Judge Dismisses Complaint Against CRAs Over $500 Medical Debt Credit Reporting Floor
- On the day before the Consumer Financial Protection Bureau finalized a rule to keep any medical debt from appearing on consumers’ credit reports, a District Court judge in California dismissed a complaint against the three major credit reporting agencies over their decision to not include medical debts under $500 on consumers’ credit reports, although he did give the plaintiffs the opportunity to refile their complaint.
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CFPB Sues Experian Over Alleged Violations in Consumer Dispute Investigations
- The Consumer Financial Protection Bureau yesterday announced it has filed a lawsuit against Experian, one of the nation’s largest credit reporting agencies, accusing it of systemic failures in handling consumer disputes. The suit could have widespread implications for credit reporting practices, debt collection, and consumer financial protections.
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Comments Roll in on CFPB’s Medical Debt Credit Reporting Rule Release
- The Consumer Financial Protection Bureau issued its final rule that will prohibit lenders from factoring medical debts into their credit determinations for consumers yesterday, but it’s likely that the battle over this rule is anything but final. The rule doesn’t officially go into effect for 60 days, and with a new president set to take over in two weeks, and the future of the CFPB Director anything but certain, much could change. There could also be legal challenges to the rule, with at least one industry trade association saying it was “weighing its options” in a published report and given that the CFPB has been sued for other guidance it has issued related to medical debt collection. In the meantime, here are some reactions to the rule’s release, to provide insight and context to where things are likely to go from here.
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21 Companies Seeking Collection Talent
- New year, new job, perhaps? At the very least, check out to see if anyone you know is hiring, and just how they are going about doing it so you can level up your next job ad to attract the best candidates by reading this week’s job listings summary.
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WORTH NOTING: A very common comment I hear from my wife about the never-ending decisions that need to be made on a daily basis … With winter weather upon us, here is a list of the best snowblowers on the market today … How the man who exploded a Cybertruck in Las Vegas used ChatGPT to help plan the attack … Things sound pretty grim in and around Los Angeles right now … A list of the 10 fastest-growing jobs in the United States, according to LinkedIn … When you drink your coffee might have an impact on how long you live … The outgoing surgeon general lays out a prescription for happiness … President Biden shares his biggest regret and the biggest compliment paid to him by President-elect Trump.
Wisdom Wednesday, part I
Wisdom Wednesday, part II
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