A negative mark on your credit report can significantly impact your financial well-being, but under the Fair Credit Reporting Act (FCRA), most delinquent debts must be removed from your credit report after seven years from the date of the first missed payment. However, errors and outdated debts can linger beyond this timeframe, damaging your credit score
One of the most common causes of inaccurate information on credit reports and background checks is the mixing of information belonging to two different people, often because of similar names and addresses. This is a particularly common problem with twins, who share a date of birth as well as last name and usually address history.
In the last days of the Biden administration, the Consumer Financial Protection Bureau (CFPB) under director Rohit Chopra was busy. From ordering Cash App’s operators to pay $175 million for allegedly allowing fraud to proliferate on its platform, to suing Capital One for allegedly cheating consumers out of $2 billion in interest payments, Chopra and
When it comes to background checks, accuracy is everything. Whether it’s for employment, housing, or financial decisions, the information these reports provide can determine someone’s future opportunities. But what happens when one background check company produces an inaccurate report about a consumer? Unfortunately, it may not be just a one-off error—it may signal a larger,
Data breaches have become increasingly common, exposing millions of consumers to the risk of identity theft. If your personal information has been compromised in a data breach, it’s important to stay vigilant and take proactive steps to protect yourself. Identity theft can lead to financial losses, credit damage, and even legal issues if someone uses
When you check your credit report, the last thing you want to see is incorrect information. Unfortunately, errors in student loan credit reporting are more common than most borrowers realize. One significant issue that has caused headaches for consumers is the appearance of duplicate balances—when the same loan shows up multiple times, inflating your total
In a groundbreaking move to improve financial equity, the Biden administration has announced a final rule that will eliminate unpaid medical bills from credit reports. This decision, revealed Tuesday, marks a transformative shift in how medical debt is treated in the financial system and is expected to benefit millions of Americans struggling with the weight
In a significant move to enhance consumer privacy and security, the Consumer Financial Protection Bureau (CFPB) has rolled out a proposed rule that could change the landscape of data brokerage in the United States. This rule aims to clamp down on the sale of sensitive personal and financial information by data brokers to individuals or
At Francis Mailman Soumilas, PC, we understand the frustration and potential financial harm caused by unauthorized credit card transactions. Here’s a comprehensive guide to help consumers protect their rights under key federal laws like the Fair Credit Billing Act (FCBA) and the Truth in Lending Act (TILA). Your Rights Under the Fair Credit Billing Act
In today’s world, data accuracy is everything—especially when it comes to personal information held by major data brokers like LexisNexis. When this information is misreported, it can lead to significant issues for consumers. Unfortunately, correcting inaccurate information on a LexisNexis report can be a frustrating process, with disputed information often remaining stubbornly unchanged. Here, we’ll