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
August 2020 Repo News
Experts are expecting a higher level of auto repossessions this fall. This is expected due to the tough financial times many consumers are experiencing and the lift of repo bans several states enacted earlier in the COVID-19 pandemic. Another repo almost turns violent in Idaho: On June 28, the repo man said he saw the...Read More
Wells Fargo Ends Funding to Ind. Car Dealers
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...Read More
Car Repos During Stay at Home Orders
Many states and other jurisdictions have placed a moratorium on auto repossessions during the COVID-19 pandemic. Some courts have also announced they would not be issuing orders for foreclosures, evictions, and related actions. In other states, there are stay at home orders that require all businesses not considered essential to shut down. A snippet from...Read More
COVID-19 Impacts Credit Reporting Disputes
A column in the LA Times reports that Macy’s has furloughed its dispute department. This suggests that any customer that sees inaccurate information from Macy’s on their credit report and tries to dispute it through Macy’s would find no one to answer the phone or process the dispute: Scott told me she had to make...Read More