Consumer Financial Protection Bureau “CFPB” is the first organization that is actually taking huge steps to punish lenders and creditors who are preying on the innocent or naive consumer.

Bank of America dishonest

Bank of America Holds Family Hostage According to Judge

October 19, 2017 – Article posted in Bloomberg.com. Bank of America tries to bully a bankruptcy judge,  ignoring the consequences of illegal acts, but the judge is not standing for it. Bank of America seems to think they can bully a bankruptcy judge,  like they did a California couple in a nightmare foreclosure, but the […]

con artist scam

FDAA Cheated Consumers, Sued for Fraud & Misleading Clients

Sued for Fraud – Federal Debt Assistance Association, LLC and Financial Document Assistance Administration, Inc. “FDAA” The CFPB alleges that FDAA’s so-called “debt validation” programs violated the law by falsely promising to eliminate consumers’ debts and improve their credit scores in exchange for thousands of dollars in advance fees.

payday loans

STOP PAYDAY LOAN DEBT TRAPS – CFPB NEW RULE

Lenders Must Determine Upfront If Consumers Have the Ability to Repay Loans October 5, 2017 The Consumer Financial Protection Bureau (CFPB) has developed a new rule which has common-sense protections cover loans that require consumers to repay all or most of the debt at once, including payday loans, auto title loans, deposit advance products, and […]

Reverse Mortgage – good or bad idea?

CFPB REPORT WARNS THAT TAKING OUT A REVERSE MORTGAGE LOAN CAN BE AN EXPENSIVE WAY TO MAXIMIZE SOCIAL SECURITY BENEFITS Reprint from The Consumer Financial Protection Bureau (CFPB) (8/24/2017)  CFPB issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security […]

Did Navient Illegally Over-charge Student Loan Borrowers?

From Bloomberg: Student Loan Giant Faces Trial over US Claim it Duped Borrowers. Lawsuits brought by  Consumer Financial Protection Bureau and state attorneys general of Washington and Illinois allege that Navient mistreated hundreds of thousands of student debtors by taking shortcuts to minimize its own costs, while adding what the CFPB said was as much as $4 […]

debt settlement

12 Million Consumer Credit Scores Raised July 1, 2017

New policy governing credit reporting criteria. Photo by CafeCredit under CC 2.0 Starting July 1, 2017, the three nationwide consumer reporting agencies, Equifax, Experian and TransUnion, are starting a new policy that will raise about 12 million consumers’ credit scores as much as 10 points.  This could mean the difference in qualifying for a better […]

credit repair scam

Credit Repair Scams – $2 Million for Misleading Consumers & Illegal Fees

CREDIT REPAIR SCAMS – COMPANIES SUED FOR CHARGING ILLEGAL FEES AND MISLEADING CONSUMERS The Consumer Financial Protection Bureau (CFPB), June 27, 2017, filed two complaints and proposed final judgments in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants (Accurise), Blake Johnson, Eric Schlegel, Park View Law, fka as Prime Law Experts, […]

Student Loan Forgiveness Approval Letters May Be Invalid

Thousands of student loan approval letters from FedLoan Servicing are not binding and can be rescinded at any time. According to a New York Times article “more than 550,000 people have signed up for a federal program that promises to repay their remaining student loans after they work 10 years in a public service job,” […]

Experian Fined $3 Million for Deceiving Consumers

According to a report from the Consumer Financial Protection Bureau ‘CFBP’ Experian is fined $3 Million for Deceiving Consumers Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it […]

Nationstar Mortgage to Pay 1.7M For Failure to Report Accurate Loan Data

The Consumer Financial Protection Bureau (CFPB) took action against Nationstar Mortgage LLC for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about mortgage transactions for 2012 through 2014. The CFPB is requiring Nationstar to pay a $1.75 million civil penalty, improve its compliance management to prevent future violations, and review, […]