Maxine Waters (D-Calif.) will propose a bill Wednesday that changes many key provisions of the Fair Credit Reporting Act (FCRA) including a reduction in the time negative information can stay on credit reports and the removal of accounts in collection once paid off.
If you think developing a compliance management system is too costly — try getting sued. A growing trend in CFPB compliance for small- and medium-sized collection agencies and debt buyers is to retain a third party with the experience, skills and infrastructure to help them develop, support and drive their in house compliance management system. […]
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.