Expert Witness Profiler [EWP]的动态

American Banker's recent article uncovers a surge in FCRA lawsuits and credit bureau disputes impacting banks and credit bureaus. Viral social media postings, system complexity, and increased CFPB regulatory oversight are cited as key drivers. Lenders and credit bureaus sharing alerts on consumers' credit scores have also raised awareness of potential issues. Our ongoing review of hundreds of millions of tradelines and disputes has confirmed that Metro 2? Data quality issues are real, and collaboration among all credit reporting stakeholders is crucial for data quality. To support this, our Data Quality Scanner uniquely assesses the Metro 2? Data quality journey of all furnished accounts and associated disputes to identify and resolve the root causes of Metro 2?data quality issues. We're also actively monitoring the rise in CFPB Credit Reporting Complaints and FCRA Litigation in our quarterly blog series and will continue to share the latest regulatory guidance and actions related to credit reporting and disputes. You can visit the comments to learn more about the Data Quality Scanner and our Quarterly blog series. https://lnkd.in/eMdSh67N?

Many people make a critical error when it comes to #creditrepair: trying to go it alone. DIY attempts can lead to mistakes that stall progress or even hurt your score further. Here's the biggest mistake: Not understanding the Fair Credit Reporting Act (#FCRA) and their rights. Knowing about it empowers you to: - Dispute any errors you find and have them investigated - Protect your credit information from unauthorized access Imagine you find a "charged-off" account you never opened. Without the FCRA, you might be stuck with that damaging mark. But with the FCRA, you can dispute it! Want to learn more? - Download our FREE "Credit Report Error Checklist" to identify common mistakes. DM me for it! - Check out our blog for a deep dive on the FCRA and effective dispute strategies. https://lnkd.in/gRUaVUcc #creditrepair #credittips #financialliteracy

Updating your personal information before disputing negative items on your credit report is critical for the following reasons: b) Accuracy of report Whenever a consumer reporting agency prepares a consumer report it shall follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report relates. 1. Ensures Accuracy ? Correcting outdated or incorrect personal information (like old addresses, misspelled names, or phone numbers) eliminates confusion and reduces the chances of linking inaccurate accounts or debts to your profile. ? Lenders and credit bureaus rely on this information to verify disputes, so having accurate details strengthens your case. 2. Reduces the Risk of Reassociation ? If your report contains multiple versions of your name or outdated addresses, negative items tied to those details might keep resurfacing, even after being removed. Clearing up incorrect personal data ensures they won’t come back. 3. Improves Dispute Credibility ? Disputes are more likely to be successful when your personal information is consistent and updated. Inconsistent data can raise red flags during the investigation process. 4. Streamlines the Credit Repair Process ? Removing unnecessary information creates a cleaner, more focused credit report, making it easier to identify and challenge inaccurate or negative accounts. 5. Prepares You for Future Financial Steps ? Correct personal information not only helps with disputes but also sets the stage for applying for credit, loans, or funding. Lenders are more likely to approve applications when your credit report matches your legal documents. By starting with personal information updates, you’re laying the foundation for successful disputes and a cleaner credit profile! COMMENT THE WORD (RECOUP) FOR ALL CREDIT NEEDS #CreditRestoration #CreditRepairTips #BuildingCredit #FinancialFreedom #CreditJourney #CreditEducation #BadCreditToGoodCredit #CreditCoach #CreditBoost #FinancialWellness

Credit reports play a crucial role in Americans' financial lives, acting as gatekeepers for important economic opportunities such as home purchases, business startups, and car loans. The accuracy of these reports is paramount, as errors can lead to serious consequences like loan denials or higher interest rates. The Fair Credit Reporting Act (FCRA) establishes legal requirements for credit reporting companies, mandating accuracy in their reports, providing consumers access to their information, and allowing them to correct inaccuracies. The Consumer Financial Protection Bureau (CFPB) is actively working to ensure credit reporting companies are held accountable for breaking the law. They have filed an amicus brief to counter TransUnion's arguments that aim to limit their responsibilities under the FCRA. The CFPB's efforts extend beyond this case, including suing Experian for improper handling of consumer disputes, proposing rules to protect sensitive information from data brokers, and taking action against companies failing to maintain accurate reports. Couple of quick questions: 1. Do you think the CFPB's actions will lead to stricter compliance requirements for credit reporting companies overall? 2. Also, how might these developments impact consumer trust in the industry? #CFPB #credit #experian https://lnkd.in/e3NiDP_P.

?? ?? Ready to fix your credit? Congrats! Whether you're looking to improve your score or correct errors on your report, these tips can help you take control ?? https://lnkd.in/eJy_7bgV #CreditReport #CreditScore

Demystifying RBI's Master Directive on Willful Defaulters 2024: What You Need to Know In a significant move to uphold the integrity of India's financial system, the Reserve Bank of India (RBI) has issued its latest Master Direction on the treatment of Willful Defaulters and Large Defaulters, effective 2024. For those curious about its implications, here’s a simplified breakdown. ________________________________________ Who is a Willful Defaulter? A willful defaulter is not just someone who fails to repay a loan but does so deliberately and knowingly, despite having the ability to honor the debt. This classification applies under these conditions: 1. Diversion or siphoning of funds for purposes unrelated to the loan. 2. Non-infusion of equity despite prior commitments. 3. Disposal of assets meant to secure loans without lender consent. Even guarantors refusing payment obligations, despite having means to pay, may be tagged as willful defaulters. ________________________________________ Key Changes Introduced by the RBI 1. Transparency and Natural Justice: The process to identify willful defaulters now requires a clear, multi-step approach: o Formation of an Identification Committee to assess evidence. o Show-cause notices and opportunities for written and oral representation. o Review by a separate Review Committee to ensure impartiality. o No legal representation for defaulters during internal proceedings to maintain operational efficiency. 2. Unified Reporting: All regulated entities, including NBFCs and cooperative banks, must now submit monthly data to Credit Information Companies (CICs) on: o Suit-filed accounts (means that a lender has taken legal action against a borrower for not paying back a loan) o Non-suit filed accounts classified as doubtful or loss. 3. Penal Measures: o Credit restrictions: Willful defaulters are barred from availing new loans for up to five years after delisting. o Photograph publication: Lenders may publicize defaulters' images as a deterrent. o Legal action: Criminal proceedings are encouraged where applicable. 4. Treatment of Compromise Settlements: o Names are removed from the defaulters' list only upon full repayment of the agreed amount. ________________________________________ Why This Matters The directive empowers lenders to act decisively while ensuring borrowers are treated fairly. With provisions for detailed audits, end-use monitoring, and forensic investigations, the RBI emphasizes accountability across all involved parties, including borrowers, guarantors, auditors, and even third-party consultants. ________________________________________ A Call to Businesses For businesses and borrowers, this is a clarion call to maintain ethical practices and adhere strictly to the intended use of borrowed funds followed up with timely repayment. Transparency and compliance are not just regulatory requirements but the cornerstone of trust in the financial ecosystem.

CFPB Summer Supervisory Highlights The CFPB has posted their summer 2024 supervisory highlights.?There were a few things for banks to consider based on their observations. 1) Examiners cited servicers for unfair practices when they failed to auto-debit the final loan payment when borrowers had requested automatic payments on their loans.? This occurred when the servicers autopay system did not debit the final payment because it was a different amount from the regular monthly payment, which resulted in a late fee when the payment was not made on time. 2) Beware of freezing accounts when fraud is identified and how you notify your customers in these instances. This includes communication to consumers on how to unfreeze their account. 3) The CFPB found that imposing fees or other conditions that impede a consumer’s ability to request account information would be considered out of compliance with section 1034(c). This is currently directed to large banks and credit unions. #inspiredcompliance #communitybanking?

In the final weeks of the Biden administration, the U.S. Consumer Financial Protection Bureau issued a new rule capping the overdraft fees charged by large banks to $5, or the administrative costs of covering an overdraft payment. The CFPB said Tuesday that the new policy was meant to curb “excessive” overdraft fees, which the agency estimated to stand at roughly $35 per overdraft transaction and to collectively cost the public billions a year. “For far too long, the largest banks have exploited a legal loophole that has drained billions of dollars from Americans’ deposit accounts,” CFPB Director Rohit Chopra said. “The CFPB is cracking down on these excessive junk fees and requiring big banks to come clean about the interest rate they’re charging on overdraft loans.” The rule is expected to save individual households as much as $225 a year, the CFPB said. Applicable to financial institutions with at least $10 billion in assets, such as JPMorgan Chase and Bank of America, the final rule will apply the Truth in Lending Act’s credit disclosure requirements to certain overdraft charges. The Truth in Lending Act requires lenders to clearly disclose their interest rates and their credit terms, except for instances when banks honor checks that hadn’t cleared and charge the consumer an overdraft fee. That exemption, the CFPB said, was created in 1969, when consumers would send and receive checks by mail, and banks would only “infrequent[ly]” extend overdraft credit to prevent checks from bouncing. The CFPB explained its rule would narrow that exemption to overdraft credit that banks provide at or below the costs of extending the credit, or $5, the agency’s approximate estimate of the costs of providing overdraft credit. Outside of those exceptions, banks must disclose the terms of any overdraft loans they provide consumers to cover transactions that exceed available balances, according to the regulation. Full story: https://lnkd.in/eBAXn9CC

Fair Lending #Compliance News | A recent court ruling affirms the CFPB's authority to act against lenders who discourage prospective applicants from applying for credit. This decision broadens the interpretation of Equal Credit Opportunity Act and emphasizes the importance of fair marketing practices in lending. Read more understand the implications for your institution's fair lending compliance strategy: https://lnkd.in/gRzNpR3v #FairLending #FinancialServices

It will be interesting to see where this lands. One item that I find slightly intriguing is that part of the argument Colorado seems to be making is that if a borrower in the state takes out a loan with an out of state lender, that the loan is technically "made" in Colorado and should obey Colorado rate caps. However, doesn't the loan documentation typically define the venue in which the loan is made? Would this have a wider impact if the case determines that the physical location, not the loan documentation, determines where the venue is? "In a new court filing, the FDIC argues that Colorado can impose an interest rate cap on loans made by state-chartered banks that are headquartered in the other 49 states.?A Colorado law that would enshrine such a rate ceiling?is scheduled to take effect on July 1." "The FDIC is not a party to the Colorado litigation, but it does have a key voice on the legal issues that are at play in the case. So the agency's opinion, expressed in a friend-of-the-court brief, could carry weight with the judge." "The lawsuit hinges on language in the Depository Institutions Deregulation and Monetary Control Act of 1980. That federal law gave state-chartered banks the ability to get around state interest rate caps — an authority that national banks already had — except in states that chose to opt out of the relevant provision." "The three industry groups argue that the opt-out right only applies to Colorado-chartered banks, and that banks chartered in the other states are not covered." "But the FDIC argues that for the purposes of legal analysis, when a Colorado borrower enters into a loan while that borrower is physically present in Colorado, the loan was 'made in Colorado." "The 2023 Colorado law, if it's allowed to take effect, will make it easier for officials in the state to keep out high-cost lenders. In recent years, Colorado officials have been going after those companies?on a case-by-case basis." "Assuming the Colorado law withstands legal scrutiny, it could offer a blueprint for other states that are looking to enforce rate caps. Similar legislation has been introduced in Minnesota, Rhode Island and the District of Columbia, according to advocates on both sides of the issue." #FDIC #Interestrates #banks #fintech https://lnkd.in/gXiRHNya