New CFPB Rule–Banks and Finance Companies Will be Barred from Using Forced Arbitration to ban Class Actions

New CFPB Rule–Banks and Finance Companies Will be Barred from Using Forced Arbitration to ban Class Actions Banks and payday lenders have had a good deal going for a while: They could break the law, trick their customers in illegal ways, and not have to face any consumer lawsuits. Armed by some pretty bad 5-4 Supreme Court decisions, they could hide behind Forced Arbitration clauses (fine print contracts that say consumers can’t go to court even when a bank acts illegally), even when it was clear that the arbitration clauses made it impossible for a consumer to protect their rights....

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What’s Wrong with the Credit Reporting System

What’s Wrong with the Credit Reporting System On September 10, 2014, the House of Representatives SubCommittee on Financial Institutions and Consumer Credit heard testimony on the current state of the consumer credit reporting system. Mr Stuart Pratt, who is with the industry trade association, the Consumer Data Industry Association, testified that all was well with the system, except that there are too many class actions against his member companies. Ms Chi Chi Wu, an attorney with the National Consumer Law Center, testified that the credit reporting system is neither fair nor completely accurate and as a result tens of millions...

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Credit Reporting Agency Sues Experian and CoreLogic for Monopolization

Today, a Florida-based credit reporting agency filed a class action against Experian, the national consumer credit data repository, and CoreLogic, Inc., the nation’s largest credit report reseller, alleging they violated the antitrust laws. The plaintiff alleges Experian and CoreLogic acted to deny smaller credit agencies access to Experian’s mortgage credit information for tri-merged mortgage credit reports. Banks and investors require such reports to extend credit for home mortgages. The complaint alleges Experian and CoreLogic were partners in the Credco mortgage credit reporting business some years ago when Experian “agreed to eliminate up to 87% of CoreLogic’s rivals” is exchange for...

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Federal Court Certifies a Class Action Against Experian

In January 2011, our law firm filed a class action against Experian Information Solutions, Inc. alleging that Experian willfully violated the Fair Credit Reporting Act by furnishing certain credit information to a collection agency to use for an impermissible purpose, i.e., collecting involuntary towing deficiency claims. Holman v. Experian Information Solutions, Case No. CV-11-00180 CW (N.D. California). On April 27, 2012, Judge Claudia Wilken certified a class of about 38,000 class members. More information on this pending action is available on our credit law site.

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