The Impact of Foreclosures & the Rescission on Consumers’ Credit Records

The Impact of Foreclosures & the Rescission on Consumers’ Credit Records As everyone knows, foreclosures and accompanied recession caused tremendous economic damage affecting millions of consumers. These events have adversely affected the credit standing of millions of our citizens. The National Consumer Law Center has published an excellent report describing the problem and what should be done to mitigate the problems. Consumers who lost their homes due to foreclosure inevitably end up with a report of a foreclosure on their credit reports. These reports knock their credit scores down by 100 to 150 points. Even when a homeowner avoided foreclosure...

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New Consumer Friendly Fair Credit Decision

On August 7, 2012, the Ninth Circuit issued a decision interpreting the Fair Credit Reporting Act that favors consumers (Drew v. Equifax Information Services, LLC). One aspect of the opinion concerns the FCRA’s statute of limitations–how long consumers have to file suit. The other aspect concerns what notice triggers a furnisher’s obligations to investigate a disputed report. On appeal, the defendants in the case were Chase Bank and and FIA Card Services, a unit of Bank of America. The FCRA has a statute of limitations of two years after the date of discovery by the consumer of the violation that...

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