In 2021, the Maryland General Assembly enacted Chapter 637 of the Laws of Maryland (2021), amending Public Utilities Article, Annotated Code of Maryland, § 4-308 (“4-308”). This important consumer protection statute is intended to protect customers with limited incomes from paying more for their essential energy service than had the customers remained on the utilities’…
Subscription Required Fair Debt Collection 11.15 Article III Constitutional Standing Under Spokeo As Applied to the FDCPA Fair Credit Reporting 11.3 Standing Consumer Class Actions 10.3.3.2 Standing Issues Federal Deception Law 7.4 Article III Standing for Telephone Consumer Protection Act cases Mortgage Lending 7.4.6.1 Article III Standing Truth in Lending 11.2 Standing 13.7.1.1 Disclosure Violations Mortgage…
Facts for Older Consumers If you have ever applied for a credit card, a personal loan, insurance, or a job, there is probably a company keeping a credit file or credit report about you. This file contains information about where you live and work, how you pay your bills, or whether you have been sued,…
Read More about What You Should Know About Your Credit Report
Advice for Older Consumers About Credit Cards Credit card debt can cause tremendous financial problems for older adults. Credit card problems are a leading cause of consumer bankruptcy filings. Contrary to popular myth, huge credit card bills are not mostly due to irresponsible overspending. Many consumers resort to credit cards to meet pressing financial needs…
Read More about Consumer Concerns: Information for Advocates Representing Older Adults
We oppose the unfettered use of credit histories and support H.R. 3149, for the following reasons: Credit checks in hiring create a fundamental “Catch-22” for job applicants. The use of credit in hiring discriminates against African American and Latino job applicants. Credit history does not predict job performance. Credit reports suffer from unacceptable rates of…
This testimony examines two very different approaches to change the credit reporting system. One approach — that advanced by H.R. 2086 as well as its Senate version S. 2149 — is to removed paid or settled medical debt under $2,500 from credit reports. This approach will tremendously benefit consumers, and indeed is probably the simplest…
For over a decade, consumer advocates have complained of a credit reporting system plagued with preventable errors, and a broken dispute system that utterly fails to conform to requirements of the Fair Credit Reporting Act (FCRA). These complaints have been confirmed by numerous courts, journalists, and now a report from the Consumer Financial Protection Bureau…
Credit reports play a critical role in the economic health and well-being of consumers and their families. A good credit history (and its corollary, a good credit score) enables consumers to obtain credit, and to have that credit be fairly priced. Credit reports are also used by other important decisionmakers, such as insurers, landlords, utility…
Read More about Chi Chi Wu's Testimony Regarding "An Overview of the Credit Reporting System"
NCLC has testified many times before Congress, including before this Committee, on the need for reform of the credit reporting system to address issues such as: unacceptable error rates and the myriad types of systemic inaccuracies in credit reports; – the travesty of the automated dispute system used by the credit bureaus; the absurdity that…
Inaccuracies and errors plague the credit reporting systems. Estimates of serious errors range from 3% to 25%. Even using a low-end estimate, which is from the credit reporting industry and included only a narrow subset of problems, 6 million Americans face serious errors in their reports that could result in a denial of credit.
The foreclosure crisis of the late 2000s left an enormous trail of economic destruction in its wake. Most Americans are familiar with the obvious damage — the crisis cost nearly $200 billion in lost wealth, resulted in over 4.5 million Americans losing their homes,2 and triggered the worst recession since the Great Depression. One long-term…
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