Equifax Data Breach Obtain My File Disclosures for Free
Learn What's
Reporting about You

New York Consumer Law Blog

Friday, June 30, 2017

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (2/4)

This is part two of a four-part series that looks at how inaccurate credit reporting is being fought by a attorneys, the CFPB, and state AGGs. You may read Part 1 here.

On July 1, thanks to the efforts of a bi-partisan, multi-state enforcement effort by 31 state Attorneys-General, 12 million consumers will see their credit scores increase by up to 20 points; 700,000 of them will see increases of as much as 40 points as certain negative public records, including tax liens and court judgements, drop off their credit reports.

Read more . . .

Thursday, June 29, 2017

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta Of CFPB, State AGs, and Consumer Lawyers (1/4)

This is part one of a four-part series that looks at how inaccurate credit reporting is being fought by a attorneys, the CFPB, and state AGGs.

In the news this month are several successful efforts to improve credit report accuracy, compensate the victims of credit bureau malfeasance and also to bring some credit repair doctors to heel. Did it take a village? No, it took a combination of strong consumer laws, a strong CFPB, tough state attorneys general working on a bi-partisan basis and, finally, consumer attorneys engaged in private enforcement of the laws as another line of defense. For markets to work fairly, consumers need all these levels of protection.

In addition to demonstrating the importance of layered consumer protection and enforcement mechanisms, the cases also show that it is important to regulate the bureaus and hold them accountable, because despite their arrogant disregard for meeting the accuracy and reinvestigation standards of the law, they serve as gatekeepers to financial and employment opportunity.

Read more . . .

Wednesday, June 28, 2017

Your Credit Score May Soon Look Better

About 12 million people will get a lift in their credit scores next month as the national credit reporting agencies wipe from their records two major sources of negative information about borrowers: tax liens and civil judgments.

The change stems from a lengthy crusade by consumer advocates and government officials to force the credit bureaus to improve the accuracy of their reports, which are often speckled with errors and outdated information. Those mistakes can limit borrowers’ access to credit cards, auto loans and mortgages, or saddle them with higher borrowing costs.

Starting July 1, the three major credit reporting companies — Equifax, Experian and TransUnion — will enforce stricter rules on the public records they collect, requiring each citation to include the subject’s name, address and either their Social Security number or date of birth. Nearly all civil judgments and at least half of the nation’s tax lien records do not meet the new standards, and will be eliminated from consumer credit reports.
Read more . . .

Monday, June 26, 2017

Consumers misidentified as terrorists win $60 million verdict

A jury in California last week awarded $60 million in statutory and punitive damages to more than 8,000 consumers who sued TransUnion, one of the three credit reporting agencies.

The consumers filed the class action, claiming that TransUnion violated the Fair Credit Reporting Act (FCRA) when it misidentified them in their credit reports as terrorists and drug traffickers. It turns out the real bad guys had names that were similar to the plaintiffs in the case.

The plaintiffs will each receive more than $7,300 as their share of the award, after they were wrongly identified in their credit reports as being engaged in criminal activity.

The FCRA requires credit reporting agencies to ensure that the information contained in consumers' credit reports is as accurate as possible.
Read more . . .

Friday, June 16, 2017

Robocalls Hijacking Your Voicemail Is ‘Invasive and Abusive,’ Say Lawmakers

There is a new type of automated call sneaking up on American consumers: ringless voicemails, the quieter cousin of what some people call the “annoying robocall.” The messages go straight to voicemail, without ringing your phone.

"I've received at least a hundred of these voicemails," said Sue Merritt, president of Lenox Fit in Lenox, Massachusetts. And they often come from area codes where she has important contacts.

"I'm a cancer survivor, I still get calls from my hospital in Boston, so for example when a 617 area code comes up I feel very compelled to deal with that right away," Merritt told NBC News.
Read more . . .

Tuesday, June 13, 2017

Americans are suddenly defaulting on their credit cards

The American economy has looked pretty robust of late — unemployment just hit a 16-year low, and stocks recently reached an all-time high. This makes it all the more curious that Americans have suddenly stopped paying off their credit-card bills at a rapid rate.

In the past two fiscal quarters, banks reported a steep rise in credit-card charge-offs — debt that companies can't collect from their customers — according to a report from Moody's.

The sharp increase, the largest since 2009, is especially unusual given how strong the US employment market has been, Moody's noted. It suggests that American consumers haven't fallen on hard times so much as banks have started to loosen their standards and issue credit more aggressively.
Read more . . .

Monday, June 12, 2017

Burger Chain Faces FCRA Class Action Lawsuit Over Background Checks

A potential class action lawsuit brought by a former employee against Five Guys claims the popular burger chain violated the federal Fair Credit Reporting Act (FCRA) and California labor law by conducting background checks on employees without properly notifying them, according to a report from BigClassAction.com.

BigClassAction.com reports that the plaintiff, Jeremy R. Lusk, claims Five Guys “regularly secured credit and background reports on employees, conducted background checks on potential, current, and former employees, and used this information to make hiring decisions without providing clear disclosures.
Read more . . .

Friday, June 9, 2017

Your consumer protections, on the brink of destruction in Congress

When Congress sought to make sure that abuses by the financial industry that put our economy on the brink of collapse would never be repeated, it created the Consumer Financial Protection Bureau. Since its founding in 2011, the CFPB has delivered resoundingly, providing $12 billion in relief to 29 million consumers wronged by banks and other institutions.

That success has some members of Congress — their campaigns well funded by the financial industry — lining up to gut the bureau’s powers, with a bill expected to head to a House vote this week.

 The impact of the CHOICE Act on consumers is so potentially devastating that together with three colleagues I wrote and 158 experts in financial services regulation, consumer protection and housing policy signed a letter to Congress urging its rejection.

 The bill would take away the CFPB’s ability to inspect banks, mortgage brokers, foreclosure relief firms, student and payday lenders, debt collectors, credit reporting agencies and auto financing companies to ensure they accurately disclose credit terms to borrowers and that they comply with laws that protect consumers from fraud and other wrongdoing.
Read more . . .

Friday, June 9, 2017

House passes sweeping bill to strip back financial rules

The House of Representatives on Thursday passed sweeping legislation to strip and replace much of the financial regulations passed under former President Barack Obama after the 2008 financial crisis.

The House passed the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, 233-186, along party lines. The bill is not expected to pass the Senate. 

Sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), the CHOICE Act is the most ambitious Republican effort to roll back the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010. Republicans have long targeted Dodd-Frank, saying it has created a crushing regulatory burden that suffocates small businesses and banks while empowering unaccountable bureaucrats.
Read more . . .

Thursday, June 8, 2017

House to vote on killing Dodd-Frank today

Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.

Read more . . .

Sunday, June 4, 2017

CFPB Report Details Problems, New Requirements Consumer Reporting Companies Must Implement

Have you been a victim of ID theft?  Check your credit report for errors at annualcreditreport.com.

Read more . . .

Archived Posts


© 2018 Law Office of Adam G. Singer, PLLC | Disclaimer | Attorney Advertising
60 E. 42nd St., Suite 4600, New York, NY 10165
| Phone: 212.842.2428
254 S. Main St., Suite 516, New City, NY 10956
| Phone: 212.842.2428
445 Hamilton Ave., Suite 1102, White Plains, NY 10601
| Phone: 212.842.2428

About | Practice Areas | FAQ

Law Firm Website Design by
Amicus Creative