CFPB Announces $18 Million Judgment Against California-Based Mortgage Lender

National Mortgage Professional Magazine
The CFPB alleges that Chou and Cowell were among the leaders of a scheme to use Monster Loans' account with a major credit bureau to unlawfully ...

FCRA Case Addressing Definition of “Consumer Report” Headed to the Jury

The National Law Review
In a recent single-plaintiff federal case in the Northern District of Georgia alleging violations of the Fair Credit Reporting Act (the “FCRA”), the court ..

One Side Effect of the Virus: Free Credit Reports Each Week

The New York Times
“Checking your credit report is very important,” said Chi Chi Wu, a staff ... Credit bureaus and lenders usually must respond to disputes within 30 to 45 ...

Student Loan Servicers Are Dinging Credit Reports For The CARES Act Forbearance

Forbes
Robert P., a student loan borrower from Queens, New York, was surprised to find out that this credit score had dropped by 100 points after his federal ...

FTC Report on Credit Reports and Disputes

JD Supra (press release)
On the enforcement side, the report states, the FTC has brought more than 30 actions in the last decade enforcing the Fair Credit Reporting Act ...

FCRA in the Spotlight

CUNA News (press release)
Credit unions as furnishers of information to credit reporting agencies play a vital role in the consumer reporting system. Therefore, it came as no ...

The coronavirus could force a full-blown crisis in credit scoring

American Banker
Lawmakers are working to head off a wave of pandemic-related personal credit downgrades. But there are bigger problems with how credit risk is .

Student borrowers sue over 'illegally damaged' credit scores amid coronavirus pandemic

Yahoo Money
Consumer advocates are suing federal student loan servicer Great Lakes, VantageScore Solutions, and three credit reporting agencies over failure to ...

Navient Files Motion for Summary Judgment in CFPB Case

ACA International
Student loan servicer Navient filed a summary judgment May 19 seeking an end to a lawsuit, without a trial, from the Consumer Financial Protection ...

CFPB updates FAQs to discuss consumer assistance by financial services providers during COVID-19 pandemic

JD Supra (press release)
In its responses, the CFPB reminds providers that they can offer consumers immediate relief by changing account terms without advance notice under ...

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