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Monday, November 20, 2017

Trump likely to tap budget director Mulvaney as interim CFPB chief


Fox guarding the hen house.  Mulvaney was one of the agency's most vocal critics during his time in the House and voted in favor to kill the agency.

 

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Friday, November 17, 2017

Richard Cordray to step down as head of Consumer Financial Protection Bureau


A one-two punch. First the Congressional override of the CFPB's rule limiting mandatory arbitration clauses in certain consumer financial agreements. And now the loss of Cordray who has been an important advocate for consumer financial rights.

 

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Thursday, November 16, 2017

Data Breaches


Data breaches are a common source of identity theft and can devastate your credit score.  Check your credit reports for free at 

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Monday, October 16, 2017

Top-Ranking for the Law Office of Adam G. Singer


 Local business-review website ThreeBestRated.com has named the Law Office of Adam G. Singer as one of the three best consumer protection attorneys in Manhattan. This rating was based upon a variety of factors including: “everything from checking reputation, history, complaints, local reviews, nearness, satisfaction, trust and cost to the general excellence.”

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Wednesday, October 4, 2017

Equifax says 2.5M additional individuals potentially victimized during data breach


In the wake of Equifax’s breach, the credit agency hired Mandiant to conduct a review. Mandiant’s review concluded that an additional 2.5 million consumers were subject to the breach, bringing the total to 145.5 million. “Equifax said it will mail notices to all potentially impacted individuals that have been identified since the Sept.


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Wednesday, October 4, 2017

Equifax interim CEO pens apology after data breach

Dominick Tavella, of Diversified Financial Consultants, suggests that consumers sign up for credit alerts in order to protect against unwarranted issuances of credit, resulting from the Equifax breach. Tavella cautions consumers about Equifax’s offer to provide credit monitoring free for a year, as the information gained through the data breach may not be used (or if it is used, discovered) within the next year.

See video clip here


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Wednesday, October 4, 2017

Elizabeth Warren to Wells Fargo CEO: 'You should be fired'


It was déjà vu for Wells Fargo, this week, as senators expressed outrage at the bank’s culture of shady practices. Last year, senators berated (former-CEO) John Stumpf over the millions of fake accounts created in customers’ names. Stumpf’s replacement, Tim Sloan, took the brunt of congressional ire on Tuesday, with Senator Brian Schatz of Hawaii going as far as to call for the revocation of Wells Fargo’s charter. Wells Fargo is currently under investigation by the US Dep’t of Justice, Securities and Exchange Commission, and the US Dep’t of Labor.

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Wednesday, October 4, 2017

Why Equifax will continue to profit by selling your personal information


Equifax’s former CEO is testifying before Congress this week. In spite of the potential for great harm to consumers, industry-insiders expect little regulatory change in the wake of Equifax’s breach. The fact that credit is such an integral piece of the economy, generally—and the degree to which the economy relies upon a functioning credit reporting system—radical changes are unlikely anytime soon.

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Friday, September 29, 2017

The real problem with credit reporting is the astounding number of errors


The Big Three credit agencies are juggling roughly 2.6 billion data entries apiece, at any given time. With over 1 billion modifications to those entries each month, "[s]peed and volume are favored over accuracy." Aaron Klein of the Brookings Institute writes, the "costs of correcting the data outweigh benefits," leading to millions of errors on consumers' credit reports. Klein suggests several common sense remedies to the issue, including enabling consumers to check their credit reports at-will, free of charge.
Read more . . .


Wednesday, September 27, 2017

Liens and Judgments Data: Not Gone for Good


Until recently, mortgage lenders could access the lien and judgment history of potential borrowers through a borrower’s credit report. The national credit reporting agencies (NCRAs), TransUnion, Equifax, and Experian, did such a poor job of keeping reliable records on liens and judgments—Social Security numbers were missing from roughly 50% of tax lien records and 96% of civil judgment records—that they're no longer allowed to provide these services. Mortgage lenders must now obtain information on liens and judgments through more circuitous means, such as title searches.

Read more . . .


Tuesday, September 26, 2017

Equifax CEO Richard Smith is out after stunning data breach


Richard Smith, the beleaguered CEO of Equifax, has stepped down from his post. Apart from referring to Smith's exit as a “retirement,” Equifax makes no effort to conceal the reasons for his departure. Since Equifax’s data breach was made public earlier this month, “[a]s much as one-third of Equifax's market value [has] vanished;” the corporation remains under investigation by a handful of  attorneys general, in addition to the FTC; and, its efforts to work with consumers in response to the breach has been dismal. 

Read more . . .


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