The CFPB stopped publishing complaint narratives Aug. 14 — here’s what’s still in the database and how I’d still vet a debt collector or settlement company.
A rejected credit dispute means one of two very different things under federal law, and only one requires an explanation. Here is what to do next.
Amazon just paid a record FTC penalty for hiding fraud records from identity-theft victims. The law it broke gives you a right you can use today.
The Consumer Financial Protection Bureau is adding new barriers to its complaint portal — including disclaimers, proposed two-factor authentication, and complaint limits — after lobbying from the credit bureau industry. Consumer advocates say the changes will hurt the people who need the system most.
The CFPB has started a process that could make it harder for consumers to file complaints against credit reporting companies. The move responds to industry requests to require additional personal information, limit complaints per phone number, and restrict IP addresses — changes that would hit vulnerable consumers hardest.
Quick Answer: Beyond the three major credit bureaus, specialty credit bureaus like ChexSystems, Certegy, and TeleCheck collect specific data about checking accounts, check-writing history, and payment behaviors. These lesser-known bureaus can impact account approvals and financial decisions, but consumers can request free annual reports from each company.When it comes to companies that collect and sell …
Quick Answer: Settling debt for less than owed will negatively impact credit reports, as creditors must report the unpaid portion as charged-off debt. Major creditors are contractually obligated to report accurate information to credit bureaus, making “paid in full” notations on settled debts unlikely to occur.“Dear Steve,I’m overextended and about to pay off approximately $30,000 …
Quick Answer: Beyond the three major credit bureaus (Equifax, Experian, TransUnion), lesser-known agencies like Innovis collect consumer data and can impact credit opportunities without most people’s knowledge. Innovis specializes in tracking consumer moves and providing pre-screening lists to creditors, potentially affecting access to the best credit card offers.So let me tell you a story about …
Quick Answer: Bankruptcy negatively impacts credit scores, but creditors often fail to properly update account statuses to reflect bankruptcy discharge, unfairly penalizing filers. Getting a consolidated credit report and disputing incorrectly listed accounts can immediately boost scores, while establishing new responsible credit helps rebuild credit history.When people go bankrupt their finances become a painful chapter …
Quick Answer: Credit scores are increasingly used for employment screening and insurance decisions despite no proven correlation between creditworthiness and job performance. Creditor actions like lowering credit limits or closing accounts can damage scores even when consumers haven’t done anything wrong, creating unfair consequences in hiring and healthcare access.I’m afraid that your credit score is …
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