Identify Theft of Credit Card
In 2019, over 16 million U.S. consumers were victims of identity fraud and other forms of credit card theft – and the problem continues to grow. One of the most common forms of identity theft is credit card fraud—unauthorized charges made to a person’s account. It is usually impossible for someone who’s been a victim...Read More
Repossession with Clean Title
Repossession with a clean title happens more often than expected. It usually occurs when a previous owner of the vehicle allows a secured party to place a lien on the vehicle, the vehicle is sold/auctioned in manner that clears the title, but the lender fails to update their system. Then the old lender has the...Read More
October EFTA News 2022
With the increase rise in electric funds transfers instead of paper checks, the Electronic Fund Transfer Act continues to grow more important. The EFTA’s purpose is to protect consumers and their electronic transfers. Recently, a couple of new developments have arisen. Yesterday, the Consumer Finance Protection Board took action against Choice Money Transfer for alleged...Read More
Credit Reporting Errors on the Rise
Americans are lodging more complaints regarding mistakes, errors, and other inaccurate information on their credit reports than before. As CBS News reports: Credit score concerns accounted for slightly more than half of all complaints sent to the federal agency in 2020 and 2021, the nonprofit consumer advocacy group found. But during the first half of...Read More
Consumer Auto Repossessions Continue to Rise
As the nation continues to emerge from COVID-19 restrictions and the uncertainly of the coming economic state, auto lenders continue to up their repossessions from consumers. Knoxville’s WVLT has a couple of suggestions for why: “I was say tax returns, for the most part, are probably one of the biggest reasons,” Hermes Conde said. ‘People...Read More
August 2022 Repo News
A few stories that have been published in the last weeks regarding the consumer repossession industry: MarketWatch has a story regarding how auto purchases during the heights of COVID-19 are now leading to an increase in repos — especially by Buy-Here, Pay-Here type dealers. Of note, the story explains how these deals are designed and...Read More
Illegal Repos Rise
More news is coming out regarding the recent uptick in illegal vehicle repossessions. As Fox 5 in Atlanta reports: The Consumer Financial Protection Bureau has issued a bulletin. It says the Bureau has seen a rise in illegal seizure of cars, sloppy record keeping, in turn unreliable balance statements, and ransom for personal property left in...Read More
CFPB Sues TransUnion
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...Read More
Prior Notice for the Repo of a Leased Car?
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...Read More
Medical Debt May Stop Hurting Your Credit Score
Medical debt is a huge problem for many Americans. Not only that, its a problem that usually can’t be avoided. When you take into the account the lack of transperancy in pricing, the lack of options, and the one-sided leverage, it makes sense that medical debt should be excluded from credit scores. It doesn’t show...Read More