New York Consumer Law Blog

Thursday, July 2, 2020

Banks Have No Idea Who’s Creditworthy Anymore - The Wall Street Journal

Prepandemic, deferrals weren’t much of a problem for banks. They were used rarely for most types of consumer debt and were usually confined to areas hit by natural disaster. Now, a staggering number of consumers around the U.S. are in deferral or other repayment programs, leading banks to question whether the credit scores and reports they have relied on for decades are reflecting applicants’ true level of risk.
Read more . . .

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Thursday, July 2, 2020

Supreme Court Orders Restructuring of Consumer-Finance Watchdog - The Wall Street Journal

https://www.wsj.com/articles/supreme-court-orders-restructuring-of-consumer-financial-protection-bureau-11593441215

The court rejected broader legal arguments that it should strike down the bureau—which was designed to protect consumers from abusive financial-industry practices on products like mortgages, student loans and credit cards—altogether.
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Wednesday, July 1, 2020

FBI Warns of Potential Fraud in Antibody Testing for COVID-19

ID theft comes in all flavors. If you believe your personal identifier information has been compromised, visit annualcreditreport.com for free credit reports or purchase your credit reports and scores at myfico.com (for each of the three bureaus Equifax, Experian, and TransUnion).

Scammers are marketing fraudulent and/or unapproved COVID-19 antibody tests, potentially providing false results.
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Friday, June 26, 2020

An alarming number of people are complaining about their Citi credit card accounts

Problems with Citi or Synchrony bank credit cards? If inaccurate credit reporting is involved, our firm may be able to help.

https://www.
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Tuesday, May 5, 2020

"Lifelock’s Marketing Stunt Went Terribly, Laughably Wrong” by Sean Kernan

https://link.medium.com/zCLWzOure6

Our firm represents ID theft victims to address the credit report fallout.
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Thursday, April 23, 2020

Weekly Free Credit Reports Available

Free credit reports usually come once a year. Hence the website name Read more . . .

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Thursday, April 23, 2020

What Consumers Need to Know About New Credit Reporting Protections re: Mortgage Payments

CARES Act § 4021 provides less than minimal protections regarding credit reporting. From January 31, 2020 until 120 days after the end of the national state of emergency, if a creditor has made an accommodation (such as a forbearance or workout) for a consumer pursuant to the state of emergency, the creditor shall report that account with the same status as prior to the accommodation to a consumer reporting agency, i.e., if an account was current it shall continue to be reported as current, while a delinquent account shall continue be reported as delinquent. The exceptions are (1) the provision does not apply to charged-off accounts and (2) if the account was delinquent and the consumer manages to bring the account current during the period of accommodation, the account shall be reported as current.
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Friday, April 17, 2020

Dealing With Debt Collectors - The Video Series

Dealing with debt collectors? Check out this video series from the National Association of Consumer Advocates.

https://www.youtube.
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Tuesday, April 7, 2020

How The Economic Machine Works

https://www.youtube.com/watch?v=PHe0bXAIuk0

"The important part of the economy is credit.
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Monday, April 6, 2020

Major Consumer Protections Announced in Response to COVID-19 UPDATED WITH CARES ACT

https://library.nclc.org/major-consumer-protections-announced-response-covid-19

This article, which will be updated as developments warrant, lists actions Congress, governors, federal and state agencies, and businesses are taking to protect consumers in light of the COVID-19 epidemic.
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Thursday, April 2, 2020