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Credit Repair

All articles tagged with #credit repair

consumer-protection1 year ago•2 min saved

CFPB Distributes $1.8 Billion in Refunds to Credit Repair Victims

The Consumer Financial Protection Bureau (CFPB) is distributing $1.8 billion to 4.3 million consumers who were charged illegal fees by credit repair companies, including Lexington Law and CreditRepair.com. This marks the largest distribution from the CFPB's victims relief fund, which is financed by civil penalties from companies violating consumer protection laws. The distribution follows a legal judgment against these companies for violating the Telemarketing Sales Rule. Payments will be sent to affected consumers without requiring any action from them.

via Consumer Financial Protection Bureau|

#cfpb #consumer-protection #consumer-rights

business2 years ago•3 min saved

CFPB Secures Multibillion Dollar Settlements with Credit Repair Companies

The Consumer Financial Protection Bureau (CFPB) has reached a proposed settlement with a group of corporate entities, including Lexington Law and CreditRepair.com, for illegally collecting advance fees for credit repair services through telemarketing. The settlement, if approved, would impose a $2.7 billion judgment against the companies and ban them from telemarketing credit repair services for 10 years. The companies are accused of using fake real estate and rent-to-own opportunities to deceive customers. The CFPB's action highlights the need for reform in the credit reporting and scoring system.

via Consumer Financial Protection Bureau|

#business #cfpb #consumer-protection