Thursday, December 27, 2018
Wednesday, December 26, 2018
Tuesday, December 25, 2018
Thursday, December 20, 2018
Wednesday, December 19, 2018
Tuesday, December 18, 2018
Friday, December 14, 2018
Thursday, December 13, 2018
Wednesday, December 12, 2018
Equifax data breach was “entirely preventable,” congressional report finds
A scathing new report finds one of the largest data breaches in U.S. history was “entirely preventable.” A 14-month congressional investigation slammed credit rating agency Equifax for lacking preventative measures in a data breach that exposed the personal information of 148 million Americans last year.
According to the House report, hackers gained access to the Equifax network in May of last year and attacked the company for 76 days. Thieves stole sensitive information, including social security numbers, from nearly half of U.S. adults and some lawmakers want Equifax to pay.
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Tuesday, December 11, 2018
Thursday, December 6, 2018
Wednesday, December 5, 2018
Tuesday, December 4, 2018
Thursday, November 29, 2018
Wednesday, November 28, 2018
Tuesday, November 27, 2018
FDCPA Caselaw Review for October 2018
A law firm sent a collection letter to the consumer stating that it intended to file a collection lawsuit in state court. The letter did not include a disclosure that the firm would collect court costs or fees, which were ultimately requested when the suit was filed. The consumer sued saying that the letter was false and misleading due to this omission. The court found that the letter was not deceptive or misleading because court costs would only become due if the debt collector prevailed in the lawsuit. This means that the balance would remain static even while the suit was pending and no disclosure was needed per the Second Circuit’s Taylor v. Financial Recovery Servicesdecision.
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Thursday, November 22, 2018
Wednesday, November 21, 2018
Tuesday, November 20, 2018
Tinley Park family says embattled mortgage firm didn’t credit payments
TINLEY PARK, Ill. — A nationally known mortgage company is accused of “years of widespread errors” and botching basic functions like crediting customers’ payments and sending out accurate monthly statements.
Now, a Tinley Park family says they are losing their home because of similar errors and a maddening, years-long effort to correct mistakes.
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Thursday, November 15, 2018
Federal-state lawsuit accuses debt collection agency of ‘overbiffing’
The New York State Attorney General’s Office has begun a joint lawsuit with the Federal Trade Commission against a Buffalo Debt Collection agency owner, alleging he used false information to coerce New Yorkers out of money they didn’t owe.
Authorities have frozen the assets of, and issued a restraining order against, a debt collection agency run under six different names by Robert Heidenreich, accusing him of “overbiffing” – the practice of trying to collect more than owed.
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Wednesday, November 14, 2018
Tuesday, November 13, 2018
Thursday, November 8, 2018
New Credit Score System Might Make It Easier to Get A Mortgage
For millions of Americans, it might soon be easier to get a mortgage loan — or any type of loan, for that matter — especially if they fall in the 500 to 600 FICO score range or have little to no credit history at all.
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Wednesday, November 7, 2018
Tuesday, November 6, 2018
Thursday, November 1, 2018
New FICO system could lift credit scores by including checking and savings history
You may soon earn a higher credit score if you balance your checkbook responsibly.
FICO, the developer of the most widely used credit score, is rolling out a new score next year that considers how you manage your checking, savings and money market accounts in addition to how you pay back your credit cards and loans.
This additional information could help boost the credit scores of some of the 79 million Americans who have poor credit histories, along with the 53 million who have no credit score at all under the traditional FICO model. That, in turn, could help them qualify for a credit card or loan.
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Wednesday, October 31, 2018
Tuesday, October 30, 2018
Thursday, October 25, 2018
Wednesday, October 24, 2018
Tuesday, October 23, 2018
Thursday, October 18, 2018
Wednesday, October 17, 2018
Tuesday, October 16, 2018
Equifax Joins Forces with Freddie Mac for a Faster, Easier Lending Experience
“We’re focused on helping our lenders reduce costs, maintain high quality loans and deliver a superior borrower experience,” said Samuel E. Oliver III, Freddie Mac Vice President, Major Project Execution, Single Family. “Our collaboration with Equifax to expedite the assessment of income is giving our clients this competitive advantage – the Freddie EdgeSM.”
“We’re thrilled to be working with Freddie Mac to reimagine and automate the mortgage experience and to ultimately provide the industry with insights to help drive more informed lending decisions,” said Jennifer Henry, Vice President of Equifax Mortgage Services. “We now support the two most prominent GSEs which gives lenders the flexibility they require to deliver a superior digitally-empowered customer experience.”
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Thursday, October 11, 2018
Wednesday, October 10, 2018
Tuesday, October 9, 2018
Thursday, October 4, 2018
Petal Raises $34 Million, Publicly Launches Credit Card
Mobile-first credit card company Petal has raised $34 million in credit. The round was led by Jefferies and Silicon Valley Bank.
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Tuesday, October 2, 2018
Thursday, September 27, 2018
Pending home sales fall for seventh straight month in July
It may be hot in the nation’s neighborhoods now, but the U.S. housing market is cooling off.
Signed contracts to buy existing homes fell 0.7 percent in July compared with June, according to the National Association of Realtors’ pending home sales index. The gauge was down 2.3 percent compared with July 2017. That is the seventh straight month of annual declines. Pending home sales are an indicator of future closed sales.
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Wednesday, September 26, 2018
Tuesday, September 25, 2018
Freezing your credit is now free
It’s been one year since Equifax announced publicly that through its bureau, hackers had accessed the personal information of more than 145 million people.
Since that time, though, very few people have taken security experts’ advice and frozen their credit reports, a cautionary measure that should prevent anyone from fraudulently opening a new credit account in one’s name.
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Thursday, September 20, 2018
Three men charged with alleged $364 million Ponzi scheme in Maryland
Federal authorities in Maryland have charged three men with running a $364 million Ponzi scheme for more than five years.
Kevin Merrill, Jay Ledford, and Cameron Jezierski were arrested Tuesday and charged with using 30 companies and more than 55 bank accounts to bilk hundreds of investors.
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Wednesday, September 19, 2018
Tuesday, September 18, 2018
Executive Conversation: Jim Wehmann on FICO’s latest credit score innovations
Executive Conversations is a HousingWire web series that profiles powerful people in the financial industry, highlighting the operations and the people that make this sector tick. In the latest installment, we sit down with Jim Wehmann, executive vice president of FICO Scores, to discuss some of FICO’s newest innovations, including the FICO Score Planner.
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Wednesday, September 5, 2018
Tuesday, August 28, 2018
APNewsBreak: Nation’s top student loan official resigns
The government’s top official overseeing the $1.5 trillion student loan market resigned in protest on Monday, citing what he says is the White House‘s open hostility toward protecting the nation’s millions of student loan borrowers.
Seth Frotman will be stepping down as student loan ombudsman at the end of the week, according to his resignation letter , which was obtained by The Associated Press. He held that position since 2016, but has been with Consumer Financial Protection Bureau since its inception in 2011.
Frotman is the latest high-level departure from the CFPB since Mick Mulvaney, President Donald Trump‘s budget director, took over in late November. But Frotman’s departure is especially noteworthy, since his non-partisan office is one of the few parts of the U.S. government that was tasked with handling student loan issues.
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Wednesday, July 25, 2018
Thursday, July 19, 2018
Tuesday, July 17, 2018
Credit Bureaus
Credit Bureaus tying again to avoid credit make themselves immune from credit repair regulations, so they can actually provide credit repair. How can the actual owners of the incorrect information(Bureaus), can then try to charge consumers to correct that very incorrect information?!?
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Thursday, July 12, 2018
Senate Hearing to be held Thursday July 12th
Senate Hearing to be held Thursday July 12th at 10am(Dirksen Senate Office Building): “An Overview of the Credit Bureaus and the Fair Credit Reporting Act”
TOPIC: THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION to conduct a hearing on “An Overview of the Credit Bureaus and the Fair Credit Reporting Act.” The witnesses will be Ms. Peggy L. Twohig, Assistant Director, Supervision Policy, Division of Supervision, Enforcement and Fair Lending, Bureau of Consumer Financial Protection; and Ms. Maneesha Mithal, Associate Director, Division of Privacy and Identity Protection, Bureau of Consumer Protection, Federal Trade Commission.
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Tuesday, June 19, 2018
Important Bill
Important Bill that allows utility and telecom companies and landlords to report on-time payment data to credit reporting agencies, helping those with little to no credit build their credit scores based on a full picture of their payment history
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Friday, June 15, 2018
Bureau of Consumer Financial Protection Settles With Security Group, Inc.
WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) announced a settlement with Security Group Inc., a South Carolina corporation, and its subsidiaries, Security Finance Corporation of Spartanburg and Professional Financial Services Corp.
As described in the consent order, the Bureau found that the Security Group entities violated the Consumer Financial Protection Act by making improper in-person and telephonic collection attempts on consumer installment loans and retail sales installment contracts. The Bureau found that these improper attempts included physically preventing consumers from leaving their homes and visiting and calling consumers’ places of work while knowing that those contacts could endanger the consumers’ employment. The Bureau also found that the Security Group entities violated the Fair Credit Reporting Act by regularly furnishing inaccurate and incomplete information about consumers to credit reporting agencies.
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Thursday, June 14, 2018
LendingTree Completes Acquisition of Ovation Credit Services
On May 11, 2018, LendingTree announced a definitive agreement to acquire Ovation Credit Services. Ovation Credit Services utilizes a proprietary software application that facilitates the credit repair process and is integrated directly with certain credit bureaus while educating consumers on credit improvement via ongoing outreach with Ovation case advisors. The proprietary software application offers consumers a simple, streamlined process to identify, dispute, and correct inaccuracies within their credit reports.
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Wednesday, June 6, 2018
Shulman v. American Medical Collection Agency d/b/a AMCA
“AMCA Collection” is a fair sized collection agengy. Decent chance you have come across then if you have any medical debt,
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Thursday, May 31, 2018
CFPB wins $21 mln default judgment from Maryland debt relief firm
A federal judge in Baltimore has ordered a Maryland debt relief firm that claimed to be linked to the U.S. government to pay a $21 million default judgment after the company failed to respond to an enforcement action against it.
In a decision on Tuesday, U.S. District Judge George Russell also permanently banned the company, Federal Debt Assistance Association (FDAA), and its owners from offering debt relief or credit repair services in the future.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2s66HVi
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Thursday, May 24, 2018
LendingTree Study
The Consumers of this Nation are active working to improve their credit scores everywhere
LendingTree Logo. (PRNewsfoto/LendingTree, Inc.)
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Saturday, May 12, 2018
LendingTree, Inc. Announces Agreement to Acquire Ovation Credit Services
CHARLOTTE, N.C., May 11, 2018 /PRNewswire/ — LendingTree, Inc. (NASDAQ: TREE) announced today that it has entered into a definitive agreement to acquire Ovation Credit Services, Inc., a leading provider of credit services with a strong customer service reputation. Ovation Credit Services utilizes a proprietary software application that facilitates the credit repair process and is integrated directly with certain credit bureaus while educating consumers on credit improvement via ongoing outreach with Ovation case advisors.
LendingTree Logo. (PRNewsfoto/LendingTree, Inc.)
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Thursday, March 22, 2018
House Committee Approves Legislation to Amend FDCPA and Regulations of Debt Collection Attorneys
“as “”anti-collection agency abuse”” and I am, I actually don’t disagree with this, in spirit. Attorneys, if specifically engaged in the practice of “litigation activities” should not have to adhere to the FDCPA. If im understanding this correctly, that would not include Attorneys who are simply attempting to collect debts, and those practices would fall under the FDCPs guidelines. I am interested to see how this plays out”
The United States Capitol building with the dome lit up at night.
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Friday, March 16, 2018
How Equifax Kept Its Mega Breach Secret From Its Own Staff
Did Equifax keep the massive 2017 data breach hidden from some of its own staff? That’s just one claim dropped by the SEC in its complaint against a former executive, international chief information officer Jun Ying, who’s been accused of insider trading after he sold stock just before the massive hack affecting 147 million individuals was publicly disclosed.
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Tuesday, March 13, 2018
Debt Collection Law Firms Must Follow FDCPA in Foreclosure Cases, Court Says
A federal judge has ruled that debt collection law firms are subject to the rules of the Fair Debt Collection Practices Act in cases dealing with mortgage foreclosures.
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Thursday, March 1, 2018
Collection Letter Making Settlement Offer for Time-Barred Debt Can Violate FDCPA Without Legal Action Threat, Third Circuit Rules
A letter sent to collect a time-barred debt that makes a settlement offer can, even without a threat of legal action, violate the Fair Debt Collection Practices Act’s (FDCPA) general prohibition against a debt collector’s use of “any false, deceptive, or misleading representation or means in connection with the collection of a debt,” the U.S. Court of Appeals for the Third Circuit has ruled. The decision is a reminder of the need for debt collectors to review with counsel scripts, letters, and other communications used to collect time-barred debts.https://www.natlawreview.com/article/collection-letter-making-settlement-offer-time-barred-debt-can-violate-fdcpa-without
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Tuesday, February 27, 2018
Thursday, February 22, 2018
Tuesday, February 6, 2018
US consumer protection official puts Equifax probe on ice: Sources
“Im at a loss for words with this one…completely despicable”
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Thursday, February 1, 2018
Innovus Consulting Services Delivers In-Depth Security Assessment Services for Digital Transformation with FICO Cybersecurity Scores
SAN JOSE, Calif. and BRECKENRIDGE, Colo., Feb. 1, 2018 /PRNewswire/ — Innovus Consulting Services, an international consulting company in the fields of cybersecurity and digital transformation, along with Silicon Valley analytic software firm FICO announced today that Innovus has joined the FICO® Enterprise Security Score partner program. Through the partnership, Innovus Consulting Services will incorporate the FICO® Enterprise Security Score into its portfolio of solutions and services. The FICO Enterprise Security Score enables Innovus clients to accurately assess cybersecurity risk within their own organization, as well as monitor the risk of their vendors.
FICO Corporate logo. (PRNewsFoto/FICO)
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Tuesday, January 30, 2018
Debt Lawsuits Are Complicated–This Website Makes Them Simpler To Navigate
When a mother in Springville, Utah, got a medical bill after her son’s surgery, she realized that the health insurance company hadn’t covered the cost of anesthesia, and she couldn’t afford to pay it herself. The debt went into collections, and when she was served a lawsuit, she didn’t answer–meaning that she automatically lost the case, and became responsible not only for the medical debt but the cost of attorney fees.
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Thursday, January 25, 2018
Education Dept. awards debt-collection contract to company with ties to DeVos
Im not posting this for any political reasons, but strictly to state that consolidating the collection efforts of defaulted student loans to only 2 debt collectors, is problematic. Especially when those companies have history of abusive behavior
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Wednesday, January 24, 2018
Great event happening this Saturday, make sure to attend
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Tuesday, January 23, 2018
FICO Predicts AI and Blockchain Will Meet in 2018
The growing use of blockchain technology in financial services will include a healthy dose of artificial intelligence, as new, automated analytic techniques look for patterns in the “relationship data” about people, contracts and transactions. That merger of two hot tech trends is one of the predictions made by Dr. Scott Zoldi, chief analytics officer at Silicon Valley analytic software firm FICO, and a recognized expert in the field of artificial intelligence.
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Tuesday, January 16, 2018
Equifax breach shows why companies need to act against known vulnerabilities
Why wasn’t this lag discussed more? If Equifax is deemed incompetent for overlooking a vulnerability for four months, wouldn’t they be deemed utterly irresponsible for staying oblivious to it for years? Should we really care about when the vulnerability was disclosed?
#equifax #credit #creditscores #fico #mortgage #breach
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Thursday, January 11, 2018
FICO: Ensuring Digitisation Through Optimum Innovation
FICO has pioneered the development and application of critical technologies behind decision management. These include predictive analytics, business rules management and optimisation, says Vishal Goyal, Country Manager, South Asia, FICO, in conversation with Rashi Aditi Ghosh of Elets News Network (ENN).
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Tuesday, January 9, 2018
Average Credit Scores for Potential Homebuyers Dip
According to the tracker, the average FICO score on a closed FHA refinance loans to millennial borrower in November 2016 was 678. This score dropped to 669 in November 2017. The report also indicated that closed VA refinance loans decreased from 725 to 710 year-over-year.
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