Equifax Admits Improperly Selling Lists of Delinquent Mortgages

 

Image representing Equifax as depicted in Crun...

Image via CrunchBasEquifax Admits Improperly Selling Lists of Delinquent MortgagesEquifax admits improperly selling lists of delinquent mortgages.  Consumers can be forgiven the smirk that comes when they hear that the “hall room monitor” who is so quick to publish alleged negative accusations against them has settled a claim by the FTC by paying $393,000.00 in damages.

Equifax Admits Improperly Selling Lists of Delinquent Mortgages

Equifax admits improperly selling lists of delinquent mortgages.  Consumers can be forgiven the smirk that comes from the knowledge that the “hall room monitor” who is so quick to publish mere allegations as negatives with terribly hurtful consequences has itself been caught.  This can only be a good sign that there are more crack downs on the way as Federal authorities take a new found interest in just what kind of procedures are being used by the credit reporting agencies.  The consumer financial protection bureau’s initial report found that there were a significant amount of major errors in a random sampling of 200,000 reports.  Fundamental fairness seems to frequently fall by the wayside in the rush to publish negative information provided by people with suspect motives against consumers who unfairly bear the burden of proof that negative information is not correct.

Equifax provided to a company named Direct Lending more than 17,000 pre-screened lists of consumers with such sensitive information as credit scores and whether they were 30, 60, or 90 days late on their mortgages.  Direct Lending was fined $1.2 million dollars according to  the FTC.  The data was then re-sold to companies that marketed loan modification and debt relief services.

The offenses occurred between January of 2008 and early 2010.

Using pre-screened lists for general marketing services is not allowed by Federal law.  Equifax was further chastised for failing to maintain reasonable procedures to limit the furnishing of pre-screened lists to anyone who does not have a permissible purpos

 

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After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

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