FCRA UPDATE: NO RIGHT TO OFFSET UNDER FCRA

The trial court acknowledged Synchrony’s claims shared facts in common; however, because the plaintiff’s claims were made under federal law, the FCRA, and the FCRA does not “expressly or impliedly provide[] a right to indemnity,” the court denied Synchrony’s motion for leave to file the third party complaint. Accordingly, “[f]rom a policy standpoint, therefore, it is difficult to conjure up support for a rule which would allow a furnisher to bring an indemnification action.”

4TH CIRCUIT REINFORCES FCRA RULE – NO PRIVATE CAUSE OF ACTION AGAINST FURNISHERS FOR REPORTING FALSE INFORMATION UNDER FCRA

CREDIT REPORT DISPUTE LAWYER - Under the Fair Credit Reporting Act (FCRA), there is no private cause of action under 15 U.S.C. § 1681s-2(a). In other words, consumers cannot successfully sue furnishers for reporting false information under the FCRA.

WHAT SHOULD YOU DO WHEN THE CREDIT BUREAU “VERIFIES” FALSE INFORMATION?

Do you have credit report errors? Have you disputed the false information to the credit bureaus? Now What?

OCWEN’S MOTION TO DISMISS FCRA CLAIMS DENIED

Owen's Motion to Dismiss FCRA Claims Denied A federal court denied Owen's Motion to Dismiss the plaintiff's claims under the Fair Credit Reporting Act (FCRA). Polvorosa v. Allied Collection Services, et al, U.S.D.C Nev. Jan. 3, 2017 Facts:  The plaintiff Polvorosa, alleged that the defendants violated the Fair Credit Reporting Act (FCRA).  In 2011, the [...]

CFPB TAKES ACTION AGAINST EQUIFAX AND TRANS UNION CREDIT BUREAUS

The Consumer Financial Protection Bureau (CFPB) took action against Equifax, Trans Union and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores sold to consumers.  According to the CFPB papers, Equifax and Trans Union also lured consumers into costly recurring payments for credit related products with false promises. The CFPB ordered [...]

CFPB KEEPS ENFORCEMENT POWER

The U.S. Court of Appeals for the District Court of Columbia held the Consumer Financial Protection Bureau (CFPB) can keep its powers.  On October 11, the court of Appeals held that while the CFPB's single director director removable only for cause structure is unconstitutional,  other portions of the statute authorizing the CFPB are constitutional.  In PHH Corp. [...]

MICAH ADKINS NAMED TOP CONSUMER LAWYER AGAIN BY BIRMINGHAM BAR

Birmingham Magazine surveyed more than 4,000 members of the Birmingham Bar Association for nominations for Birmingham's top lawyers. This is the fifth year for the peer review study and included 35 practice areas, including consumer law. The votes were reviewed by the Birmingham Bar Association and staff members of Birmingham Magazine. The results are in [...]

$18.6 MILLION VERDICT BECAUSE OF EQUIFAX CREDIT REPORT ERRORS

$18.6 MILLION VERDICT AGAINST EQUIFAX Credit reporting agencies must assure the maximum accuracy of your credit report.  If they do not, then you have the right to sue the credit reporting agencies in federal court under the Fair Credit Reporting Act. When a credit reporting agency includes information in the file of another consumer, such [...]

IF THEFT NEWS: WEEKLY UPDATE

Over 10 million consumers a year become victims of identity theft. Fraud victims are denied credit. If fraud victims are approved for credit, then they have to pay higher interest rates! Identity theft victims also get turned down for jobs because of arrests, convictions or other public records in a background report. What can consumers [...]

WHAT DOES DODD FRANK ACT DO FOR CONSUMERS?

What does the Dodd-Frank Act do for consumers? For the first time in over twenty years, Congress made more changes in consumer protection laws by enacting the Dodd-Frank Act.  Publ. L. No. 111-203, 124 Stat. 1376 (2010).    The Dodd Frank Act was signed into law on July 21, 2010.  The Dodd Frank Act includes consumer protection [...]