New York Consumer Law Blog

Thursday, December 6, 2018

Will a lender getting a copy of my credit report affect my score?


Answer:

A single credit inquiry from a lender will have little impact on your credit score.

Credit scoring models also take into account when a consumer is shopping for the best rate on a student loan, auto loan, or mortgage and do not penalize them for this comparison shopping.

For these types of loans, scoring models generally count multiple inquiries as one inquiry if they occur within a reasonably short period of time.

In general, credit inquiries for the same type of loan made within a 14-day period will be treated as no more than a single inquiry.
Read more . . .


Friday, November 30, 2018

Marriott says breach of Starwood guest database compromised info of up to 500 million


Marriott said it determined on Nov. 19 that the information was from its Starwood database.

"The company has not finished identifying duplicate information in the database, but believes it contains information on up to approximately 500 million guests who made a reservation at a Starwood property," the company said in a statement.

For about 327 million of the guests, it added, the information includes some combination of a name, mailing address, phone number, email address, passport number, Starwood Preferred Guest account information, date of birth, gender, arrival and departure information, reservation date, and communication preferences.

There are some customers who may have also had their credit card information taken.
Read more . . .


Wednesday, November 28, 2018

A New Kind of Lender Secretly Tracks Your Car to Make Sure You Pay Up


Debt collection on steroids.  Now in China.  Where next?
So-called auto-backed lenders—which charge annualized interest rates as high as 36%—install tracking devices in cars by hiding them inside bumpers, under seats or behind mirrors to prevent them from being removed by borrowers. When people fail to repay their debts, collectors act quickly to repossess cars, sometimes in the middle of the night, according to people on both sides of the transactions. 

 

Read more . . .


Monday, November 26, 2018

On the Mend: Bill Requiring Delayed Reporting of Veterans’ Medical Debts Seeks to Correct Department of Veterans Affairs Payments Errors


As proposed, the Act requires the Secretary of Veterans Affairs to establish a database – not later than one year after enactment – to allow consumer reporting agencies to verify whether a debt furnished to a consumer reporting agency is veteran’s medical debt. 

https://www.natlawreview.
Read more . . .


Wednesday, November 21, 2018

Rubio, Kennedy Introduce Bill To Protect Small Businesses From Security Breaches


Today, U.S. Senators Marco Rubio (R-FL) and John Kennedy (R-LA) introduced the Read more . . .


Tuesday, November 13, 2018

Uber Settles Data Breach Investigation for $148 Million


Uber will pay $148 million to settle a nationwide investigation into a 2016 data breach, in which a hacker managed to gain access to information belonging to 57 million riders and drivers. The breach included names and driver’s license numbers for 600,000 drivers.

The investigation, led by state attorneys general across the United States, focused on whether Uber had violated data breach notification laws by not informing consumers that their information had been compromised.
Read more . . .


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 . . .


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