Fico Vs Fake-O

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#creditrepair #credithelp

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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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#qwestreview

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Bad Credit Score

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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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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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Credit Score Sick

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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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#qwestreview

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#learncredit

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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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