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Debt Collection

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  • CFPB Says Consumers Are Being Hounded for Debts They Don’t Owe

    Ever been called by a debt collector about a debt that’s not yours?  Well if so, you’re not alone.  Today the Consumer Financial Protection Bureau (CFPB) issued its latest report on the debt collection industry, based on over 30,000 complaints received since July 2013, and found that these kinds of abuses are all too common. Continue Reading

  • 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

  • New Protections for Homeowners and Buyers in 2014: CFPB Rules Go Into Effect on January 10th

    Homeowners and consumers shopping for a mortgage can breathe a bit easier knowing that some new CFPB rules are going into effect in January 2014.  The new rules will bring much needed relief to consumers in the form of new rights and greater protection from harmful practices in the mortgage marketplace, including many of the Continue Reading

  • 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

  • New Report Shows International Impact of Credit and Debt on Consumers

    Today, Consumers International – a UK-based organization of over 240 member organizations from 120 countries – released a new report entitled Responsible Lending: An International Landscape. According to the report, credit and debt are key issues for consumers around the world – not just here in the U.S. The report includes 15 chapters describing various aspects of Continue Reading

  • CFPB Announces Plans to Tighten Rules for Debt Collectors

    Today, the Consumer Financial Protection Bureau (CFPB) announced that it has plans to update the rules of the road for debt collectors.  In an official notice released this morning, the agency is asking for public comments on how new rules could address the biggest problems in the industry and offer better protections to consumers. Be sure Continue Reading

  • CA Governor Signs Law to Stop Abusive Debt Collection Practices

    Last week, the Governor of California signed important new legislation aimed at protecting consumers from abusive debt collection practices.  The “Fair Debt Buying Practices Act” takes aim at debt buyers – companies that buy consumer debts from creditors on the cheap, and then sue consumers to collect them at full price. These companies have been Continue Reading

  • CFPB Takes Strong Stand Against Abusive Debt Collection Practices

    The Consumer Financial Protection Bureau (CFPB) is taking new steps to protect consumers who have been subject to harassment or abusive practices from debt collectors over credit card, mortgage, or student loan debts. Some debt collectors aren’t doing enough to make sure that the people they’re calling actually owe money. Many debt buyers purchase debt Continue Reading

  • Without Cordray Confirmation, Senator Brown Sees “Limited Window” for CFPB Action on Debt Collectors

    There’s been a growing tide of concern recently over debt collection practices, as debt collectors have taken aggressive steps to recover debt – oftentimes without verifying that their information on file is accurate. Since being established in 2011, the Consumer Financial Protection Bureau (CFPB) has worked to protect consumers from a wide variety of abusive Continue Reading

  • California AG Sues Chase for “Robo-Signing” in Debt Collection Cases

    Today, the California Attorney General announced a lawsuit against JPMorgan Chase, the nation’s biggest bank, over its debt collection practices.   The suit alleges that Chase engaged in widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California credit card borrowers over at least a three-year period. The AG claims that Continue Reading

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