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
Federal Govt Seeks to Prevent Illegal Repos
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...Read More
December 2021 Repossession News
December has been a notable month for repo stories in the news — especially showing the inherent danger. https://www.nbcdfw.com/news/local/dozens-of-fort-worth-officers-search-hulen-mall-for-wanted-person/2843598/There was a incident out of Ohio where a man was accused of shooting at the repo driver. The article does not detail what happened between the parties. And another account out of Denton, TX where a...Read More
September 2021 Repo News
A quick look at recent news in the repossession industry: Car and Driver has a story about a car being “repo’ed” by a car rental company. While not a repo in the classic sense, it provides an interesting look into what can happen. Most importantly is the reason it happened: In the face of public...Read More
Yahoo! Finance Article on FCRA
Yahoo! Finance published an article answering questions on the role of Credit Reporting Agencies (CRAs) in the credit reporting world. The main CRAs are Equifax, Experian, TransUnion. The text of the Fair Credit Reporting Act defines a CRA as: The term “consumer reporting agency” means any person which, for monetary fees, dues, or on a...Read More
January 2021 FCRA News
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...Read More