New York Consumer Law Blog

Tuesday, November 6, 2018

Stanford Facing FCRA Class Action (Again)


Stanford University is facing a new Fair Credit Reporting Act class action with, potentially, over a thousand class members. And it’s not the first time Stanford has faced these claims.  Notably, this isn’t the first time that Stanford has faced FCRA claims for the disclosures in their application forms. In 2015, Stanford faced precisely the same claims from another employee. Read more . . .


Friday, October 26, 2018

Yahoo might owe you money: It agrees to pay $85 million in data-breach settlement


Yahoo must pay $85 million and provide free credit monitoring to 200 million people as part of a settlement of what is believed to be the biggest data breach ever.

The onetime internet giant, which is now owned by Verizon, has reached a settlement in a class-action lawsuit over the 2013 and 2014 hacks. The company did not disclose the breach, which affected about 1 billion accounts, until 2016. The hacks exposed user names, email addresses, phone numbers, birthdates, scrambled passwords and security questions and answers.

Read more . . .


Wednesday, October 24, 2018

How More Americans Are Getting a Perfect Credit Score


Members of the 850 Club can be broken into two groups. There are the super-knowledgeable tacticians trying to crack scoring algorithms, and the naturally prudent. Some are prepping for a loan. Others are just credit-score hobbyists.
Read more . . .


Tuesday, October 23, 2018

Texas Company Will Pay $3 million to Settle FTC Charges That it Failed to Meet Accuracy Requirements for its Tenant Screening Reports


Mixing of consumers does not just happen on credit reports.  Tenant screening lists (and employment background checks) suffer from the same issues.
Read more . . .


Monday, October 22, 2018

FICO Plans Big Shift in Credit-Score Calculations, Potentially Boosting Millions of Borrowers


Credit scores for decades have been based mostly on borrowers’ payment histories. That is about to change.  

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.

Read more . . .


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.

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Read more . . .


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.  

Read more . . .


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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