More Twists and Turns in Morgan Drexen Case Now Involving Howard Law

Last week the Consumer Financial Protection Bureau (CFPB) deposed Walter Ledda, the former man in charge of the debt settlement company Morgan Drexen. Ledda disclosed some information that made the ears of the perk up a bit and they filed a new court document. Rather than rehash the entire background of this multi-year court action … Read more

This Month’s Complaint Report: Credit Reporting Issues

Aug 25 2015 By Chris Johnson This month’s report puts the spotlight on credit reporting. Credit reports play a big part in major consumer lending decisions, including mortgage loans, auto loans, credit cards and private student loans. The largest three nationwide credit reporting companies (Equifax, Experian and TransUnion) maintain credit files on nearly 210 million … Read more

When You Make Student Loan Payments on an Income-Driven Plan, You Might be in for a Payment Shock

Aug 17 2015 By Seth Frotman Earlier this year, we asked you to share your #StudentDebtStress story. More than 30,000 of you answered, telling us about payment processing problems, servicing transfer snags, customer service confusion, and obstacles for borrowers in alternative repayment plans. You can check out the comments that were posted. For borrowers who … Read more

Debt settlement company Morgan Drexen is no longer in business: What you should know

Jul 20 2015 By CFPB Web Team Morgan Drexen has gone out of business. If you are a Morgan Drexen customer, you must take action on your debts. You can also request a refund of any money that is currently in your settlement account. In 2013, we sued debt settlement company Morgan Drexen for collecting … Read more

Removing an Outdated Bankruptcy from a Credit Report: Jorge’s Story

Jul 16 2015 By Ashley Gordon Have you ever found an error on your credit report? These errors can negatively affect loan applications, how much you can borrow, hiring decisions and more. In Jorge’s case, he had lost an apartment because of a bankruptcy, which can stay on credit reports for up to ten years. … Read more

Consumer advisory: Your benefits are protected from garnishment

May 13 2015 By Nora Dowd Eisenhower and Holly Petraeus Older Americans, like many of their younger counterparts, increasingly have debts in collection. Over one-third of the complaints that older consumers submit to us are related to debt collection. In some of these complaints, consumers told us that debt collectors threatened to garnish their benefits … Read more

CFPB to Let Consumers Publicly Share Story of Problem With Company

Mar 18 2015 By Richard Cordray Since we started accepting complaints in July 2011, we have handled more than 550,000 from people all over the country about problems in the financial marketplace. These complaints help us understand the problems you face and focus our efforts to protect consumers like you. While you can see hundreds … Read more

We took a look at arbitration agreements and here’s what we found

Mar 10 2015 By Will Wade-Gery Tens of millions of consumers use financial products or services like credit cards and student loans that include pre-dispute arbitration clauses in their agreements. This means that either party to these contracts can require disputes be resolved through arbitration, rather than through the court system. These clauses are controversial. … Read more

You’ve Got Goals for Your Life—And Some of Them Take Money to Achieve

Feb 23 2015 By Laura Schlachtmeyer When you look ahead to your future, what kind of changes do you see? You might envision major changes, like moving to a new city for a new job, starting a family, or helping your kids move out and live on their own. You might anticipate smaller changes too, … Read more

Consumer advisory: Three steps you should take if you have a reverse mortgage

Feb 9 2015 By Nora Dowd Eisenhower Reverse mortgages are a type of loan that allows homeowners, 62 and older, to borrow against the accrued equity in their homes. Reverse mortgages can help some older homeowners meet financial needs in retirement. Most reverse mortgages today are federally insured through the Federal Housing Authority’s (FHA) Home … Read more