The U.S. Supreme Court has agreed to hear an important case that will decide whether a plaintiff who cannot show any actual harm from a violation of the FCRA nevertheless has standing to sue for statutory damages in federal court. The consequences of the decision will likely extend significantly beyond FCRA litigation and affect numerous other statutes, including the FDCPA and TCPA .
The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) Tuesday announced a settlement with a national mortgage servicing company over charges that it engaged in illegal debt collection and loan servicing practices.
At the request of the Federal Trade Commission, a federal court has halted the operations of a company that calls itself “FTC Credit Solutions.” The company allegedly used false affiliation with the Commission to market bogus credit repair services to Spanish-speaking consumers.
Data furnishers and creditors are quickly coming to understand that increased regulatory focus on data accuracy and quality can be hazardous to their wallets.
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.