Consumer Agency Sues Navient fka Sallie Mae, for Cheating Student Loan Borrowers

This is the CFPB’s Announcement of a Very Significant Enforcement Action CONSUMER FINANCIAL PROTECTION BUREAU SUES NATION’S LARGEST STUDENT LOAN COMPANY NAVIENT FOR FAILING BORROWERS AT EVERY STAGE OF REPAYMENT Today the Consumer Financial Protection Bureau (CFPB) sued Navient, formerly Sallie Mae, the nation’s largest servicer of both federal and private student loans for systematically and illegally failing borrowers at every stage of repayment. For years, Navient has created obstacles to repayment by providing bad information, processing payments incorrectly, and failing to act when borrowers complained. Through shortcuts and deception, the company also illegally cheated many struggling borrowers out of...

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CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers in Marketing Credit Scores

The Consumer Financial Protection Bureau today announced it has taken action against Equifax and TransUnion 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 said that from 2011 to March 2014, TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions. In fact, the scores were not typically used by lenders. Plus, TransUnion and Equifax falsely claimed that their credit...

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If Your Smartphone Goes Dead, You be a Victim of SIM-Swapping

CreditCards.com has a report on how scammers manager to steal your smartphone identity. If your phone mysteriously goes dead and your service provider tells you someone purchased and activated a new iPhone under your account, you are a victim of SIM-swapping. This means a fraudster posed as you convinced your cell phone company your phone was lost. The company then gives the fraudster a new phone number and the fraudster gets access to your mobile banking, credit cards and other accounts.

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CFPB Sues Credit Repair Company and Advises Consumers Not to Fall for Misleading Credit Repair Ads

Consumer Financial Protection Bureau filed a lawsuit in federal district court against the credit repair company Prime Marketing Holdings alleging it charged consumers illegal advance fees and misrepresented the cost and effectiveness of its services. CFPB is seeking an injunction and refunds of fees to consumers. This company used the names Park View Credit, National Credit Advisors, and Credit Experts. The company lured consumers with misleading, unsubstantiated claims that it could remove virtually any negative information from their credit reports and could boost credit scores by significant amounts. The company charged consumers a variety of illegal advance fees such as...

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Trans Union’s Tenant Screening Service Trips Up NPR Reporter

Bobby Allyn, a NPR reporter for station WHYY in Philadelphia writes in the Washington Post about his experience with Trans Union having mixed his identity with that of a criminal imprisoned in Tennessee. Mr Ally had applied to rent an apartment in Philadelphia. The landlord ran his name through Trans Union’s tenant screening service (called SmartMove). Unfortunately for Mr. Allyn, SmartMove reported he had a dozen criminal convictions on his rap sheet. Mr. Ally called Trans Union to complain about the error; a representative told him the records were from Rutherford County Circuit Court in Tennessee outside of Nashville where...

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