As Fall brings a chill to early morning weather, a string of federal agency enforcement actions are supplying a lot of unwanted heat for the consumer financial services industry. Today, the Federal Trade Commission announced that it has entered into a Consent Order with Equifax Information Services LLC, over charges that it had allegedly improperly sold lists of consumers who were late on their mortgage payments. The Consent Order requires Equifax to pay nearly $393,000 to the FTC. In a separate action, an Equifax customer will pay the FTC civil penalties of $1.2 million under a Consent Order concerning its alleged use of the same lists…
Posts published in “Credit Reporting”
Prelude: In 2010, the Federal Trade Commission released a study entitled “Repairing A Broken System: Protecting Consumers in Debt Collection Litigation and Arbitration.” What follows is part two of a report on their latest repair efforts. In a February blog post, I explored the Federal Trade Commission’s press release equating a potential defense (the expiration of a limitations period) with a legal right. I’m headed back to that same press release to consider another questionable call from the FTC’s efforts to “repair a broken system.” So today, here is Chapter Two: “How to Confuse People Into Believing You Are Furnishing Negative Credit Information Concerning Them.”…
The Wall Street Journal reports this morning that the private equity arm of Goldman Sachs along with PE player Advent International have agreed to acquire TransUnion. The deal is valued at $3 billion. The press release from Advent is here.
The FDCPA does not serve as a “back door” which would allow such a private right of action [for a bankruptcy discharge violation].