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Under the Fair Credit Reporting Act (“FCRA”)the credit reporting agencies (“CRA”) are required to follow “reasonable procedures to assure maximum possible accuracy of the information” in reporting consumer information.” 15 U.S.C. 1681e(b). What this means is credit bureaus must report accurate information on its consumers and if notified that information may be inaccurate, must conduct an investigation into the claimed…
The Consumer Financial Protection Bureau (“CFPB”) is an agency created by our federal government, responsible for protecting and regulating financial services relating to consumers. The bureau was created in response to the financial crisis our country underwent during the recession of this century. The bureau, which became effective on July 21, 2011, is responsible for policing banks, credit unions, payday…
Post graduation, paying off student loans provides a great deal of stress to consumers. In our suffering economy jobs are harder to find than ever before no matter what type of degree you carry, and repayment of loans proves more difficult than ever imagined. In fact, last year alone the amount of outstanding student loans surpassed the amount of credit…
Unwanted calls can be disruptive and stressful. There are laws that protect consumers against unwanted, automated sales calls and your landline. What are automated, robo-calls? Under the Telephone Consumer Protection Act, the term “automatic telephone dialing system” means that it is equipment that stores or produces phone number to be called using a generator. Basically, it is a computerized autodialer…
In light of the fact that the Fair Credit Billing Act (“FCBA”) is such a lengthy statute, I thought it best to break it up into two discussions. While last week’s blog focused on “billing errors”, the most in depth topic of the statute, today’s blog is dedicated to the additional regulations of the FCBA and how the Act is…
Unwanted calls can be disruptive and stressful. There are laws that protect consumers against unwanted, automated sales calls on your cell phone. Robo-calls on your cell phone that violate the Telephone Consumer Protection Act (“TCPA”) will allow you to recover $500 per call. Under the TCPA, it is against the law to call a cell phone: ■with an autodialing system and,…
Register your personal phone numbers on the Do-Not-Call Registry and see how it can help you. The Do-Not-Call List defined The National Do-Not-Call Registry was established in 2003 to help people stop getting unwanted sales calls. You can register your landline and your cell phone. The list includes only personal phone numbers, no business number or faxes are included. Registering for…
Often times in an attempt to collect a debt, collectors will threaten to report accounts to the credit reporting agencies if you refuse to pay. Debt collectors use this threat as a scare tactic and it usually works as many consumers have a great deal of concern for their credit standing. There are both permissible and impermissible circumstances in which…
When you hear the term credit reporting agency, you typically think of the big 3 reporting agencies that report your payment history and balances; Trans Union, Equifax and Experian. The Fair Credit Reporting Act (FCRA) provides consumers with a number of rights when it comes to dealing with a credit reporting agency including a free copy of your credit report…
It is incredible what lengths a debt collector will go to in an effort to collect a debt. Over the last several years, collection agencies have purchased what is considered junk debt from credit card companies, telecommunication companies, health club memberships, etc. for mere pennies and targeted debtors to make payment on this debt that is likely passed the statute…