Tenants and lawmakers say it s time for crackdown on tenant screenings yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
The coronavirus pandemic has coincided with a dramatic increase in the number of complaints filed with the Consumer Financial Protection Bureau, according
New credit reporting bill passes Parliament accountantsdaily.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountantsdaily.com.au Daily Mail and Mail on Sunday newspapers.
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Financial hardship information will be exposed on consumers’ credit reports for the first time after the passing of a bill on credit reporting.
The
National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019 was passed yesterday and would establish a mandatory comprehensive credit reporting regime and provide that a credit provider could not refuse to provide further credit or reduce a customer’s credit limit because financial hardship information existed.
However, Financial Rights Legal Centre chief executive, Karen Cox, was concerned the visibility of their hardship information would deter people from seeking assistance. Information would be retained for 12 months regardless of the time spent in hardship, a particularly important fact when thousands were forced to take hardship deferrals during the recent COVID-19 pandemic which could later affect their credit rating.
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CFPB Assesses $4.75 Million Civil Penalty Against Santander For Systemic Errors Leading to Inaccurate Credit Reporting Of Millions of Accounts Thursday, January 14, 2021
On December 22, 2020, the Consumer Financial Protection Bureau (“CFPB”) reached a $4,750,000 settlement with automobile lender Santander Consumer USA Inc. in connection with its alleged failure to accurately report its consumers’ data to the credit reporting agencies (“CRAs”).
According to the Consent Order, between January 2016 and August 2019, Santander knew or should have known that it was reporting inaccurate information on millions of accounts as it had received notice from at least one CRA of the errors as early as 2016, its own internal investigation revealed several errors, and the information reported was inconsistent. One of the primary errors – which occurred over 23 million times – related to the inaccurate reporting of the Date of Account Information (�