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
Texas Court Rules in Favor of FCRA Sovereign Immunity
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...Read More
Eleventh Circuit Vacates FACTA Settlement Based on Spokeo
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...Read More
Credit Report Checking is Down in 2020
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...Read More
Frontline Workers and Military Feel Brunt of Recent Repos
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...Read More
CFPB Sees Record Consumer Complaints
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...Read More