By now, we are all too familiar with the shocking facts of the Equifax data breach, in which thieves were able to steal the Social Security numbers, dates of birth, and other sensitive information for a mind-boggling 145.5 million Americans. This means half of the US population and nearly three-quarters of the consumers with active…
Below is a list of with information from the Consumer Financial Protection Bureau (CFPB) about many consumer reporting companies, updated for 2021. Consumer reporting companies collect your information and provide reports to other companies. These companies use these reports to inform decisions about providing you with credit, employment, residential rental housing, insurance, and in other…
Every state has a set of exemption laws, intended to prevent creditors from pushing families into destitution. This report finds that few states’ exemption laws meet even the most basic standards.
NCLC’s comments focus on the relationship between DCWP’s proposed amendments, the federal Fair Debt Collection Practices Act (“FDCPA”), and federal debt collection regulations issued to implement the FDCPA (“Regulation F”). Regulation F has many gaps and weaknesses, and we commend the DCWP’s proposal for its efforts to fill some of these gaps.
NCLC opposes S-2989, which would legalize certain for-profit debt adjusters. For-profit debt adjustment (also known as debt settlement) is bad for consumers and hurts honest businesses. Bankruptcy attorneys, non-profit credit counselors, and self-help are much better alternatives. The debt adjustment industry leads consumers to believe that they can negotiate reduced payoffs on unsecured debts. But…
Read More about Letter in opposition to NJ S-S2989; Debt Settlement Legalization Bill
NCLC is supporting S.5150- Strengthening Consumer Protections and Medical Debt Transparency Act, introduced by Sens. Murphy and Van Hollen. The law would help protect consumers from abusive debt collection practices, and would require more reporting from hospitals about their debt collection practices. NCLC provided a quote for the press release.
Read More about S.5150 - Strengthening Consumer Protections and Medical Debt Transparency Act
Published 12/12/2022; Updated 2/15/24 A new Guidance from the Department of Justice (Department), issued in coordination with the Department of Education (Education), has the potential to change bankruptcy practice dramatically. Until now, attorneys have not thought of bankruptcy as a way to help clients struggling with student loan debt. If the Guidance is implemented as…
Read More about New Process to Discharge Student Loans in Bankruptcy
Many states as well as the National Conference of Commissions on Uniform State Laws (NCCUSL) have attempted to regulate debt settlement through laws that mainly target debt management practices. In fact, debt management and debt settlement are very different businesses. By including debt settlement in laws that focus on debt management, policymakers are helping to…
Read More about An Investigation of Debt Settlement Companies: An Unsettling Business for Consumers
