Credit Bureaus, Bank Of America, Wells Fargo Top List Of Most Complained-About Financial Companies

Credit Bureaus, Bank Of America, Wells Fargo Top List Of Most Complained-About Financial Companies

The Consumer Financial Protection Bureau has released its latest report on the various complaints the agency has received about banks, lenders, debt collectors, and other financial services. Amid a sudden increase in the number of complaints involving credit report errors, the country’s largest credit bureaus now dominate the top of the CFPB’s list of most complained-about companies. [More]

Legislation Would Prohibit Employers From Looking At Credit Reports During The Hiring Process

Legislation Would Prohibit Employers From Looking At Credit Reports During The Hiring Process

A poor credit report can have a devastating impact on a consumers’ life – preventing them from receiving needed lines of credit, losing out on renting or buying a home, or even being passed over for a job. But one of those issues could be a thing of the past with the reintroduction of legislation that would prohibit potential employers from using credit history during the job screening process. [More]

The process for Facebook loan approval. [Click To Enlarge]

Facebook Patent Would Allow Lenders To Determine Creditworthiness By Looking At Your ‘Friends’

Earlier this year Facebook announced it would dip its toes into the pool of mobile payments by launching a system that allowed users to send money to friends via the Messenger app. Now it appears the company may take things a bit farther after receiving approval for a patent this week that would allow creditors to determine whether or not someone is worthy of a loan based on their circle of friends on the social networking site. [More]

Operators Of Credit Repair Business Masquerading As The FTC Must Return $2.4M To Consumers

Operators Of Credit Repair Business Masquerading As The FTC Must Return $2.4M To Consumers

Three months after regulators shut down a credit repair company catering mainly to Spanish-speaking consumers for falsely claiming to have a close relationship with the federal government – calling itself “FTC Credit Solutions” – and bilking thousands of dollars from individual consumers with empty promises of boosting their credit scores, the real Federal Trade Commission announced it has reached a settlement that will result in the return of $2.4 million to victims of the scam. [More]

Bill Would Allow Consumers To Sue When Bankrupt Debt Isn’t Removed From Credit Reports

Bill Would Allow Consumers To Sue When Bankrupt Debt Isn’t Removed From Credit Reports

Under federal law, when someone erases a debt in bankruptcy, their bank is required to update their credit reports to indicate the debt is no longer owed. To ensure this happens, legislators have introduced a new bill that would give credit card borrowers with inaccurate credit reports the power to sue their bank or a third-party debt buyer for damages if they continue to send so-called zombie debt to credit reporting agencies. [More]

How Much Is A Company That Knows All About Your Financial Behavior Worth? Turns Out A Lot.

How Much Is A Company That Knows All About Your Financial Behavior Worth? Turns Out A Lot.

It’s no secret that consumer financial data is valuable: it determines if you get better rates on loans and allows lenders to predict the likelihood you’ll pay back debts. While we can’t necessarily put a price tag on that data (yet), we now know that one of the largest companies to collect that information is worth a bundle – 4 billion bundles, in fact. [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]

Man Named God Reaches Settlement With Equifax, Finally Gets A Credit Score

Man Named God Reaches Settlement With Equifax, Finally Gets A Credit Score

You might recall a story from about a year back where a man with the first name “God” had a little dispute with credit-reporting agency Equifax, namely that the company wouldn’t recognize his moniker as legitimate. He’s now come out on top in his battle with Equifax, which has agreed he and his financial history do exist, and have granted him a shiny new credit score. [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]

(Mike Mozart)

Class Action Suit Filed In California Over Wells Fargo’s Alleged Customer Account Abuses

A lawsuit filed earlier this month by the city of Los Angeles accuses Wells Fargo of pushing employees to engage in fraudulent conduct with regard to consumer accounts in order to meet the bank’s sales quotas. Now, one of those customers has filed his own lawsuit against the San Francisco-based bank alleging the same misconduct deceived and defrauded consumers across the country. [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]

(www.flickr.com/photos/33581199@N04/4231899887)

Nearly 26 Million American Adults Have No Credit History

While a recent survey found that nearly 35% of consumers have never pulled their credit report, a new report from the Consumer Financial Protection Bureau points out that some of those consumer might not have anything on their reports anyway. [More]

(Taber Andrew Bain)

Los Angeles Sues Wells Fargo Over Unfair Customer Account Conduct

The City of Los Angeles has filed a lawsuit against the largest bank based in the state, accusing Wells Fargo of a plethora of unfair practices including encouraging employees to open unauthorized consumer accounts and then charging those accounts phony fees. [More]

(20 buckz)

Nearly 35% Of Consumers Have Never Checked Their Credit Reports

While consumers are often urged to take advantage of the free once-a-year opportunity to request a credit report and make sure they aren’t riddled with errors, a new survey suggests many Americans simply aren’t heeding the suggestion. [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]

(БРАТСТВО)

Potential FICO Credit Score Changes Could Hurt, Rather Than Help Some Consumers’ Creditworthiness

The Fair Isaac Corporation – better known to consumers as FICO – is on the verge of turning the credit score game on its head with the release of a new credit-scoring approach that would consider consumers’ monthly bills, such as those for utilities and wireless plans, when determining creditworthiness. The change is purportedly intended to help consumers on the low end of the credit spectrum, but some consumer advocates are concerned that lower-income Americans could be the ones most adversely affected. [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]

(frankieleon)

3 Ways You Could Be Hurting Your Credit Score Even If You Pay Your Bills On Time

If you pay make regular credit card payments that are well above the minimum, and no one is hassling you about outstanding bills you might assume that your credit score is getting healthier or at least maintaining its current level. But there are some mistakes that consumers don’t even realize they’re making that could be hurting their FICO numbers. [More]