Choosing Credit Repair Services service will alert you to any errors that may be present on your file, but if you have a lot of bad credit reports, you should be careful not to use the services of just
BriefingWire.com, 2/02/2021 - There is quite a bit of Credit Repair Services when it comes to using the services of a credit repair company. In fact, many consumers have no idea what they are, how they work, or why they are even necessary. Credit repair is an important process and there are some very important reasons why you need to use professional services. First of all, the credit bureau is not there to help you improve your credit score.
Each month, we host a 30-minute
webinar outlining the month s key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month s article, we share some of our top bites covered during the January 26 webinar.
So what happened at the CFPB in the past month? A whole lot.
Bite #10 - Settled with a mortgage servicer.
The CFPB settled with a mortgage servicer over alleged violations of the Consumer Financial Protection Act and Regulation Z in relation to processing loss mitigation applications. The CFPB claimed that the mortgage servicer violated the CFPA by:
WHAT MATTERS
The industry practice is to set the Payment Rating to a code of 0 if the account was current on the closing date or to a code of 1-6 reflecting that the account was past due when it was paid off. This forms the basis of recent claims under FCRA brought by plaintiffs who claim that this standard method of reporting is inaccurate.
Metro 2 is the standard system used by furnishers of credit information for reporting consumers’ account information to credit reporting agencies. This system requires the input of several different codes, including an Account Status code, a Payment Rating code, and various others indicating the current balance, payment amounts, and amount past due. When an account is closed or paid off, the codes are set to reflect the outstanding balance and past due amount as zero, and the Account Status code is set to 13, reflecting that the account was paid or closed with a zero balance. Additionally, pursuant to the guidelines in the Credit Reporting Re
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On January 19, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights focused on its COVID-19 Prioritized Assessments. As Cadwalader previously wrote, the CFPB announced in July 2020 that it had sent targeted information requests to supervised financial institutions regarding the consumer risks posed by the pandemic, including how institutions were implementing the special borrower protections under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Among its many features, the CARES Act provides relief to consumer and small business borrowers, such as the temporary small business lending program known as the Paycheck Protection Program (PPP), forbearance programs for federally backed mortgages and student loans, and amendment of certain provisions of the Fair Credit Reporting Act (FCRA) to address reporting of delinquent or defaulted loans. Fi
Sarbanes-Oxley Act (Sarbox, SOX)
Purpose: Enacted in 2002, the Sarbanes-Oxley Act is designed to protect investors and the public by increasing the accuracy and reliability of corporate disclosures. It was enacted after the high-profile Enron and WorldCom financial scandals of the early 2000s. It is administered by the Securities and Exchange Commission, which publishes SOX rules and requirements defining audit requirements and the records businesses should store and for how long.
To whom it applies: US public company boards, management and public accounting firms.
Key points for CISOs: SOX places requirements around maintaining integrity and availability of financial data, and controls for who has access to that data. Specific rules need to be in place for: