New York Consumer Law Blog

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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When collecting judgments, one of the most powerful tools for creditors is running a credit report on the debtor, since the credit report will show where the debtor has applied for credit or opened bank accounts, etc. These creditor reports are usually a gold mine for creditors, since they can lead to loan applications wherein the debtor discloses his true income, and not the “I’m completely busted broke” that the debtor will almost inevitably tell creditors at a debtor’s examination.

The U.
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Consumer reporting agencies (also known as credit reporting agencies or CRAs) compile consumer data primarily for use by "users."  Users are entities that access a consumer's information to gain insight into the consumer's past behavior including prior use of credit (payment history and type of credit accessed), criminal history for a job application, or tenant history in the case of housing.  In the credit context, users rely upon these "consumer reports" to decide if the consumer is a high or low risk borrower for a variety of consumer transactions such as auto purchases, home loans, and credit cards.

Critically, however, consumers have a right to access that data as well.  Several circumstances trigger the credit bureau's duty to provide a consumer with a copy of his or her complete credit file.
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