The following applies to Arizona lawsuits and collection rights. When a creditor sues and obtains a judgment there are several options available in order to collect on the judgment. The one that is the most scary for the consumer is the “judgment debtor’s examination”.
Consumers have protections from their creditors, but consumers also have liability to their creditors. Knowing your rights and obligations is the best way to make informed decisions.
Credit Reports to Exclude Certain Negative Information, Boosting FICO Credit Scores, by AnnaMaria Andriotis at The Wall Street Journal As a result of increasing pressure from Consumer Financial Protection Bureau and other regulatory concerns, the three major credit-reporting agencies are changing their standards for two pieces of negative information: tax liens and civil judgments.
Thousands of student loan approval letters from FedLoan Servicing are not binding and can be rescinded at any time.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,” […]
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 […]
Subprime vehicle loans – according to an article in Automotive News and Bloomberg “about a third of the risky car loans that are bundled into bonds are considered “deep subprime,” a level that has surged since 2010 and is translating to higher delinquencies on the loans, according to Morgan Stanley.” Automotive financing is following the […]
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Credit Reports to Exclude Certain Negative Information, Boosting FICO Credit Scores, by AnnaMaria Andriotis at The Wall Street Journal As a result of increasing pressure from Consumer Financial Protection Bureau and other regulatory concerns, the three major credit-reporting agencies are changing their standards for two pieces of negative information: tax liens and civil judgments. The […]
March, 17, 2017: According to the Washington Post article Student Loan Defaults Are Rising Faster than you Think – “a new analysis of federal student loans reveals that the number of people severely behind on repaying their debt has soared in the past year, painting a bleak picture of one of the largest government programs.
By Geoff Walsh, a staff attorney at the National Consumer Law Center (NCLC) who focuses on foreclosure prevention, consumer bankruptcy, and other consumer credit issues. An active member of the National Association of Consumer Bankruptcy Attorneys. Walsh is co-author of Foreclosures and Mortgage Servicing, Consumer Bankruptcy Law and Practice, Foreclosure Prevention Counseling, Student Loan Law, and […]
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, […]