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CONSUMER FINANCIAL PROTECTION BUREAU PUTS COMPANIES ON NOTICE ABOUT DUTY TO INVESTIGATE CONSUMER CREDIT REPORT DISPUTES Bulletin Highlights Expectations for Companies that Supply Information for Credit Reports WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) put on notice companies that supply information to consumer reporting companies. The CFPB released a bulletin stressing that, under the law, these companies, called furnishers, are responsible for investigating consumer disputes forwarded by the consumer reporting companies. Furnishers are also responsible for reviewing all relevant information provided with the disputes, including documents submitted by consumers. “Credit reports play a critical role in the lives of consumers,” said CFPB Director Richard Cordray. “Given the importance of these reports, consumers need to know that their documents are being reviewed when they dispute what they believe is a mistake on a report. Today’s bulletin helps ensure that the right people will be doing just that.” Consumers may file a dispute with a consumer reporting company about an item on their credit report. If they do, the consumer reporting company ordinarily must inform the furnisher that the consumer has filed a dispute. The consumer reporting company is also required to forward all relevant information it has about the dispute to the furnisher. Once the furnisher receives the information, it must review it, conduct an investigation, and respond to the consumer reporting company. An electronic system, known as “e-OSCAR,” is used by the three largest nationwide consumer reporting companies – Equifax Information Services LLC, TransUnion LLC, and Experian Information Solutions, Inc. nationwide – to send information relating to consumer disputes to furnishers. In a December 2012 report, the CFPB highlighted the fact that the “e-OSCAR” system did not provide a means for credit reporting companies to forward to furnishers any documents submitted by consumers. Since then, the CFPB has been working to ensure that the dispute system was improved. The “e-OSCAR” system has been upgraded so that the three companies can now send furnishers any relevant dispute documents mailed in by consumers. The CFPB is continuing to work to see that the capacity of the system is expanded further in the near future. Today’s bulletin details the Bureau’s expectations of how furnishers should comply with the requirements of the Fair Credit Reporting Act, particularly with respect to investigations of consumer disputes they receive from consumer reporting companies. The bulletin specifically addresses furnishers’ obligation to review all relevant dispute information provided by the consumer reporting companies. The CFPB expects each furnisher to fulfill its legal obligations by: · Receiving information and investigating disputes: When a consumer files a dispute about a credit report item, companies need to be able to receive information about the dispute and must investigate the consumer’s concerns. · Providing investigation results: Furnishers must report the results of the investigation to the consumer reporting company that sent the dispute originally. · Correcting inaccurate information: Furnishers are required to report the results of the investigation to nationwide consumer reporting companies if those companies may have received inaccurate or incomplete credit information. Furnishers also have to modify, delete, or permanently block disputed information that is incomplete, inaccurate, or cannot be verified. If the CFPB determines that a furnisher has engaged in any acts or practices that violate the Fair Credit Reporting Act or other federal consumer financial laws, it will take appropriate supervisory and enforcement actions to address violations and seek all appropriate corrective measures, possibly including restitution to harmed consumers. The CFPB will continue to review furnishers’ compliance with these requirements. the notice sent to Furnishers' http://files.consumerfinance.gov/f/201309_cfpb_bulletin_furnishers.pdf
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Debt Settlement co payment processor 1.31 Million - CFPB
ICANHASMUNY? posted a topic in Credit Forum
http://files.consumerfinance.gov/f/201310_CFPB_meracord-complaint.pdf -
The CFPB has issued an open letter to Employers regarding the use of Payroll debit cards http://files.consumerfinance.gov/f/201309_cfpb_payroll-card-bulletin.pdf Discusses the EFT act ( regulation E ) all fees must be disclosed ahead of time, that the bank must provide account statements in the past 60 days for free, and that the employer cannot force the employee into the payroll card plan.
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- payroll debit
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First time post! Been doing a LOT of reading and I'm sure someone will point out something else for me to read so just know I'm willing to learn! Started a Jack Attack in early May focusing on a private Sallie Mae account (CO) and two Capital One accounts (both CO & Paid in Full) with TU, EQ, EX. Received some responses and some deletions of incorrect personal name and address information and only updates of the disputed accounts. Started a complaint with CFPB in early June disputing the accounts while still waiting on responses to the rest of my Jack Attack letters with the CRAs. Two weeks after filling a CFPB complaint I receive notice from the CFPB stating the following: ********************************************************************** The company has provided a partial response to your complaint number 00000-000000 describing the steps taken so far to address your issue. They stated they are still working on your issue, and you should hear from them again within 60 days. View the details of your complaint and the company's response so far at: https://help.consumerfinance.gov/app/account/complaints/list We will let you know as soon as we receive an update about your complaint. Thank you, Consumer Financial Protection Bureau consumerfinance.gov (855) 411-CFPB (2372) ********************************************************************** My question is are any laws being violated by the extension of time being allowed by the CFPB which basically gives the CRAs 90 days in total (30+60 more days) to investigate my disputes? Also, should I wait and see at this point or send letters to the CRAs when the 30 days to respond to my individual Jack Attack letters expire and request a deletion?
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http://files.consumerfinance.gov/f/201308_cfpb_complaint_morgan-drexen.pdf
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- illegal fees
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Debt collection complaintsToday we’ll also start taking complaints about debt collection problems related to any consumer debt, including credit card debt, mortgages, auto loans, medical bills, and student loans. You can submit a complaint to us against any company collecting a consumer debt. You can also file a second, separate complaint against the company with which you had the original account. http://www.consumerfinance.gov/complaint/ http://www.consumerfinance.gov/blog/debtcollection/ Today, in addition to two bulletins putting companies on notice about harmful debt collection practices, we’re also releasing new tools for consumers: Action letters for consumers to consider using in corresponding with debt collectors and debt collection complaints. Many collection firms play by the rules and treat consumers fairly, but those that do not can cause financial harm to consumers and undermine the financial marketplace. Banks and other creditors may collect their own debt. They also may sell off debt to third parties. Those third-party debt buyers may collect the debt themselves or sell it off again for collection. Any entity that is subject to the Consumer Financial Protection Act of 2010 is legally required to refrain from committing unfair, deceptive, or abusive acts or practices that would violate the Act. Action lettersWe’ve published five action letters that consumers can consider using when replying to debt collectors. These letters cay help consumers get valuable information about claims being made against them or protect themselves from inappropriate or unwanted collection activities. The letters address the following situations when the consumer: ( these are at the link above. )
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I had an issue with a large company based in Texas that was going nowhere fast. The short story is that they accepted a settlement agreement but then decided not to follow through with one key component and began to give me the run-around after stalling for 2 months. I contacted a local attorney and worked on some verbiage which I sent to them and it was ignored. They stopped returning my phone calls. I filed a complaint with the FTC. They sent an automated response that they would review the situation and that was the last I heard from them. I filed a complaint with the Florida Attorney General (my state), and they responded giving me a bunch of links, including the FTC, and basically telling me they wouldn't do anything to help. Finally I decided to file a complaint with the attorney general in the state where they are headquartered, Texas. Knowing Texas is pretty big on consumer advocacy and running out of options, I figured why not. I received a response within a few days letting me know that they would look into the issue but that I would not hear back from them directly. I for sure thought I was being blown off again. A week passed and I got a call from a familiar area code... the lying sack of poo business above. This person was from executive services and she sounded a little nervous. She deeply apologized for any inconvenience and said they would look into the matter and get it correctly within a few days. Mind you at this point it had been 3 months since the agreement so I wasn't really getting my hopes up yet. A few days later I got FedEx envelope with a copy of a letter that was sent back to a lady with the Texas AG. It basically said that they apologized for the miscommunication (hah!) and that they have taken steps to rectify the issue and had copied me on the resolution. Attached was a copy of release that I had been waiting on for months. I was in total disbelief. I gave it a few days and it still hadn't shown up at my clerk of the courts office so I called executive services. The person seemed skittish again, but assured me that it was filed and gave me a tracking number and told me when/who signed for it. Sure enough, my county was 3 weeks behind in imaging their documents (not to mention took another 3 weeks to process), but they had finally followed through. Long story short - don't mess with Texas.
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- Texas Attorney General
- CFPB
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I have a case of a creditor reinserting a TL after the scheduled fall off date in January. Not only did they reinsert but they reaged it to report for another year. I did the dispute and of course it comes back verified on TU. I filed a complaint on 4/21 with CFPB with all of my supporting documents that showed for the past 5 years plus it has showed the same DOFD and the report that shows the reinsertion with new DOFD. Now news yet. Anyway that's my story, but I'm curious about others who filed, how long it took and what were your results?
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http://www.cutimes.com/2013/03/21/cfpb-indirect-lenders-must-obey-equal-credit-oppor?eNL=513a5923150ba0942600011c&utm_source=Daily&utm_medium=eNL&utm_campaign=CUT_eNLs&_LID=137763512
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http://www.cutimes.com/2013/03/14/cfpb-proposes-to-regulate-non-bank-student-loan-se?eNL=513a5923150ba0942600011c&utm_source=Daily&utm_medium=eNL&utm_campaign=CUT_eNLs&_LID=137763512
- 3 replies
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- CFPB
- Student Loans
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