New York Consumer Law Blog

Friday, March 31, 2017

Services Offer Some Benefits but Are Limited in Preventing Fraud

What GAO Found

Identity theft services offer some benefits but have limitations.

  • Credit monitoring helps detect new-account fraud (that is, the opening of new unauthorized accounts) by alerting users, but it does not prevent such fraud or address existing-account fraud, such as misuse of a stolen credit card number. Consumers have alternatives to credit monitoring, including requesting a low-cost credit freeze, which can prevent new-account fraud by restricting access to the consumers' credit report.
  • Identity monitoring can alert consumers to misuse of certain personal information by monitoring sources such as public records or illicit websites, but its effectiveness in mitigating identity theft is unclear.

Read more . . .


Friday, March 31, 2017

Wells Fargo is having a hard time getting Americans to sign up for credit cards these days.


Wells Fargo is having a hard time getting Americans to sign up for credit cards these days.

Credit card applications at Wells Fargo plunged by 55% in February, the sharpest decline since the bank's fake account scandal erupted last September.

Another sign of trouble: Wells Fargo (Read more . . .


Thursday, March 30, 2017

Held by Maryland’s Highest Court: Midland Funding


Held by Maryland’s Highest Court:

Midland Funding waived its right to arbitration when it sued Mr. Cain in small claims court.  Because Midland was unlicensed when they sued him, the judgment against him and all other class members is VOID.


Read more . . .


Friday, March 24, 2017

Advocates Applaud CFPB for Enforcement Action against Experian for Deceptive Marketing of Credit Scoring Products


(BOSTON) Today, the Consumer Financial Protection Bureau (CFPB) Read more . . .


Thursday, March 23, 2017

CFPB Fines Experian $3 Million for Deceiving Consumers in Marketing Credit Scores


The Consumer Financial Protection Bureau (CFPB) today took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions. In fact, lenders did not use Experian’s scores to make those decisions. The CFPB ordered Experian to truthfully represent how its credit scores are used. Experian must also pay a civil penalty of $3 million.
Read more . . .


Monday, March 13, 2017

Credit Reports to Exclude Certain Negative Information, Boosting FICO Scores


Equifax, Experian and TransUnion recently decided to remove tax-lien and civil-judgment data starting around July 1, according to the Consumer Data Industry Association, a trade group that represents them. The firms will do so if those data don’t include a complete list of at least three data points: a person’s name, address and either a social security number or date of birth.

Many liens and most judgments don’t include all three or four. This change will apply to new tax-lien and civil-judgment data that are added to credit reports as well as existing data on the reports. 

https://www.
Read more . . .


Sunday, March 12, 2017

CFPB: SUPERVISORY HIGHLIGHTS CONSUMER REPORTING SPECIAL EDITION (ISSUE 14)


Supervision’s work in the consumer reporting market is ongoing and remains a high priority. Consumer reporting companies and furnishers have an obligation to maintain the accuracy of consumer data, but experience indicates that they lack incentives and under-invest in accuracy. Indeed, these most recent supervisory findings underscore Supervision’s concern about the lack of resources that furnishers in particular have devoted to this important function and the resulting violations of law. We have targeted substantial resources to improve the accuracy of consumer information, and we will continue to do so. We have observed steady progress at consumer reporting companies to improve data governance.
Read more . . .


Thursday, March 9, 2017

IF THE CFPB IS WEAKENED, WON’T THE CREDIT BUREAUS RUN AMOK (AGAIN?)


 You can also read Director Cordray’s full remarks on the report to the CFPB Consumer Advisory Board last week.

“Consumer reporting, also known as credit reporting, is an important market that for many years has not been very transparent and generally is not well understood by consumers. It is also one of the markets where people cannot vote with their feet by choosing another provider if they are dissatisfied, which means that industry incentives and practices are not always aligned with the interests of consumers.
Read more . . .


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.
Read more . . .


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.

Read more . . .


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