As the result of a report issued at the beginning of March 2022 by the Consumer Financial Protection Bureau (CFPB), starting in July 2022 there will be some major changes to credit reports. These changes will impact approximately 20% of consumers in a very positive way. Beginning July 1, 2022, all paid medical collections will … Read more
Due to an advisory opinion recently released by the Consumer Financial Protection Bureau (CFPB), all consumer reporting agencies must cease in providing any information on a credit report that is based only on a consumer’s first and last name and excludes any other personally identifiable information (PII) such as Social Security Number (SSN), address and … Read more
In 2020 the House passed two bills that could have a dramatic impact on credit reports. The Comprehensive Credit Act and the Protecting Your Credit Score Act of 2020(21). Both are similar and provide pretty extreme changes to what some consider to be a very unfair credit reporting system. To summarize, there are five main … Read more
Representative Maxine Waters, the top Democrat on the House Financial Services Committee has proposed a new bill titled “Fair Credit Reporting Improvement Act of 2014”. The Fair Credit Reporting Act (FCRA) has been in existence for 44 years with the last changes to it happening in 2003. If passed, this bill could have an overwhelming … Read more
A presentation of the Did You Know Series Did you know…The House Financial Services Committee is working to make the Consumer Financial Protection Bureau (CFPB) more accountable and transparent? The house committee alleges that the CFPB has too much autonomy and power with no accountability when it comes to credit cards, auto loans and mortgages. … Read more