Equifax Data Breach

New York Consumer Law Blog

Thursday, March 9, 2017

CFPB Oversight Uncovers And Corrects Credit Reporting Problems

Bureau Report Outlines Accuracy and Other Issues That Bureau Supervision Has Taken Action to Address

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) released a report detailing the problems in the credit reporting industry that the Bureau has uncovered and corrected through its oversight work. Since launching its supervision of the credit reporting market, the CFPB has identified significant issues with the quality of the credit information being provided by furnishers and maintained by credit reporting companies.
Read more . . .

Friday, March 3, 2017

Employer Commits Willful Violation of Fair Credit Reporting Act By Including Waiver In Statutorily Mandated Disclosure

In Syed v. M-I, LLC, the Ninth Circuit held that including waiver of potential claims language in the same document as the statutorily required Fair Credit and Reporting Act disclosure was a violation of FCRA.  In sum, the Court ruled that the FCRA rights notice cannot be combined with any other notice or agreement.  It must be a stand-alone document. In determining that the violation was “willful,” the Court held that the “ordinary meaning of ‘solely’ is alone; singly or entirely; exclusively.
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Wednesday, March 1, 2017

By Law Consumers Are Entitled To One Free Annual Credit Report.

The Federal Fair Credit Reporting Act is law that gives consumers certain rights when companies include your credit report in a decision making process.

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Monday, February 27, 2017

Credit Report Attorney: The mortgage market is now dominated by non-bank lenders

The entire ecosystem of the mortgage markets is fragile, says Burns, which has a chilling effect on the economy.

“The lack of access to credit not only hurts consumers, but it hurts builders and therefore contributes to the lack of affordable housing,” Burns says. “That, in turn, has an impact on the broader economy, because housing construction impacts a lot of segments such as banking, construction workers, home-improvement businesses and more.”

The pullback in lending from banks contributes to the overall decline in homeownership, says Burns, because people with a slightly risky credit profile are underserved.

“The expansion of non-banks in response is a good thing, but we’re still missing a million or more homeowners, in part because many millennials are still not able to get credit through traditional means,” Wachter says.
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Monday, February 27, 2017

NY Times: Avoid Willful Blindness: Know Thy Credit Reports as Part of a Retirement Plan

The three credit bureaus — Experian, TransUnion and Equifax — provide one free report annually.
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Wednesday, February 15, 2017

4 laws that protect your credit rights

In matters pertaining to credit, do you feel like it's you against the world? Sometimes we all feel that way, but in reality, there are rules and regulations to help protect you against credit discrimination, abuse, or improper handling of your information. Consider these four important laws that help protect your credit rights. 


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Thursday, February 9, 2017

How the law protects you and your credit

In matters pertaining to credit, do you feel like it's you against the world? Sometimes we all feel that way, but in reality, there are rules and regulations to help protect you against credit discrimination, abuse, or improper handling of your information. Consider these four important laws that help protect your credit rights. 



Learn more about how our firm helps consumers to level the playing field:

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Wednesday, February 8, 2017

Ninth Circuit Rules an Employer Willfully Violated the Fair Credit Reporting Act by Including Liability Waiver With the Disclosure Form

In a case of first impression, the Ninth Circuit ruled that an employer willfully violated the Fair Credit Reporting Act (FCRA) by including a liability waiver in a disclosure and authorization form that it provided to a job applicant. As a result, the employer could be held liable for statutory damages ranging from $100 to $1,000, punitive damages, as well as attorneys’ fees and costs, even though the employee did not suffer any actual harm. Syed v. M-I, LLC, 2017 WL 242559 (9th Cir. 2017).
Read more . . .

Thursday, January 19, 2017

US’ largest student loan company, Navient, cheated millions, suit alleges

Federal regulators have sued Navient, accusing the biggest U.S. student loan company of making it harder for borrowers to repay loans by giving them bad information, processing payments incorrectly and failing to act on complaints.

The Consumer Financial Protection Bureau filed the federal lawsuit against Navient Corp. and two subsidiaries on Wednesday, seeking restitution for affected borrowers and money penalties.
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Wednesday, January 11, 2017

Americans can't afford to lose Richard Cordray or the CFPB

In its five years as an agency, the CFPB has recovered more than $11 billion for 27 million consumers harmed by illegal practices of financial institutions. The bureau has secured relief in more than 100 cases, directly putting money back in the pockets of American consumers who have been victimized by companies that refuse to follow the law.

In just the last three months, the CFPB has stopped Wells Fargo from opening fraudulent accounts without customers’ knowledge, halted three companies from taking advantage of seniors through reverse mortgages sales, and shut down a scam ripping off lead poisoning victims who were being tricked into signing away their legal settlements.

For the first time in history, American consumers have a vigilant watchdog, yet the CFPB’s opponents—Wall Street banks and financial predators—and their allies in Congress have worked nonstop over the past five years to undercut it.


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Tuesday, January 10, 2017

Free Credit Score? Not Necessarily. Credit Bureaus Busted for Deception

Consumers should know there is no completely free place to get your literal FICO credit score. Zero.

But you are entitled to get one free credit report each year from each of the three bureaus at Read more . . .

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