Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need to take steps to reliably detect and remove inconsistent or impossible information from consumers’ credit profiles. For example, many children in foster care have …
The Federal Trade Commission has taken action against credit services company Credit Karma for deploying dark patterns to misrepresent that consumers were “pre-approved” for credit card offers. The FTC alleges that the company used claims that consumers were “pre-approved” and had “90% odds” to entice them to apply for offers that, in many instances, they ultimately did …
Today, the Consumer Financial Protection Bureau (CFPB) penalized Hyundai Capital America (Hyundai) for repeatedly providing inaccurate information to nationwide credit reporting companies and failing to take proper measures to address inaccurate information once it was identified between 2016 and 2020. The CFPB found that Hyundai used manual and outdated systems, processes, and procedures to furnish …
Experian has just announced a new credit bureau that is aimed at the buy now, pay later crowd. The bureau will be cleverly known as The Buy Now Pay Later Bureau™. Experian has spotted an opportunity to roll out this new service with a large number of people using Buy Now, Pay Later (BNPL) services. …
The Consumer Financial Protection Bureau (CFPB) has just released this list of consumer reporting companies that can be held accountable. The list identifies dozens of specialty reporting companies that collect and sell access to people’s data, including individuals’ finances, employment, check writing histories, or rental history records, often without their knowledge. Using the list, people …
It’s no fun to be fined for parking in the wrong place at the wrong time or getting a speeding ticket. Driving safely is important, which means that these infractions can even affect other things like your car insurance or life insurance rates. Will parking fines or speeding tickets affect my credit score as well? …
