Troutman Sanders

NOVEMBER 16, 2021

On November 8, New York Governor Kathy Hochul signed into law the Consumer Credit Fairness Act (Act) (Legislation S.153/A.2382). A similar notice is required if a plaintiff files a motion for summary judgment.

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Troutman Sanders

MAY 26, 2021

On March 18, the West Virginia legislature passed Senate Bill 5 , amending the West Virginia Consumer Credit and Protection Act (WVCCPA). The Amendments Focus on Deterring Meritless Claims by the Addition of an Offer of Judgment Provision, Including the Right to Recover Attorneys’ Fees.

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Troutman Sanders

FEBRUARY 25, 2022

In December 2021, a federal judge granted a motion for summary judgment in Mitchell v. The court held that because Specialized Loan used the correct designation, its actions were not unreasonable, and it was entitled to summary judgment. This “D” code indicates “no payment history available this month.”.

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FFGN COLLECT NY

JANUARY 6, 2023

Putting an end to the use of wage garnishments (income executions) in New York to collect medical judgments. Prohibiting a creditor from entering or enforcing a medical judgment by placing a lien against a debtor’s primary residence. The signing of a law preventing colleges from withholding student transcripts due to unpaid debts.

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FFGN COLLECT NY

MARCH 15, 2022

The order expired a few years ago and now, probably due to the overwhelming number of lawsuits being filed against consumers for delinquent accounts, six senators have renewed the inquiry into Chase’s collection activities. Domesticating a Foreign Sister State Judgment in New York: It’s in the Affidavit.

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FFGN COLLECT NY

NOVEMBER 12, 2021

For example, the initial fee for an index number in the supreme court is $210 whereas it is $45 for commercial claims and $140 for consumer credit transactions in civil court. Take for example New York Civil (Manhattan), where creditors who waited nine months for judgments pre-pandemic now find themselves with an 18-24 month wait.

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Troutman Sanders

JULY 15, 2022

According to CLSA’s deposition, the agency prepares “Judgment Reports” by “subcontract[ing] with people who go out to the various repositories of records and actually do the physical search.” CLSA compiled the information into a “Judgment Report” then “included this Judgment Report as one part of a larger report that it sent back to the Bank.”

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Troutman Sanders

DECEMBER 22, 2020

preempts burdensome credit reporting restrictions imposed by the Maine Fair Credit Reporting Act. “By The case is captioned Consumer Data Industry Association v. The parties filed cross-motions for judgment on a stipulated record in April 2020. . § 1681, et seq. This October, the U.S.

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Debt Free Colorado

FEBRUARY 21, 2022

What is Colorado Uniform Consumer Credit Code (Colorado UCCC). The Uniform Consumer Credit Code (UCCC) is a Colorado state legislation governing how consumer credit is handled. Consumer credit transactions are governed by the UCCC, which is a code of conduct.

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Troutman Sanders

APRIL 27, 2023

Jonathan helps businesses navigate and litigate the myriad consumer and financial services laws, particularly with the many “alphabet soup” federal consumer protection statutes, such as the Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and Fair Credit Reporting Act (FCRA).

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Collection Industry News

DECEMBER 28, 2020

. § 1681, et seq. , preempts burdensome credit reporting restrictions imposed by the Maine Fair Credit Reporting Act. “By The case is captioned Consumer Data Industry Association v. The parties filed cross-motions for judgment on a stipulated record in April 2020. This October, the U.S.

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Troutman Sanders

JANUARY 5, 2022

State Activities: On December 31, 2021, New York Governor Kathleen Hochul signed a bill into law that will lower the interest rate charged on unpaid money judgments to 2%. The law, effective April 30, applies to new judgment and retroactively to any judgment not fully satisfied when the law goes into effect.

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The Kaplan Group

OCTOBER 19, 2020

Credit Counselor. A credit counselor is certified and trained in consumer credit, money and debt management, and budgeting. In our opinion, credit counselors generally do a much better job for both clients and their creditors. A judgment is the official result of a lawsuit in court. Statute of Limitations.

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Consumer Financial Services Law

MARCH 4, 2018

The CFPB recently issued its second Quarterly Consumer Credit Trends Report which examines the impact of changes to credit reporting regarding the reporting of civil public records. In 2015, the three major credit reporting agencies (“CRAs”) entered into settlements with over thirty states.

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Troutman Sanders

SEPTEMBER 7, 2023

et al , the lawsuit arose out of an unpaid consumer credit account with a bank. The law firm filed suit against the plaintiff in state court seeking judgment in the amount of the debt as well as “statutory attorney fees.” Kohn Law Firm, S.C. The bank sold the debt to the defendant creditor.

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Troutman Sanders

OCTOBER 13, 2023

As background, ECOA prohibits discrimination by a creditor on the basis of race, color, religion, national origin, sex, marital status, age, an applicant’s receipt of public assistance, or the good faith exercise of an applicant’s rights under the Consumer Credit Protection Act. ECOA is implemented by Regulation B.

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Public Citizen

OCTOBER 24, 2020

  In addition, the Symposium welcomes discussion over the recent decision by the Uniform Law Commission to address debt collection efforts by third-party debt collectors or buyers based on default judgments.  .  The Symposium will likely take place via Zoom in mid-March or April, depending on speaker availability. 

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Burr Forman

JULY 9, 2021

Section 1681(g) of the FCRA requires a lender to provide a CSD to a consumer whenever their consumer credit score is utilized in connection with a loan application “initiated or sought by a consumer.”

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Troutman Sanders

MAY 9, 2023

A district court in the Western District of Washington held that the Fair Credit Reporting Act (FCRA) does not require a consumer reporting agency (CRA), as part of its investigative duties, to issue an opinion on the legal validity of a consumer’s debt. CitiMortgage, Inc. In Riser v. Central Portfolio Control, Inc. ,

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Collection Industry News

AUGUST 9, 2021

District Court for the Eastern District of Arkansas entered a stipulated final judgment and order against a Utah-based home-security and alarm company (defendant) for allegedly failing to provide proper notices under the FCRA. Source: site. On August 4, in an action brought by the CFPB and the Arkansas attorney general, the U.S.

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Troutman Sanders

OCTOBER 16, 2023

In its amicus brief, NASAA pushed back on Coinbase’s motion for judgment on the pleadings, which sought to dismiss the SEC’s case with a ruling that Coinbase has not listed investment contracts based on the existing facts. For more information, click here. On October 8, AB1119 was signed by Newsom. For more information, click here.

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Troutman Sanders

AUGUST 1, 2023

On July 26, the CFPB published a blog focused on consumer credit scores. On July 25, a large credit reporting agency revealed to investors in regulatory filings that it’s facing a probe by the CFPB. The lawsuit alleges that the company and its owners scammed approximately 8,000 consumers throughout Texas and the U.S.

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Collection Industry News

JULY 19, 2021

Circuit Court of Appeals ruled that the Fair Credit Reporting Act does not require consumer credit agencies to further investigate when a borrower disputes a debt collector’s ownership of their debt. Attorneys for the borrowers and credit agencies did not immediately reply to requests for comment on Friday.

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Credit Corp

JUNE 8, 2023

Using credit irresponsibly by making late payments and maxing out credit limits can have an affect your credit negatively and lower your credit score. How Does Credit Reporting Work? Public records such as bankruptcies, tax liens and judgments can also appear on your reports.

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Troutman Sanders

MAY 2, 2023

Senate Committee on Banking held a full committee hearing, titled “Oversight of the Credit Reporting Agencies.” Chairman Sherrod Brown (D-OH) described consumer credit reports as “riddled with errors.” Brown argued that medical debt “correlates with illness,” not with credit risk. On April 27, the U.S.

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Jimerson Firm

DECEMBER 11, 2023

The putative class action in TransUnion arose from claimed violations of the Fair Credit Reporting Act involving the maintenance of allegedly inaccurate consumer credit files. However, within one year, the Eleventh Circuit granted hearing en banc and vacated the judgment. Ramirez , 141 S.Ct. ” Id. at 1358–59.

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Collection Industry News

MAY 18, 2021

In a letter sent to the leaders of the House and Senate , CUNA President/CEO Jim Nussle stated his objections to section 403 of the bill, which would amend the Fair Credit Reporting Act to prohibit credit scoring models from treating certain medical debt information on consumers’ credit report as a negative factor.

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Consumer Financial Services Law

AUGUST 14, 2017

Section 1692g(a) requires that within five days of initial communication, the debt collector provide the consumer with a written notice which contains five pieces of information: (a) the amount of the debt; (b) the name of the creditor to whom the debt is owed; (c) a statement that unless the consumer, within thirty days after receipt of the notice, (..)

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Troutman Sanders

MARCH 11, 2024

If enacted, the bill would, among other things, prohibit medical debts from being reported on consumers’ credit reports. The bill would even prohibit credit reporting agencies from accepting information about consumers’ medical debts.

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Troutman Sanders

AUGUST 16, 2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week: Federal Activities. State Activities. VantageScore decided to drop medical debt from its calculations.

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Better Credit Blog

DECEMBER 2, 2020

Depending on the extent of your credit problems, your best bet might be to work with a credit repair specialist. Credit repair companies are pros at disputing inaccuracies and getting them deleted from consumers’ credit reports. Even more, they can assist you with challenging credit problems like: Bankruptcy.

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Better Credit Blog

DECEMBER 2, 2020

Depending on the extent of your credit problems, your best bet might be to work with a credit repair specialist. Credit repair companies are pros at disputing inaccuracies and getting them deleted from consumers’ credit reports. Even more, they can assist you with challenging credit problems like: Bankruptcy.

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Troutman Sanders

JUNE 14, 2023

On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. On June 6, Colorado Governor Jared Polis signed HB 23-1229, which amends the state’s Uniform Consumer Credit Code (UCCC). For more information, click here.

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Better Credit Blog

DECEMBER 18, 2020

While you may have applied for a loan from a popular lender or bank, their name isn’t necessarily the one that will appear on your credit report. Instead, banks, lenders, and other financial institutions turn to consumer credit reporting companies like CBCInnovis to vet applicants. Charge offs. Debt in collections. Foreclosures.

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Troutman Sanders

MARCH 15, 2021

House of Representatives that seeks to amend the Fair Credit Reporting Act to exclude COVID-19-related evictions from consumers’ credit reports. Pritzker issued an executive order extending the suspension of garnishment, deduction of wages, and post-judgment citations to discover assets through April 3.

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Better Credit Blog

NOVEMBER 23, 2020

Lenders and service providers turn to companies like ACRAnet in order to obtain consumer credit reports to aid them in their approval process. National Consumer Reporting Association. They deal with more than just hard inquiries, too, helping people to rebuild their credit in the aftermath of: Bankruptcy. Fannie Mae.

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Better Credit Blog

FEBRUARY 15, 2021

Credit repair companies are expertly trained and well-equipped to handle a variety of consumer credit issues, including confronting debt collectors. Start out by setting up a consultation with one of our top picks for the best credit repair companies. Charge-offs. Foreclosure. Hard inquiries. Identity fraud.

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