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 […]
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 […]
House lawmakers are poised to pass the “crown jewel” of the GOP-led regulatory reform effort on Thursday, effectively gutting the Dodd-Frank financial regulations that were put in place during the Obama administration. Called the Financial Choice Act, the Republican bill seeks to undo significant parts of the 2010 financial reform law. Crafted by House Financial […]
Some of the problems that the CFPB documented in its report include: • No programs to test the accuracy of credit reports that the CRCs produced, prompting Director Cordray to remark “we were surprised to find that [the CRCs’] quality control systems were either rudimentary or virtually non-existent.” •Deficiencies regarding the CRCs’ relationship with furnishers and […]
As the CRCs roll out improvements under NCAP [National Consumer Assistance Plan], tax lien and public records data that historically was used to calculate consumers’ credit scores likely will be eliminated entirely or in part. With those changes in mind, VantageScore 4.0: – Distinguishes medical collections from other types of collection accounts, ignores medical collections less than […]
Alarm bells are ringing because one of the largest subprime auto lenders in the nation — Santander Consumer USA — only checked the incomes of 8% of its applicants, according to a new report from Moody’s Investors Service. Subprime refers to loans made to people with poor credit. “A lack of income verification…creates more uncertainty […]
CBCInnovis, a leading provider of credit reporting and data validation services to the mortgage lending industry, announced today its alignment with data and analytics company LexisNexis® Risk Solutions to offer the LexisNexis® RiskView Liens & Judgments Report. This new FCRA product enables lenders to fill the gap left behind when the National Credit Reporting Agencies cease […]
Americans went on a massive shopping spree for cars and trucks in recent years. Many paid for their vehicles by taking out a loan. A record 107 million Americans have auto loan debt, according to data released this week by the Federal Reserve Bank of New York. That’s about 43% of the entire adult population in the […]
Some drivers say they have been wrongly barred from jobs due to inaccuracies in their DAC reports, and that HireRight and its rivals don’t do enough to verify claims or correct mistakes. In 2011, HireRight paid $28 million to settle a class-action lawsuit with more than 650,000 plaintiffs who accused it of failing to properly […]
A CBS News investigation has uncovered over 4,000 complaints against AT&T and DirecTV related to deals, promotions and overcharging in the past two years. Customers who try to opt out of their contracts are forced to pay early termination fees and are not allowed to file lawsuits. http://www.cbsnews.com/videos/at-t-faces-thousands-of-complaints-about-overcharging-for-services/