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Report reveals financial harms caused by failures of credit bureaus. A report released by the Consumer Financial Protection Bureau (CFPB) exposed the financial harms to military families caused by faulty credit reporting.

Ruling says algorithms no defense against adverse action requirements. In response to the frequent use of algorithmic models to determine credit eligibility, the Consumer Financial Protection Bureau (CFPB) released a circular that clarifies that customers who are denied credit must be provided with specific reasons for the denial in an adverse action notice. This requirement is a part of the Equal Credit Opportunity Act (ECOA).

Disclaimer: this advice is presented based on factual research, advice from leading professionals/organizations, and the experience of others. I have not personally engaged in buying or selling authorized user tradelines.

CFPB issues advisory opinion extending protections to borrowers. The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion extending protections found in the Equal Credit Opportunity Act (ECOA) beyond the issuing of a loan. That is, the protections provided by the ECOA extend even after the loan is awarded and borrowers should be treated equally in the loan repayment process as well.

CFPB files brief in suit against TransUnion, seeks to expand consumer protection. The Consumer Financial Protection Bureau (CFPB) has filed a joint brief with the Federal Trade Commission (FTC) in a case against credit reporting agency TransUnion. The legal move seeks to expand consumer protection in the credit reporting industry. Specifically, the brief argues that reporting agencies - including TransUnion, Experian, and Equifax - have a legal obligation under the Fair Credit Reporting Act (FCRA) to address inaccuracies in consumer credit reports.

Chopra tells Congress his agency will take action to boost competition, reduce fees. In testimony to Congress, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra told lawmakers he's asked his agency to explore ways to limit credit card fees and boost competition in the financial services industry.

going over medical bill with doctorPhoto by Mikhail Nilov (Creative Commons) If you or someone you know has medical debt, here is some major news about credit reporting that could affect your credit score in the very near future. The three major credit reporting agencies recently announced that they will strip 70% of medical debt information out of consumers’ credit reports, starting July 2022.

Consumer advocacy group warns against credit monitoring services. On the heels of an announcement by the Consumer Financial Protection Bureau (CFPB) that TransUnion is being charged with violating an enforcement order and continuing to engage in deceptive marketing practices, advocates at the National Consumer Law Center (NCLC) warned against using credit monitoring services.

One U.S. Bank customer was furious after he made a credit card payment to cover his past due balance recently. The man who posted about his negative experience in the r/Credit forum on the popular aggregate site Reddit had been paying his card balance on time like most individuals and managed to obtain an above-perfect credit score of 820.

Advocates warn of debt trap from easy access credit product. A coalition of consumer groups issued a joint letter to the Consumer Financial Protection Bureau (CFPB) urging action to regulate buy now, pay later products such as AfterPay, Klarna, Affirm, and others.

20 Attorneys General express concerns about popular payment option. In response to an inquiry by the Consumer Financial Protection Bureau (CFPB), 20 Attorneys General expressed concerns about the proliferation of buy now, pay later products such as AfterPay, Klarna, Sezzle, and others.

Medical debts will soon be removed from your credit report, according to this source. In an announcement Friday, it was shared that Equifax, Experian, and Transunion support changes to how medical debt reports on consumer credit. They will be removing 70% of medical collection debt from consumer credit reports.

Marriner S. Eccles Federal Reserve Board Building, Washington D.C.Agnostic Preachers Kid/Wikipedia Commons. The Federal Reserve's (Fed) Federal Open Market Committee (FOMC) increased the federal funds rate by 0.25 percent Wednesday, March 16. This is expected to be the first in a series of rate hikes to fight inflation.

Consumer Bureau chief calls out "doom loop" that keeps patients in debt. A report released this week by the Consumer Financial Protection Bureau (CFPB) indicates that Americans have $88 billion in medical debt appearing on credit reports.

Gov. signs bill lowering max rate on small loans from 175% to 36%. New Mexico Gov. Michelle Lujan Grisham signed legislation this week that caps interest rates on small, short-term loans at 36%.

Survey suggests more than 1 in 5 consumers regret using buy now, pay later products. Buy Now, Pay Later — services like Klarna, AfterPay, Sezzle, and others — seem like a super convenient way to get what you need (or want) now and manage the purchase over a few smaller payments.

Financial Experts and the three major credit reporting agencies discourage the use of credit repair services, while consumers have disclosed that some companies may indeed be helpful.

Consumer Bureau Outlines Possible Consumer Protection Actions. The Consumer Financial Protection Bureau (CFPB) has issued a report noting that Americans spend $120 billion per year on credit card interest and fees.

CFPB Inquiry Comes as Short-Term Finance Products Gain Popularity. The Consumer Financial Protection Bureau (CFPB) has announced an inquiry into the practices of the Buy Now, Pay Later (BNPL) industry in light of the popularity of products such as Klarna and Afterpay. The move comes as the major credit bureaus are adding information from Buy Now, Pay Later to credit reports.