Senator Pushes For System To Notify Consumers ‘The Moment Access To Their Credit Is Requested’

Senator Pushes For System To Notify Consumers ‘The Moment Access To Their Credit Is Requested’

It seems like every day, another retailer, service provider, or government agency falls victim to a data breach, and if a hacker uses that stolen info to open up a new line of credit in your name, you may not know until long after the fact. One lawmaker is hoping to curb identity theft by giving consumers a heads-up whenever their credit reports are accessed. [More]

Medical Debt Collector Must Pay Consumers $5.4M For Improperly Handling Disputes

Medical Debt Collector Must Pay Consumers $5.4M For Improperly Handling Disputes

What happens when you combine expensive — and often unanticipated — medical bills and overzealous debt collectors? An environment ripe for abusive, unfair collection practices. At least that appears to be the case for an operation that must pay $5.4 million in relief to consumers for allegedly mishandling credit reporting disputes and preventing individuals from exercising their debt collection rights. [More]

Credit Bureaus Must Pay $6M, Fix Errors More Quickly Under 31-State Agreement

Credit Bureaus Must Pay $6M, Fix Errors More Quickly Under 31-State Agreement

The three largest companies to collect and disseminate credit information for millions of Americans – Experian, Equifax and TransUnion – must significantly change the way they treat disputed information on credit reports as part of a massive multi-state settlement announced this week. [More]

(Taber Andrew Bain)

JPMorgan Chase, Bank Of America Agree To Wipe Debt Cleared By Bankruptcy From Credit Reports

Two of the country’s largest banks are finally getting around to removing the debt consumers eliminated during bankruptcy proceedings from their credit reports, a move that puts Bank of America and JPMorgan Chase in line with federal law. [More]

(Chris Blakeley)

FICO Expands Program To Give Millions Of Consumers Free Access To Credit Scores & Reports

Millions of financially struggling consumers who work with qualified nonprofit counseling agencies now have access to free credit scores and credit reports with the expansion of the FICO Score Open Access program. [More]

(Chris Blakeley)

Credit Bureaus Agree To Revamp Practices For Handling Errors, Unpaid Medical Bills

Experian, Equifax and TransUnion – the three largest companies to collect and disseminate credit information for millions of Americans – must undergo an overhaul of credit reporting practices as part of an agreement with the New York Attorney General’s Office. [More]

(afagen)

CFPB Warns Specialty Credit Reporting Agencies: You’ve Gotta Issue Free Annual Reports, Too

Oh, hey, specialty credit reporting companies. Whatcha doing? Just hanging out? That’s great. Listen, just an FYI, you need to be issuing free credit reports to your customers, too. Nope, it’s not just the three largest credit reporting companies, you’re all in the same boat. Our pals at the Consumer Financial Protection Bureau are here to remind you, in case you’d conveniently forgotten. [More]

Capital One Mails Fraud Claim To The Person Committing Fraud

Capital One Mails Fraud Claim To The Person Committing Fraud

“Lisa” writes, “I recently found out that I was a victim of identity theft.” What shocked her, and us as well, is that after Capital One notified her that they’d approved the card with another address, they followed up by sending their fraud claim to the criminal’s address instead of Lisa’s.

Massive TransUnion Settlement To Reveal Credit Scores

Massive TransUnion Settlement To Reveal Credit Scores

Did you have a credit card between Wednesday and 1987? Great! You’re part of a massive class action settlement with TransUnion. The credit reporting agency has agreed to fork out services worth over $100 to every cardholder as a way of saying “sorry for grossly violating federal privacy laws by selling your private data to businesses!”

Finding Legal Lucre In Identity Theft

Finding Legal Lucre In Identity Theft

A slate of companies legitimately profit from identity theft by offering services that the three credit reporting agencies refuse to make easily accessible to consumers. The Times brings us the stories of three such companies that are sucking the venture capital teat all the way to market: