New York Consumer Law Blog

In matters pertaining to credit, do you feel like it's you against the world? Sometimes we all feel that way, but in reality, there are rules and regulations to help protect you against credit discrimination, abuse, or improper handling of your information. Consider these four important laws that help protect your credit rights. 

http://theweek.com/articles/677173/how-law-protects-credit

Learn more about how our firm helps consumers to level the playing field:

http://nyconsumerlaw.com/lawyer/Practice-Areas_cp16171.
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In a case of first impression, the Ninth Circuit ruled that an employer willfully violated the Fair Credit Reporting Act (FCRA) by including a liability waiver in a disclosure and authorization form that it provided to a job applicant. As a result, the employer could be held liable for statutory damages ranging from $100 to $1,000, punitive damages, as well as attorneys’ fees and costs, even though the employee did not suffer any actual harm. Syed v. M-I, LLC, 2017 WL 242559 (9th Cir. 2017).
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Federal regulators have sued Navient, accusing the biggest U.S. student loan company of making it harder for borrowers to repay loans by giving them bad information, processing payments incorrectly and failing to act on complaints.

The Consumer Financial Protection Bureau filed the federal lawsuit against Navient Corp. and two subsidiaries on Wednesday, seeking restitution for affected borrowers and money penalties.
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In its five years as an agency, the CFPB has recovered more than $11 billion for 27 million consumers harmed by illegal practices of financial institutions. The bureau has secured relief in more than 100 cases, directly putting money back in the pockets of American consumers who have been victimized by companies that refuse to follow the law.

In just the last three months, the CFPB has stopped Wells Fargo from opening fraudulent accounts without customers’ knowledge, halted three companies from taking advantage of seniors through reverse mortgages sales, and shut down a scam ripping off lead poisoning victims who were being tricked into signing away their legal settlements.

For the first time in history, American consumers have a vigilant watchdog, yet the CFPB’s opponents—Wall Street banks and financial predators—and their allies in Congress have worked nonstop over the past five years to undercut it.

http://thehill.
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Consumers should know there is no completely free place to get your literal FICO credit score. Zero.

But you are entitled to get one free credit report each year from each of the three bureaus at Read more . . .

In congressional hearing rooms and on national television, Wells Fargo has vowed to make things right for the thousands of customers who were given sham accounts.

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The people who would like to see large banks unleashed, without any meaningful regulation, want Donald Trump to fire Rich Cordray, the terrific director of the Consumer Financial Protection Bureau, or CFPB. Under the law, Trump could only remove Cordray for “inefficiency, neglect of duty, or malfeasance in office.” Banking lobbyists, who are leading the campaign to oust Cordray, say Trump would have reason to do so.

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A U.S. regulator on Tuesday ordered credit reporting agencies TransUnion and Read more . . .

The Consumer Financial Protection Bureau (CFPB) today took action against Equifax, Inc., TransUnion, and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The companies also lured consumers into costly recurring payments for credit-related products with false promises. The CFPB ordered TransUnion and Equifax to truthfully represent the value of the credit scores they provide and the cost of obtaining those credit scores and other services. Between them, TransUnion and Equifax must pay a total of more than $17.
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Is your most sensitive information protected in the hands of your health care provider?  How well is it protected?

When identity theft takes a toll on your credit report, know your rights under the Fair Credit Reporting Act.  The statute entitles you the "maximum possible accuracy" of the information contained in your credit report.

 Visit http://nyconsumerlaw.com/lawyer/Credit-Report-Errors_cp16177.htm for more information.

Most people know that maintaining their credit score in good standing is crucial to their financial health. After all, their credit score can have a significant impact on many aspects of their life. Credit scores can affect a person’s ability to buy a home, car, insurance, and may even affect their ability to obtain employment. However, what most people do not know is that credit reporting agencies (CRAs) and credit furnishers often make a multitude of mistakes when recording a credit score and credit report.
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