WAS BANK OF AMERICA FORCED TO FORGIVE YOUR HOME EQUITY LOAN? THEY GOT THEIR REVENGE BY DAMAGING YOUR CREDIT!

Bank of America

In 2012, Bank of America reached a $16.65 billion settlement with the United States Department of Justice over its mortgage practices. If you had a home equity line of credit with Bank of America, you may have received a letter … Continue reading

Congratulations to Mr. and Mrs. Spanovich for settling their case against BMO Harris

In a classic David v Goliath case, Mr. and Mrs. Spanovich sued BMO Harris Bank over a debt that was not their obligation.  Despite having sent dispute letters to Experian, Equifax and Trans Union informing them that they no longer … Continue reading

Wells Fargo FINED $185 million for opening bogus accounts

We usually think of banks as conservative, upright corporate citizens simply doing their best to screw the public.  Far fetched?  Not today.  http://www.usatoday.com/story/money/2016/09/08/wells-fargo-fined-185m-over-unauthorized-accounts/90003212/ The Consumer Financial Protection Board has fined Wells Fargo $185 million for trying to boost up its demand … Continue reading

A single charge off is now multiple charge offs and they are killing your credit score.

The credit reporting agencies and lenders, in the last few years, have picked up a new trick designed to hurt you.  They are turning single charge offs into multiple charge offs.  They take a singular charge off and report it … Continue reading

5 things to look for when hiring Credit Repair Company

Credit Report

Credit repair companies have gotten a bum rap from just about everyone from Congress to states attorneys general to Yelp.  The industry has received these black eyes from some bad apples in the bunch, no doubt.  Unfortunately, these few had … Continue reading

Is your credit repair company doing EVERYTHING it can to help you?

You should ask them and find out.  Ever since Experian has been sending out its “suspicious request” response letters, I have been flooded with calls and contacts from credit repair organizations around the country.  I have been telling people that … Continue reading

What Credit Repair Organizations should know about when credit reporting agencies may decline to investigate their dispute letters?

Credit repair organizations (“CROs”) have a pretty bad reputation.  Well, some of them do and it’s enough to really tarnish the entire industry.  Hell, Congress had to step in and create the Credit Repair Organization Act that severely regulated these … Continue reading

Experian is getting slammed with new law suits for refusing to investigate consumer disputes with “Suspicious Request” letters.

If  you have something on your credit report that does not belong to you, the Fair Credit Reporting Act requires you to send a dispute to the credit reporting agency, such as Experian, Equifax and Trans Union (“credit reporting agencies” or … Continue reading

Not Checking Your Credit Reports? It Will Cost You!

Couple

We all know how important credit reports/scores are to our daily lives. They determine whether we can buy our dream home, lease a car, or even get a job. But a new study done by the Consumer Financial Protection Bureau … Continue reading

60 Minutes Shocking Report – 1 in 5 Credit Reports are wrong

Couple

Credit reports: we know we need them to buy a home, secure a car loan or get approved for a credit card. We worry about our credit score and how to raise it. But a new government study conducted by … Continue reading

Kmart Fined $3 Million for Violating Consumer Rights under the Fair Credit Reporting Act

Kmart

  The Fair Credit Reporting Act (“FCRA”) is a federal law designed to protect consumers from unfair practices regarding their credit report. A class of more than 60,000 job applicants recently sued Kmart claiming that Kmart did not inform them … Continue reading

The High Cost of Credit Report Errors

Couple

You may have seen the recent 60 Minutes newscast about the frequency of credit report errors and how hard it is for consumers to dispute mistakes. Most people understand that your credit report will determine how much interest you pay … Continue reading

New Credit Reporting Agency on the Block – CoreLogic – A new problem for would be homeowners?

You have heard of the “Big 3” credit reporting agencies – Experian, Equifax and TransUnion. But you may not have heard of the newest one – CoreLogic. For people who want to buy a home, a new FICO credit score … Continue reading

Your Credit Score Is Not The One The Lender Sees

In a shocking new study conducted by the Consumer Financial Protection Bureau (America’s cop for consumers), it was discovered that the credit score you may have been banking on to get the lowest rate on your mortgage or credit card … Continue reading

Experian debuts a new credit score to help others or off the financial grid

Experian has recently announced that its creating a new credit scoring system to help people who live off the financial grid. These are people who cannot traditionally obtain bank loans. Experian’s new credit scoring system would consider a variety of … Continue reading

Why Suing Debt Collectors is Free for Consumers

Many people think that hiring a lawyer is expensive. Today I’d like to explain to you how and why I am able to represent you, the consumer, for free against bullying debt collectors. First, under the federal law, the Fair … Continue reading

Consumer Lawyers, when filing your Fair Credit Reporting Act, don’t forget the details

Attorneys, when you file a complaint under the Fair Credit Reporting Act (“FCRA”), be sure that you can make the following allegations in good faith: a. Your client posited its consumer dispute with the credit reporting agency (and not just … Continue reading

The Big three Credit Reporting Agencies are not the only ones talking about you. Have you ever heard of “Specialty Reports?”

More specifically, they are called Nationwide Specialty Consumer Reporting Agencies. These credit reporting agencies collect certain information about you that they sell to particular users. For example, did you know that these agencies collect information about you such as your: … Continue reading

Job Shopping? Your credit score may be an important factor in landing that job.

Your credit score is not just important when you want to buy things on credit. It may also be relevant when you apply for a job. Did you know that prospective employers may have a right to pull your credit … Continue reading

Federal Trade Commission Warns Credit Report Sites

Google “free credit report,” and you’re likely to turn up all kinds of web sites such as credit reporting agencies offering you a look at your credit report and/or credit score. What these agencies may not tell you, however, is … Continue reading

Spokeo Faces Potential Class Action for FCRA Violations

Online data aggregator and broker Spokeo is facing a lawsuit in Virginia brought by a consumer who believes Spokeo is violating the Fair Credit Reporting Act (FCRA). The plaintiff is seeking to make the case a class-action lawsuit to include … Continue reading

The primary identity theft threats

What is identity theft? Identity theft has been defined as a form of fraudulent activity “in which someone pretends to be someone else” or assumes “that person’s identity, typically in order to access resources or obtain credit and other benefits … Continue reading

Help yourself to improve your credit score

I commonly come across people with poor credit scores. I think about ways that they can improve their credit score themselves. With the state of the U.S. economy, a lot of individuals have experienced financial distress and damaged their credit … Continue reading

States want to limit pre employment credit checks

Employers, with a prospective employee’s consent only, sometimes pull a credit report on the prospective employee. This is a federally permissible purpose under the Fair Credit Reporting Act. However, given today’s economy, many people, especially the unemployed, have had credit … Continue reading

FTC fines Credit Reporting Agency for shirking its duties under the Fair Credit Reporting Act

Central Credit, a wholly owned subsidiary of Global Cash Access, Inc., is a specialty credit reporting service to the casino industry. According to the FTC, Central Credit failed to inform its casino customers of their duties under the Fair Credit … Continue reading

Take Control of your credit report…NOW

For many people, one of their biggest assets is their credit score. Believe it or not, most credit reports contain inaccuracies. Many of these accuracies are serious enough to depress credit scores. These inaccuracies are due to: Mismerging – Person … Continue reading

They collect more than just credit information about you

I just came across a great article written by Consumer Reports. It talked about information other than credit data that is gathered by other agencies about you. For example, insurance claims that you have made are collected by a company … Continue reading

The downward spiral of credit affects even those with great credit

There was a great article in USA Today of Saturday, March 7, 2009. In that article, the reporter advises that banks are now closing lines of credit and credit card accounts that are inactive. Even people who have been making … Continue reading

OMG….The CRA’s are sooooo F’ed Up when it comes to ID theft!!!!

The Law- Under the Fair Credit Reporting Act (“FCRA“), credit reporting agencies such as Transunion, Experian and Equifax, all have a duty to conduct an investigation into a consumer’s dispute regarding the accuracy or completeness of an item appearing on … Continue reading

Emotional damages are easier to obtain under the FDPCA and FCRA than under state laws

In a great new case that was recently issued in a District Court the 6th Circuit in Ohio, Judge Carr wrote a great opinion reaffirming the fact that in order for Plaintiffs to obtain emotional damages under the Fair Debt … Continue reading

President Bush signs law clarifying FACTA

The Fair and Accurate Credit Transactions Act (“FACTA”) was enacted in 2003 as an amendment to the Fair Credit Reporting Act (“FCRA”). According to Stuart King’s Risk Management Blog, he noted that just yesterday, President Bush signed HS 4008 which … Continue reading

Zombie debt….it just won’t die…

I confess…I loooove Zombie movies. George Romero is one of my all time favorite directors. He produced Night of the Living Dead, Day of the Living Dead and other classic brain eating films. Its great to see it on the … Continue reading

How to dispute an item on your credit report….its easy.

On more than on occasion, I have advised you to get your free credit report as is your right under the Fair Credit Reporting Act. Once a year, you can obtain your free credit reporting by visiting http://www.annualcreditreport.com. I have … Continue reading

How to avoid solicitation calls from lenders

Under the Fair Credit Reporting Act (“FCRA”), soliciting lenders are able to give search criteria to credit reporting agencies. The agencies then provide a list of persons by name and address who meet those criteria to the soliciting lender. Fear … Continue reading

Get your free credit report…commercial free

It is time to get your free credit report. Note that you have a right under the Fair Credit Reporting Act to get a free copy of your credit report, once a year. Be careful. There are a number of … Continue reading

How to best manage your biggest asset….your credit score

I just came across a funky blog that had a great article entitled “Another Simple Way to Understand your Credit Report. This blog post was excellent. It talked about how someone with an excellent credit score can go down 100 … Continue reading

Your credit report needs an annual check up

I just read an excellent article by Elizabeth Fisher entitled You Have a Right to Dispute Your Credit Report. It is a quick and highly informative read. Ms. Fisher notes that her credit bureau contained a pile inaccuracies that painted … Continue reading

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