New Reporting by Collection Agencies & Debt Buyers

Effective last month, collection agencies and debt buyers that report information to the credit bureaus must report the name of the original creditor and may not report debt that did not arise from a contract or agreement to pay, which includes parking fines, parking tickets, and involuntary towing fees. Beginning September 1, 2016, the collection agencies and debt buyers will have a “full file” each month, meaning the agencies and buyers will have to report positive as well as derogatory information to the bureaus. Typically, agencies and buyers only now report derogatory information to the bureaus. In September 2017, collection...

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State of Mississippi Filed Lawsuit Against Experian

State of Mississippi Filed Lawsuit Against Experian The State of Mississippi has sued Experian alleging violations of the FCRA and its own state law. Among other problems, the Mississippi lawsuit said, Experian provides no straightforward way for consumers to correct erroneous blemishes affecting their credit. When consumers file a dispute, Experian reflexively finds in favor of the bank or debt collector that reported the debt, Mississippi said. And when consumers call to complain, the lawsuit said Experian employees attempt to sell consumers credit monitoring products of questionable value. Experian turns its failures to maintain accurate credit reports and its refusal...

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Arbitration Forum Exiting Credit Card Business

The Minnesota Attorney General sued the National Arbitration Forum alleging it was essentially a front for various large banks and collection agencies. NAF falsely held itself it out to be a neutral forum for processing creditors’ claims against consumers. On July 19, 2009, the AG announced that NAF has entered into a settlement of the lawsuit under which NAF will immediately stop accepting consumer arbitrations of any sort. This is wonderful news for consumers and a major step towards getting rid of all mandatory arbitration clauses in consumer contracts.

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Minnesota Atty General Suit Alleges the National Arbitration Forum Is Fraudulent

Today, the Minnesota Attorney General sued the National Arbitration Forum, the major arbitration firm that banks use to prosecute consumers who owe credit-card debt. The AG’s complaint states that NAF represents to the public, the courts, and consumers that it is independent, operates like an impartial court system, and is not affiliated with any party. However, what the consumer does not know is that NAF works alongside creditors behind the scenes against the interest of consumers. The truth is that NAF is actually controlled by major collection law firms that represent credit-card companies. A New York hedge fund known as...

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