New York Consumer Law Blog

Tuesday, October 16, 2018

How this 54-year-old Alaskan oil worker got a perfect credit score

Only the top 1 or 2 percent of people will have a 'perfect' 850 credit score," Rod Griffin, director of consumer awareness at Experian, tells CNBC Make It. "And it probably won't stay that way. Scores move up and down as your credit history changes. If you increase your balances, open a new account, or have old information fall off your report, your score might slip down or bounce back up.

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Monday, October 15, 2018

Thousands line up for zero-down-payment, subprime mortgages

Borrowers can have low credit scores, but have to go through an education session about the program and submit all necessary documents, from income statements to phone bills.

https://www.
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Monday, October 8, 2018

Equifax data breach was a year ago – what has DC done about it?

https://www.cbsnews.com/news/equifax-data-breach-was-a-year-ago-what-has-dc-done-about-it/

What should consumers do?

Get your credit reports at AnnualCreditReport.

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Thursday, October 4, 2018

FCRA Developments: Updated Summary of Rights & “Stand-Alone” Disclosure Need Not Be Separate In Time

Job applicants have important federal rights regarding their background checks. That includes being provided with a copy of a summary of those rights. It also includes important rights concerning inaccurate information on a background check report.

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Wednesday, October 3, 2018

Facebook Security Breach Exposes Accounts of 50 Million Users

Facebook said on Friday that an attack on its computer network had exposed the personal information of nearly 50 million users.

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Friday, September 28, 2018

Compliance Now Required: New FCRA Summary of Rights Released

The Consumer Financial Protection Bureau issued a new FCRA "Summary of Rights" form, effective September 21, 2018

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Monday, September 17, 2018

D.C. was up in arms over Equifax breach — what happened?

There has been little to no action in Congress that relates to the Equifax data breach or enacting legislation which creates future remedies or legislation designed to prevent such massive data breaches,” said Jim Francis, an attorney at Francis & Mailman, a firm that focuses on consumer protection litigation.

https://www.americanbanker.

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Wednesday, September 12, 2018

Students, families struggle to repay billions in crushing loan debts

Remember, consumers have a right to have accurate information on credit reports, even if related to student loans.

http://www.
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Tuesday, August 14, 2018

FBI warns banks about potential ATM hacking scheme

The FBI is warning financial institutions that their ATMs could be targeted in a hacking attempt.

The threat was reported Sunday by Krebs On Security, a popular cybersecurity blog run by the journalist Brian Krebs.

Krebs reported that the scheme is known as an "ATM cash-out," which means the attackers can hack a bank or payment card processor and use stolen information to withdraw large sums of money at ATMs worldwide. His report cited a confidential alert the FBI shared with banks last Friday.
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Monday, August 6, 2018

Wells Fargo says hundreds of customers lost homes after computer glitch

Wells Fargo said the computer error affected "certain accounts" that were undergoing the foreclosure process between April 2010 and October 2015, when the issue was corrected.

About 625 customers were incorrectly denied a loan modification or were not offered one even though they were qualified, according to the filing. In about 400 cases, the customers were ultimately foreclosed upon.

https://money.cnn.com/2018/08/04/news/companies/wells-fargo-mortgage-modification/index.html

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Wednesday, August 1, 2018

Wells Fargo has agreed to pay a $2.09 billion fine for issuing mortgage loans it knew contained incorrect income information, the Justice Department announced Wednesday.

This is a developing story. More to come...
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Previous Posts

How this 54-year-old Alaskan oil worker got a perfect credit score
Thousands line up for zero-down-payment, subprime mortgages
Equifax data breach was a year ago – what has DC done about it?
FCRA Developments: Updated Summary of Rights & “Stand-Alone” Disclosure Need Not Be Separate In Time
Facebook Security Breach Exposes Accounts of 50 Million Users
Compliance Now Required: New FCRA Summary of Rights Released
D.C. was up in arms over Equifax breach — what happened?
Students, families struggle to repay billions in crushing loan debts
FBI warns banks about potential ATM hacking scheme
Wells Fargo says hundreds of customers lost homes after computer glitch

Blog Categories

Auto Loans
Background Check Errors
Class Actions
Consumer Financial Protection Bureau (CFPB)
Credit Cards
Credit Report Errors
Credit Scores
Cybercrime
Debt Collection and Harassment
Deceptive Acts and Practices
FCRA
Fraud
Identity Theft
Legislation
News
Robocalls
Tax/Judgment Liens
TCPA

Blog Links

Archived Posts
2018
October
How this 54-year-old Alaskan oil worker got a perfect credit score
Thousands line up for zero-down-payment, subprime mortgages
Equifax data breach was a year ago – what has DC done about it?
FCRA Developments: Updated Summary of Rights & “Stand-Alone” Disclosure Need Not Be Separate In Time
Facebook Security Breach Exposes Accounts of 50 Million Users
September
Compliance Now Required: New FCRA Summary of Rights Released
D.C. was up in arms over Equifax breach — what happened?
Students, families struggle to repay billions in crushing loan debts
August
FBI warns banks about potential ATM hacking scheme
Wells Fargo says hundreds of customers lost homes after computer glitch
Wells Fargo has agreed to pay a $2.09 billion fine for issuing mortgage loans it knew contained incorrect income information, the Justice Department announced Wednesday.
July
Senate looks to fix “broken” credit reporting system
Forty Percent of Americans can't cover a $400 emergency expense
FTC Testifies Before Senate Banking Committee on Fair Credit Reporting Act
June
Credit problems may hinder job search
Free credit freezes are coming soon
May
Congress just made credit freezes free
April
This bill could weaken the protection of a credit freeze
Synchrony Bank accused of accessing individual's credit report in attempt to collect discharged debt
China's behavior monitoring system bars some from travel, purchasing property
Wells Fargo fined $1 billion for insurance and mortgage abuses
Breaches at Lord & Taylor, Saks, & MyFitnessPal
Was your Facebook data shared with Cambridge Analytica? You can now find out
How to Avoid a Renovation Nightmare
Fin7 Syndicate Hacks Saks Fifth Avenue and Lord & Taylor Stores
March
Statement by the Acting Director of FTC’s Bureau of Consumer Protection Regarding Reported Concerns about Facebook Privacy Practices S
How much is your personal information selling for?
Consumer Protection in the States: A 50-State Evaluation of Unfair and Deceptive Practices Laws
The New ID Theft: Millions of Credit Applicants Who Don’t Exist
Credit Bureaus Let Wrongdoers Run Amok, Disrupt Mortgage-Seekers
Trump is systematically backing off consumer protections, to the delight of corporations
Consumers Should Have More Control Over Credit Reports. We Agree.
Welcome to National Consumer Protection Week 2018
Mexican Man Assumes American's Identity for 37 Years, Steals $361,000 in Government Benefits
February
Consumer Protection Bureau structure upheld in blow to Trump's deregulation efforts
Consumer Finance Protection Bureau Probes Equifax
January
https://www.cnbc.com/2018/01/18/how-often-you-should-pay-off-your-credit-card-bill.html
Equifax isn’t going to like new Senate bill
Equifax Says It Will Hand Over New York Data Breach Info
The security of pretty much every computer on the planet has just gotten a lot worse
2017
December
TzedekDC (tzedekdc.org) is a new Jewish lawyers group dedicated to providing pro bono debt representation for the poor.
Ninth Circuit Court of Appeals: FCRA bars background check liability waiver
When it comes to financial consumer protection state attorneys general wield an additional potentially powerful weapon.
President Trump appears poised to select a nominee — in a matter of weeks — to serve as the next director of the CFPB.
Millions of errors found within consumer credit reports
7 Ways to Protect Yourself From Online Identity Theft
Meet the man who used to steal your identity
November
CFPB Fines Xerox for Furnishing Incorrect Information to Credit Reporting Agencies
Uber was hacked in 2016, and data on 57 million people was exposed
Is Trump breaking the law?
Ranking Member Bill Nelson (D-FL) of the Senate Commerce Committee released the report "Are You Getting the Credit You Deserve? Credit Reports Are Still Plagued by Millions of Errors"...
The vast majority of Americans -- across the political spectrum -- benefit from the protections of the Consumer Financial Protection Bureau. Here's one example from this piece:
Trump likely to tap budget director Mulvaney as interim CFPB chief
Richard Cordray to step down as head of Consumer Financial Protection Bureau
Data Breaches
October
Top-Ranking for the Law Office of Adam G. Singer
Equifax says 2.5M additional individuals potentially victimized during data breach
Equifax interim CEO pens apology after data breach
Elizabeth Warren to Wells Fargo CEO: 'You should be fired'
Why Equifax will continue to profit by selling your personal information
September
The real problem with credit reporting is the astounding number of errors
Liens and Judgments Data: Not Gone for Good
Equifax CEO Richard Smith is out after stunning data breach
Cuomo Proposes Stricter Regulations for Credit Reporting Agencies
Despite Equifax hack, GOP lawmakers want to deregulate credit agencies
Machine-learning promises to shake up large swathes of finance
Your Credit Score Could Make or Break Your Love Life
Equifax Security Breach: Agency Websites Melt Down Under Surge
143 Million Reasons Congress Shouldn’t Gut the Fair Credit Reporting Act
House Bill Would Let Companies Off the Hook for Known & Devastating Mistakes
CFPB Rule Fight Forces Senators to Choose: Military Families or Big Banks
Georgia Congressman Must Withdraw His EQUIFAX-Friendly Bill
3 Reasons Breach Victims Might not Want Equifax Credit Monitoring
The Equifax Data Breach: What to Do
Giant Equifax data breach: 143 million people could be affected
Even more Explosions Possible at Texas Flooded Plant
August
Ford to look beyond credit scores in sales push
State laws are becoming more restrictive, adding an extra layer of protection for consumers
July
Trump and Cordray: Five Scenarios for the CFPB
As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away
Federal Court Certifies FCRA Class in Dispute Over Content of Disclosures
It just got easier for you to sue your bank and credit card company.
Wells Fargo customers who had fake accounts created in their names are a step closer to some payback.
Notice of Sabre Data Security Incident Impacting Guest Payment Card Information
TransUnion to pay $60 million to consumers flagged as criminals
Debt Collection Was the Most Complained About Financial Service Among Older Consumers for March
Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (4/4)
Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (3/4)
June
Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta of CFPB, State AGs, and Consumer Lawyers (2/4)
Sloppy Credit Bureaus, Sketchy Credit Doctors Slammed by Trifecta Of CFPB, State AGs, and Consumer Lawyers (1/4)
Your Credit Score May Soon Look Better
Consumers misidentified as terrorists win $60 million verdict
Robocalls Hijacking Your Voicemail Is ‘Invasive and Abusive,’ Say Lawmakers
Americans are suddenly defaulting on their credit cards
Burger Chain Faces FCRA Class Action Lawsuit Over Background Checks
Your consumer protections, on the brink of destruction in Congress
House passes sweeping bill to strip back financial rules
House to vote on killing Dodd-Frank today
CFPB Report Details Problems, New Requirements Consumer Reporting Companies Must Implement
May
CRCs Might Now Ignore Certain Kinds of Data in Calculating Your Credit Score
Big auto lender only checked 8% of applicants' incomes
One Step Forward, One Step Back?
A record 107 million Americans have car loans
Job applicants claim inaccurate background check report prevent them from finding a job
AT&T faces thousands of complaints about overcharging for services
Massive ransomware attack hits 99 countries
Wronged Wells Fargo customers are finally getting a bit of payback
House GOP’s Bill to Eliminate Nearly All Class Actions Would Encourage More Ponzi Schemes & Other Corporate Cheating
CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers in Marketing Credit Scores and Credit Products
April
How You Could Get $500 Per Call For Those Unwanted Messages Six Years Ago
Beware, mortgage seekers: Random, online ‘credit scores’ are not always reliable
Supervisory Highlights Consumer Reporting Special Edition Issue 14, Winter 2017
Wells Fargo Introduces Cardless ATMs
Sub prime auto loans - Auto lenders can steer vulnerable people into crushing debt
Should you give your kids access to your credit card?
Data breaches cause an increase in credit card fraud
March
Services Offer Some Benefits but Are Limited in Preventing Fraud
Wells Fargo is having a hard time getting Americans to sign up for credit cards these days.
Held by Maryland’s Highest Court: Midland Funding
Advocates Applaud CFPB for Enforcement Action against Experian for Deceptive Marketing of Credit Scoring Products
CFPB Fines Experian $3 Million for Deceiving Consumers in Marketing Credit Scores
Credit Reports to Exclude Certain Negative Information, Boosting FICO Scores
CFPB: SUPERVISORY HIGHLIGHTS CONSUMER REPORTING SPECIAL EDITION (ISSUE 14)
IF THE CFPB IS WEAKENED, WON’T THE CREDIT BUREAUS RUN AMOK (AGAIN?)
CFPB Oversight Uncovers And Corrects Credit Reporting Problems
Employer Commits Willful Violation of Fair Credit Reporting Act By Including Waiver In Statutorily Mandated Disclosure
By Law Consumers Are Entitled To One Free Annual Credit Report.
February
Credit Report Attorney: The mortgage market is now dominated by non-bank lenders
NY Times: Avoid Willful Blindness: Know Thy Credit Reports as Part of a Retirement Plan
4 laws that protect your credit rights
How the law protects you and your credit
Ninth Circuit Rules an Employer Willfully Violated the Fair Credit Reporting Act by Including Liability Waiver With the Disclosure Form
January
US’ largest student loan company, Navient, cheated millions, suit alleges
Americans can't afford to lose Richard Cordray or the CFPB
Free Credit Score? Not Necessarily. Credit Bureaus Busted for Deception
Wells Fargo Killing Sham Account Suits by Using Arbitration
Will Trump Cave to Wall Street Pressure & Fire CFPB Chief in a Nixonian Saturday Night Massacre?
U.S. fines TransUnion, Equifax for deceit over credit scores
Credit Bureaus Trans Union and Equifax must pay more than $20 million for deceiving consumers in the sale of credit reports
2016
December
Medical Identity Theft
November
WHAT YOU SHOULD KNOW ABOUT MAINTAINING YOUR CREDIT SCORE
Wells Fargo Shows Its Deepest Remorse
Credit Reports Of Debtors Off-Limits In Other Than Credit Transaction Judgments Says Rodriguez Court
Your Right to Know - Your Consumer Credit File Under the Fair Credit Reporting Act
October
Wells Fargo is "feeling the pinch" after stealing from countless consumers. Not.
Ruling on CFPB's Unconstitutionality Leaves Agency Intact
IRS Scam Center Busted -- Wall Street Journal
Class Actions or No Action
September
My Presentation Next Week at the NYC Real Estate Expo
Should Wells Fargo be forced to pay what it cannot "claw back"?
Corporate corruption runs very deep
Winner: 2016 WEBAWARD FOR OUTSTANDING ACHIEVEMENT in Web Development
How the careless errors of credit reporting agencies are ruining people’s lives: Their files are full of obvious mistakes that the companies are in no rush to correct.
Math is Racist and How Big Data Is Coming For You (Wait, It's Already Here)
What Do Consumer Reports Cover? More than Just "Credit Reports"
Who's responsible when a loved one passes away with outstanding debt?
Returning an Auto Lease: The Right Way
August
Disputing Credit Report Errors: An Overview
CFPB Finds Credit Report Errors Still a Problem
NYC Tenant Blacklists: The FCRA and Tenant Background Reports
Has undiscovered identity theft damaged your credit score?
The Perils of Identity Theft
Credit Report Errors

What should consumers do?

The FBI is warning financial institutions that their ATMs could be targeted in a hacking attempt.

This is a developing story. More to come...Read more . . .

This is a developing story. More to come...
Read more . . .