Equifax Data Breach

FCRA

Sunday, September 24, 2017

Despite Equifax hack, GOP lawmakers want to deregulate credit agencies


Clear partisan lines emerge in response to the Equifax breach. Last week, Democrats introduced the Freedom from Equifax Exploitation Act, barring credit bureaus the ability to charge a fee for freezing consumer credit. House Republicans, on the other hand, propose to undermine credit-industry regulations with new legislation. The Credit Services Protection Act, introduced by Ed Royce (R-Cal.), and the FCRA Liability Harmonization Act, spearheaded by Barry Loudermilk (R-Ga.
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Wednesday, September 13, 2017

143 Million Reasons Congress Shouldn’t Gut the Fair Credit Reporting Act


Congressman Barry Loudermilk’s proposal to weaken the Fair Credit Reporting Act (FCRA) entered the national discourse on the heels of Equifax’s potentially catastrophic data breach. Industry watchdogs highlight the sharp contrast between the need for credit-industry regulation (as evidenced by the Equifax breach) and the coziness with which some Congress members comport themselves to the credit bureaus.

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Tuesday, September 12, 2017

House Bill Would Let Companies Off the Hook for Known & Devastating Mistakes


For nearly half a century, the Fair Credit Reporting Act (FCRA) has empowered American consumers, serving as a deterrent against credit reporting and background check errors—nowadays an all-too-familiar feature of the credit reporting industry. The possibility of punitive damages (available in some matters) supplies the FCRA with a great deal of its bite. Georgia Congressman, Barry Loudermilk introduced a bill (H.R. 2359) to vote last week in the House, which amongst other things, would eliminate consumers’ ability to receive punitive damages, drastically weakening the FCRA.
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Monday, September 11, 2017

Georgia Congressman Must Withdraw His EQUIFAX-Friendly Bill


Industry watch groups are calling on Rep. Barry Loudermilk (R-Ga.) to withdraw proposed legislation that would limit “remedies for consumers who are victims of credit reporting abuses.” A congressional subcommittee met to consider the legislation last Friday as news broke of Equifax’s massive data breach. Rep.
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Monday, September 11, 2017

3 Reasons Breach Victims Might not Want Equifax Credit Monitoring


In response to the July data-breach, Equifax has offered their Trusted ID Premier service in exchange for consumers' right to sue Equifax. Industry watchdogs suggest cause for concern regarding Equifax’s terms. The Federal Trade Commission (FTC) warns that consumers’ vital data may have been stolen within minutes of the breach, and Matt Schulz, senior industry analyst at CreditCards.com, suggests that the information obtained by thieves may be utilized long after the period offered by Equifax to monitor credit reports under the agreement expires.

 

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Friday, September 8, 2017

The Equifax Data Breach: What to Do


Responding to news of Equifax’s huge data breach, the Federal Trade Commission (FTC) offers guidelines for consumers to protect themselves. The FTC suggests that consumers take proactive measures, such as checking their credit reports (available to consumers at  annualcreditreport.com), and monitoring “existing credit card and bank accounts closely for charges you don’t recognize.
Read more . . .


Friday, September 8, 2017

Giant Equifax data breach: 143 million people could be affected


Equifax, one of the “Big Three” credit reporting companies, suffered a major data breach in late July 2017. The breach (made public today) has compromised the accounts of roughly 143 million Americans. In addition to consumers’ credit scores, “loans, loan payments and credit cards, as well as information on everything from child support payments, credit limits, missed rent and utilities payments, addresses and employer history” were obtained by the cyber-criminals.

See Read more . . .


Friday, August 4, 2017

State laws are becoming more restrictive, adding an extra layer of protection for consumers


Criminal background checks are commonplace Applications for certain employment positions. But what about credit checks? Is a job applicant's credit history relevant for employment? May an employer lawfully check a job applicant's credit?  

State and local laws are becoming more restrictive, adding an extra layer of protection for consumers over and above the federal Fair Credit Reporting Act.  

 

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Monday, July 17, 2017

Federal Court Certifies FCRA Class in Dispute Over Content of Disclosures


In Graham v. Pyramid Healthcare Solutions, Inc., 2017 WL 2799928 (M.D. Fl.
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Wednesday, July 5, 2017

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


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

 CFPB Nails Credit Repair Doctors: The credit bureaus not only make mistakes, they fail to conduct adequate reinvestigations of disputes or remove inaccurate information. Instead of complying with these FCRA responsibilities, the bureaus have developed their own lucrative direct-to-consumer channel for selling credit monitoring and identity-theft services to concerned consumers. But, the credit bureaus are so sloppy they’ve also fomented (spawned) an entire add-on predatory industry -- last-dollar credit repair doctors -- that takes advantage of the heightened consumer interest in higher credit scores that’s been driven by the bureaus’ scare-tactic marketing of their own absurdly-priced monitoring products. This week, the CFPB announced penalties of $2 million against 4 California-based credit repair doctors that “charged illegal fees and misled consumers about their ability to fix their credit.


Read more . . .


Monday, July 3, 2017

Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (3/4)


This is part three of a four-part series that looks at how inaccurate credit reporting is being fought by a attorneys, the CFPB, and state AGs. You may read Part 1 here and Part 2


Read more . . .


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