On April 26, 2023, the Consumer Financial Protection Bureau (CFPB) released an advisory opinion to clarify that it is against the law for a debt collector to sue or threaten to sue in order to collect a time-barred debt, as defined by the Fair Debt Collection Practices Act (FDCPA) and its implementing Regulation F.
The unique demands and challenges of serving in the military – including permanent change of duty stations and multiple deployments – can make it difficult for servicemembers to review their credit reports, identify suspicious accounts, and dispute inaccuracies. Unsurprisingly, servicemembers report more cases of identity theft than other adults. The law requires credit reporting companies to offer free services to help servicemembers monitor their credit, but unfortunately, some servicemembers are not receiving them.
(Bloomberg) -- SVB Financial Group, the former parent company of failed Silicon Valley Bank, is burning through cash while it struggles to gain access to records it says are necessary to move forward in bankruptcy.
Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. The court’s opinion in Shelton v. Americredit Financial Services, Inc. provides a nuts-and-bolts analysis of what does not constitute inaccurate credit reporting for purposes of the FCRA.
In recent years, we have seen a rapid acceleration of automated decision-making across our daily lives. Throughout the digital world and throughout sectors of the economy, so-called “artificial intelligence” is automating activities in ways previously thought to be unimaginable.
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