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CFPB Takes Action to Address Junk Data in Credit Reports

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 …

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Credit Karma Pre-Approved Offers Not What You Think They Were

How Do I Use a Promissory Note to Pay My Debt?

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 …

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Hyundai Sent Negative Information to Credit Bureaus That Was Inaccurate

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 The CFPB found that Hyundai used manual and outdated systems, processes, and procedures to furnish …

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New Credit Bureau Coming This Spring That You Need to Know About

New Credit Bureau Coming This Spring That You Need to Know About

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. …

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These Are Credit Reporting Agencies You Can Hold Accountable

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 …

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