Category Archives: Credit Reporting Industry

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Escrow Accounts and Chapter 13 Bankruptcy: Inherent Problems with Form B410A

The intersection of Chapter 13 bankruptcy and escrow accounts is complicated and confusing.  Since 2011, various bankruptcy rule and form changes have occurred in an effort to eliminate perceived problems with Chapter 13 escrow issues. This article explains how one of these changes – a revised version of a proof of claim attachment form – … Continue Reading

The Conundrum of Credit Reporting In and After Bankruptcy: Help May Be on the Way

Creditors and credit furnishers often find properly reporting a payment status to Credit Reporting Agencies (CRAs) during, and after, bankruptcy a challenge. The recent Report of the American Bankruptcy Institute on Consumer Bankruptcy recognizes those challenges, and looks to convene a forum to provide better guidance and clarity as to proper credit reporting once a … Continue Reading

Will Congress Upend Credit Reporting Agencies’ Cybersecurity Regulation in Light of Recent Data Breach?

Senators Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) introduced the Data Breach Prevention and Compensation Act on January 10, 2018 in an effort to increase accountability of large Credit Reporting Agencies (CRAs) for data breaches involving consumer data. The bill, drafted in response to the September 2017 Equifax data breach revelations, seeks to impose direct administrative … Continue Reading

How’d You Score That? CFPB Fines Experian Because of Misleading Credit Score Marketing

Whether it’s a football game, a standardized test, or a person’s credit, scores matter. In the case of consumer credit scores, the difference between falling in the high and low ends of the score spectrum impacts the financial lives of individuals. Understandably, many seek out their credit scores so that they know where they fall … Continue Reading

Student Loan Servicers Still Looking for Clarification on Reporting Obligations

There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and Treasury and the Consumer Financial Protection Bureau (CFPB) on April 28, 2016 (DoE Fact Sheet). The DoE Fact Sheet … Continue Reading

NY Attorney General Settlement Portends a Major Shift in the Credit Reporting Industry

In March, the big three credit reporting bureaus entered into an agreement with the New York Attorney General that is a harbinger for regulation and reform outside of New York State. Because of the size of New York, many of the settlement provisions will be implemented nationally. Industry watchers also suspect that federal regulators may … Continue Reading
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