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Comments to the CFPB on advanced notice of proposed rulemaking, regarding debt collection practices

Consumers Union, the policy and advocacy arm of Consumer Reports®,1 appreciates the opportunity to comment on the Bureau’s advanced notice of proposed rulemaking (ANPR) regarding debt collection practices. We applaud the Bureau’s efforts to update and clarify federal standards for the debt collection system, and offer comments in response to selected questions below. As a Continue Reading

Categories: CFPB, Debt Collection
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CFPB calls on credit card companies to provide consumers free access to credit scores

The Consumer Financial Protection Bureau (CFPB) announced an increased focus on credit reporting as it called for the nation’s largest credit card companies to provide consumers with free access to credit scores used by lenders.

Categories: CFPB, Credit Reports
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Why The CFPB Is The Best Thing To Happen To Americans Since J.Law

Jennifer Lawrence is pretty awesome, right? For several years now she’s excelled at playing characters that excite the American imagination- they’re young, vibrant, and struggle against difficult odds or crafty opponents.  The Consumer Finance Protection Bureau (CFPB) is also young, rather vibrant, and also goes to battle with powerful forces but, despite all this, the Continue Reading

Categories: Banking, CFPB, Credit, Credit Cards, Credit Reports, Debt Collection, Debt Relief, Gift Cards, Government Issued Cards, Mobile, Mortgages, Payments, Payroll Cards, Prepaid Cards, Student Loans, Uncategorized
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What’s Annoying about the Credit Cards in Your Wallet?

About 7 in 10 Americans carry at least one credit card in their wallet, which means a lot of folks know a lot about credit cards from direct experience. Recent reports indicate that consumers’ credit card experiences are not all positive. Consumer complaints about credit cards are second only to complaints about mortgages according to Continue Reading

Categories: CFPB, Credit, Credit Cards
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New CFPB mortgage rules go into effect on January 10

Safeguards aim to ensure borrowers are treated fairly and don’t end up with a mortgage they can’t afford

Categories: CFPB, Mortgages
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Did a for-Profit School Create Fake Jobs to Pad Job Placement Rates?

This week, the Huffington Post reported stunning new details about how for-profit Corinthian college boosted its job placement numbers with fake jobs. Corinthian is the for-profit operator of career colleges such as WyoTech, Heald and Everest, and is the subject of a lawsuit brought by the California Attorney General’s office. Students often choose colleges in the Continue Reading

Categories: Credit, Student Loans
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Recent Actions Take Payday Lenders to Task for Deceptive Acts and Practices

by guest blogger Caitlin Watkins Twelve million Americans take out payday loans every year, according to a 2013 Pew report. Payday loans are short-term, high-interest loans – Pew estimates the annual interest rates on such loans at 400%. Folks choose these loans because they are strapped for cash and need money to pay important bills Continue Reading

Categories: CFPB, Debt Collection, Uncategorized
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CFPB to supervise the largest nonbank student loan servicers

Consumers Union urges the CFPB to take action against unfair loan servicing abuses and to adopt other reforms to protect borrowers

Categories: Student Loans
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This Holiday Season Watch Out for Deferred Interest Credit Card Traps!

The advertisements are everywhere: “No Interest if paid in full within a specified number of months…” These deferred interest plans sound like a good deal? Not so much. Here’s the trap: if a deferred interest credit card is not paid in full before the specified time, the entire amount of the deferred (unpaid) interest – Continue Reading

Categories: CFPB, Credit, Credit Cards
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Former FDIC Official Sheila Bair Discovers How a Small Credit Reporting Error Can Have a Big Impact

An inaccurate credit score can be costly. Former FDIC head Sheila Bair recently shared a credit-reporting problem she experienced on CNN Money, and her story shows how a small mistake can result in real damage to credit scores. Bair explains that last year, after writing a check to cover a store credit card bill, the Continue Reading

Categories: CFPB, Credit, Credit Cards, Credit Reports
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