Debt Collection and Harassment

Wednesday, May 8, 2019

Consumer Bureau Moves to Cap Debt Collectors’ Calls, and Allow Texts and Emails


The new rules would bar collectors from making more than seven attempts a week to reach a debtor by phone. Once they make contact, collectors would have to wait a week before calling again.

The new rules also grant debt collectors a concession they have long wanted: allowing the use of email and text messages to try to reach delinquent borrowers.
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 . . .


Friday, April 27, 2018

Synchrony Bank accused of accessing individual's credit report in attempt to collect discharged debt

https://pennrecord.com/stories/511394886-synchrony-bank-accused-of-accessing-individual-s-credit-report-in-attempt-to-collect-discharged-debt
Read more . . .


Tuesday, December 26, 2017

TzedekDC (tzedekdc.org) is a new Jewish lawyers group dedicated to providing pro bono debt representation for the poor.


Whereas these disputes were once a matter of debtor vs. creditor, in recent decades the game has changed. Large companies write off their bad debt and sell the paper to third parties for pennies on the dollar. These big debt buyers then hire phalanxes of lawyers to sue thousands of people.
Read more . . .


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.

 

Read more . . .


Friday, July 21, 2017

As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away


 Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing.

The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments.

 Judges have already dismissed dozens of lawsuits against former students, essentially wiping out their debt, because documents proving who owns the loans are missing. A review of court records by The New York Times shows that many other collection cases are deeply flawed, with incomplete ownership records and mass-produced documentation.

Read more . . .


Thursday, July 6, 2017

Debt Collection Was the Most Complained About Financial Service Among Older Consumers for March


For March 2017, debt collection was the most-complained-about financial product or service by consumers identifying as over the age of 62. Of the 2,169 older consumer complaints handled in March, there were 496 complaints about debt collection. The second most-complained-about consumer product was mortgages, which accounted for 486 complaints. Credit reporting was the third most-complained-about financial product or service, accounting for 326 complaints.

 

Read more . . .


Wednesday, April 5, 2017

Sub prime auto loans - Auto lenders can steer vulnerable people into crushing debt

Auto Lending: Last Week Tonight with John Oliver


Read more . . .


Monday, March 13, 2017

Credit Reports to Exclude Certain Negative Information, Boosting FICO Scores


Equifax, Experian and TransUnion recently decided to remove tax-lien and civil-judgment data starting around July 1, according to the Consumer Data Industry Association, a trade group that represents them. The firms will do so if those data don’t include a complete list of at least three data points: a person’s name, address and either a social security number or date of birth.

Many liens and most judgments don’t include all three or four. This change will apply to new tax-lien and civil-judgment data that are added to credit reports as well as existing data on the reports. 

https://www.
Read more . . .


Sunday, March 12, 2017

CFPB: SUPERVISORY HIGHLIGHTS CONSUMER REPORTING SPECIAL EDITION (ISSUE 14)


Supervision’s work in the consumer reporting market is ongoing and remains a high priority. Consumer reporting companies and furnishers have an obligation to maintain the accuracy of consumer data, but experience indicates that they lack incentives and under-invest in accuracy. Indeed, these most recent supervisory findings underscore Supervision’s concern about the lack of resources that furnishers in particular have devoted to this important function and the resulting violations of law. We have targeted substantial resources to improve the accuracy of consumer information, and we will continue to do so. We have observed steady progress at consumer reporting companies to improve data governance.
Read more . . .


Thursday, March 9, 2017

IF THE CFPB IS WEAKENED, WON’T THE CREDIT BUREAUS RUN AMOK (AGAIN?)


 You can also read Director Cordray’s full remarks on the report to the CFPB Consumer Advisory Board last week.

“Consumer reporting, also known as credit reporting, is an important market that for many years has not been very transparent and generally is not well understood by consumers. It is also one of the markets where people cannot vote with their feet by choosing another provider if they are dissatisfied, which means that industry incentives and practices are not always aligned with the interests of consumers.
Read more . . .


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