The Consumer Finance Protection Board has filed a lawsuit against TransUnion — one of the major credit reporting agencies. According to the CFPB: Today, the Consumer Financial Protection Bureau (CFPB) is filing a lawsuit against TransUnion, two of its subsidiaries, and longtime executive John Danaher for violating a 2017 law enforcement order. The order was […]

The Boston Globe has a column regarding whether financial institutions should have to give prior notice to a consumer before they can repossess a leased car. Leases are handled differently that the standard purchase/financing of a car so the idea hasn\’t been thought out as much. Also, Massachusetts has more consumer-friendly state laws that most

With inflation and other factors creating an environment where automobile repossessions are increasing, the The Consumer Financial Protection Bureau is seeking to prevent the illegal aspects: “With today’s high car prices, auto lenders and investors might be tempted to seize vehicles for resale in the hot used car market,” said CFPB Director Rohit Chopra. “No

A couple of news outlets have recent stories on Fair Credit Reporting Act (FCRA) issues. First, Forbes has an article on how to handle identify theft issues. One part touches on what to do regarding inaccurate credit reporting: You will need to handle your dispute a certain way if you want phony accounts from identity

A Court in the Western District of Texas recently released an opinion regarding the interplay between the Fair Credit Reporting Act (\”FCRA\”) and sovereign immunity. Usually when Texans, or other Americans, dispute inaccurate information on their credit reports and the furnisher of that information \”verifies\” it and leaves it on there, the person has a

The Eleventh Circuit, en banc, vacated a district court in Florida order approving a 6.3 million dollar settlement based primarily on the Supreme Court\’s 2016 ruling in Spokeo, Inc. v. Robins. In Spokeo, the Court ruled that a plaintiff must plead a concrete injury in order to have standing in federal court as opposed to

Several news outlets are reporting Americans are checking their Equifax, Experian, and TransUnion credit reports less than previous years. From NBC San Diego: A lot of people are worried about financial security during the coronavirus pandemic. That\’s why it\’s important for you to stay up-to-date on your credit reports, but a new survey says fewer

Marketwatch has an in-depth story on the financial toll the COVID-19 pandemic is taking on essential workers. This includes the fear of losing transportation due to an involuntary repossession. From the story: Even the hint of COVID-19 exposure can spell financial ruin. That’s partially because anyone suspected of exposure to the novel strain of coronavirus

The federal Consumer Finance Protection Board was set up in 2011 to regulate the consumer finance area. As part of that duty, it allows Americans to submit complaints. Due to the Coronavirus/COVID-19 pandemic, it is seeing a record number of submitted complaints. The Hill reports: CFPB Director Kathy Kraninger told reporters during a Friday press

One of the nation\’s largest banks and automobile credit lenders, Wells Fargo, has said it will stop providing loans to independent car dealers and car lots. If you buy a car from a dealer tied to a car company, typically financing can be obtained through that car company\’s affiliated financing company. For instance, if you