“Credit reports are the foundation of consumers’ financial lives” said CFPB Director Richard Cordray. “Consumers continue to express their frustration about inaccurate information on their credit reports and difficulty in getting these errors fixed. We will continue to work to ensure that credit report disputes are investigated, errors are fixed, and consumers are treated fairly.”
The Consumer Financial Protection Bureau today took two separate actions against Citibank for illegal debt sales and debt collection practices.
In the first action, the CFPB ordered Citibank to provide nearly $5 million in consumer relief and pay a $3 million penalty for selling credit card debt with inflated interest rates and for failing to forward consumer payments promptly to debt buyers.
The second action is against both Citibank and two debt collection law firms it used that falsified court documents filed in debt collection cases in New Jersey state courts. The CFPB ordered Citibank and the law firms to comply with a court order that Citibank refund $11 million to consumers and forgo collecting about $34 million from nearly 7,000 consumers.
The three sets of results I'm about to break down for you came from a client who began their credit repair service with my company Dispute Delegation LLC on 4-20-2015 ... they believed it was high time to start looking for a house apparently.
The Bureau’s complaint alleges that Aria and his businesses violated the Dodd-Frank Wall Street Reform and Consumer Protection Act’s prohibition against deceptive acts and practices by misleading consumers about their services. The complaint also alleges the defendants violated federal privacy law for failing to provide a required privacy notice.
The Bureau filed the lawsuit in the U.S. Federal Court for the Southern District of California. The complaint is not a finding or ruling that the defendants have actually violated the law.
Your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request that it be removed or corrected. You may want to enclose a copy of your report with the items in question circled.
As a consumer you have rights and if you feel that they have been violated in any way then by using the links below to file a complaint against the offending parties is a good start to attaining a refund and/or compensation.
Your score will range between 300 and 870 and, of course, the higher the better. As your score increases, your credit risk decreases. Exact numbers differ by lending institution but the average high approval score is 680 or above. Often times your score is taken from all three credit reporting companies and the middle score is used.
Every credit report is laid out differently and some are difficult to read, especially if you don’t know what you are looking for. In order to properly understand your credit report and credit score, you will need to know some basic information. We have quite a bit of data to interpret, and there are many factors that determine a good or bad credit score. A credit repair program may be a good option for you depending on what we find.