CFPB Report on All Consumer Reporting Agencies

CFPB Report on All Consumer Reporting Agencies The CFPB has published a new report on all of the credit reporting agencies that report information on consumers. Besides the three national agencies, the report includes information on agencies that provide reports on employment screening, tenant screening, consumers’ use of bank accounts, medical histories, and other specialized areas of interest to creditors. Under the FCRA, consumers have a right to ask for a copy of their reports from these agencies.

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CFPB Orders Car Hop to Pay $6.4 Million for Damaging Customers’ Credit

CFPB Orders Car Hop to Pay $6.4 Million for Damaging Customers’ Credit Car Hop is one of the largest “buy-here, pay-here” car dealers with about 50 locations in 15 states. Here in California, Car Hop has retail lots in Daly City, Hayward, Vallejo, Richmond, Sacramento, National City and Escondido. Car Hop, which advertises cars for as little as $99 down, sells very old, high mileage cars at extremely high prices and at extremely high interest rates. Today, the Consumer Financial Protection Bureau (“CFPB”) announced it entered into a Consent Order with Car Hop and its financial arm, Universal Acceptance Corporation...

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CFPB Reports Furnishers Don’t Do a Good Job of Resolving Credit Disputes

CFPB Reports Furnishers Don’t Do a Good Job of Resolving Credit Disputes To the surprise of no one who has watched how furnishers of credit–banks, finance companies, and the like–deal with consumers’ disputes, today the Consumer Financial Protection Bureau said many furnishers lack adequate policies for accurately reporting information to consumer reporting agencies and for responding to disputes. The CFPB press release states that the CFPB examiners “continue to find a lack of reasonable written policies and procedures for accurately reporting deposit account, debt collection, and student lending information to the consumer reporting agencies. The CFPB found that many furnishers...

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American Banker asks if Credit Bureaus Can Finally be Tamed

American Banker asks if Credit Bureaus Can Finally be Tamed The American Banker magazine has an article that asks “Can credit bureaus can finally be tamed?” The article describes a “tough fix-it order” imposed by federal and state officials that was supposed to force the bureaus to clean up inaccuracies and better respond to consumer complaints. But that happened 25 years ago and the problems with the bureaus persist. The article notes that lawyers, advocates and regulators agree that problems of accuracy and how disputes are handled continue to be problems. In 2012 the FTC found that one in four...

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Medical Debt Wreaks Havoc on Consumers’ Credit Reports

Medical Debt Wreaks Havoc on Consumers’ Credit Reports The Consumer Financial Protection Bureau (CFPB) released a report that reveals that over 1 in 5 consumers, or 43 million, have black marks on their credit reports for medical debts, and that medical debts constitute over half of debt collection items on credit reports. Chi Chi Wu of the National Consumer Law Center said “This report is another example of the powerful information revealed by CFPB’s groundbreaking research.” Medical debt is different from other types of consumer debt. Medical debt is unique because the most vulnerable patients – the uninsured and underinsured...

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