Tag Archives: Consumer Financial Protection Bureau

Experian Lawsuit Alleges Careless Numerous Errors

  Experian Lawsuit Filed by Mississippi Attorney General An Experian Lawsuit has been filed against the credit reporting giant by Mississippi Attorney General Jim Hood’s office. “Experian has turned its failure to maintain accurate credit reports and its refusal to investigate consumer’s disputes into a business opportunity” according to Mr. Hood.  “Experian has for more

Zombie Foreclosures Haunt Defaulted Homeowners

Zombie Foreclosures are Bank Walkaways The Consumer Financial Protection Bureau has a lot on its plate.  High on its list of priorities are Zombie Foreclosures.  Zombie Foreclosures is a term used for banks that start the foreclosure process on a real estate parcel and then don’t complete it.  This practice is a particularly prevalent occurrence

New FICO 9 Credit Scoring Model Imminent

  FICO 9 Credit Scoring Model Coming This Summer FICO plans to roll out it’s next generation FICO 9 Credit Scoring model on an as yet unspecified date this year.  It has been 6 years since FICO 8 superseded previous versions of the widely used FICO credit scoring system.  Medical debt will have less negative

Consumer Financial Protection Bureau Report Card

Consumer Financial Protection Bureau Report Card UPDATE  Since the CFPB started investigating credit card practices in July of 2011 new categories that have been added include mortgages, bank accounts and services, private student loans, auto and other consumer loans, credit reporting, debt collecting, payday loans and money transfer services.  The CFPB has recently announced even

Educational Credit Scores Examination

  Educational Credit Scores Confuse Many FICO rules the credit scoring world.  Despite the best efforts of competitors it is used by over 90 percent of lenders. Educational credit scores are those scores produced by credit reporting agencies and others that are little used by banks and credit card companies.  FICO still commands over 90

Debtor’s Legal Rights

Debtor’s Legal Rights Consumers are protected from abuse by credit reporting agencies, debt collectors, predatory lenders and others who prey upon the gullible and weak by a variety of laws.  Some of these laws are more well known than others.  Federal Laws usually supersede State Laws when there is a conflict. State Laws sometimes provide

FICO Score Variations Tailored 49 Ways

FICO Score Variations Total 49 FICO Score Variations go beyond the blunt instrument many people think they are.  Many people are aware that there is a FICO Auto score available for car dealers that specifically measures things of particular importance to the Vehicle lending industry.  By this I mean that auto lenders are more concerned

Student Loan Payments First Wise Financial Choice

Student Loan Payments First for Financial Triage I’m aware that student loan payments first drags down your entire financial picture.  I know that getting ahead in life while carrying the student loan debt burden is like swimming against the tide. How are you supposed to fund that start up you’ve been dreaming of?  What about

Equifax Loses Court Judgment Numbering $18.6 Million Dollars

Equifax Loses Court Judgment Numbering $18.6 Million Dollars Equifax loses Court judgment numbering $18.6 Million Dollars awarded by a Federal Court Jury in Oregon.  Evidence showed that plaintiff Julie Miller spent 2 years trying unsuccessfully to get Equifax to fix mistakes on her credit report. Ms Miller first realized that something was amiss in 2009

e-OSCAR Automated Credit Dispute Verifications

e-OSCAR Automated Credit Dispute Verifications Wizard of Oz e-OSCAR Automated Credit Dispute Verifications (Online Solution for Complete and Accurate Reporting) is a system used by creditors and Credit Reporting Agencies as a short cut to truly fulfilling their legal responsibility to thoroughly investigate consumer’s disputes of negative credit report entries.  This system essentially makes a mockery

Medical Debt Credit Score Reform Hopeful

Medical Debt Credit Score Reform Hopeful UPDATE:  New FICO 9 will not count paid medical debt in collections as a negative!  This policy, first reported in August, 2014 will make an enormous difference in the credit scores of those with large amounts of medical debt in their credit reports.  Unpaid medical bills will be counted

Student Loan Process Government Inquiry

Student Loan Process and your FICO Score Student loan debt factors into your FICO score in the same way as any other debt.  It makes no difference if the loan is government or private to FICO.  Deferred status receives no special treatment either positive or negative by the FICO scoring algorithm. Past positive performance is

FTC Completes Final Credit Bureau Error Analysis

FTC Completes Final Credit Bureau Error Analysis FTC Completes Final Credit Bureau Analysis was welcome news to those of us who have long been skeptical of the wildly differing claims made about this issue.  Previous claims of rates of credit bureau errors have come from groups with an interest in the outcome.  These claims of

Credit Reporting Complaints Direct to Federal Watchdogs

Credit Reporting Complaints Direct to Federal Watchdogs Credit Reporting Complaints Direct to Federal Watchdog Individual level credit reporting complaints to Federal Watchdog Consumer Finance Protection Bureau can now be made directly for the first time. “Credit reporting companies exert great influence over the lives of consumers.  They help determine eligibility for loans, housing and sometimes

Credit Bureau Errors and The Consumer Bureau

Credit Bureau Errors The regulators at the Consumer Financial Protection Bureau are taking direct aim at Equifax, Experian, Trans Union and smaller credit reporting agencies to determine whether their responses to consumer complaints of errors are fair and reasonable.  They will focus on the tens of thousands of complaints by consumers who say it is

Primer on Disputing Credit Report Negatives

Primer on Disputing Credit Report Negatives If you have been reading my book available at http://onhomebuyingandcreditrepair.com and following my column you know that “pay for delete” is the way to go. Instant gratification…no fuss, no muss. The negative record disappears as if it never existed. Who could ask for more? But what if they won’t play