CFPB Suit Against Credit Repair Company Lexington Law

The Consumer Financial Protection Bureau (Bureau) today filed a complaint against PGX Holdings Inc. and subsidiaries Progrexion Marketing Inc., Progrexion Teleservices Inc., eFolks LLC, and Inc.; and against John C. Heath, Attorney at Law PLLC, which does business as Lexington Law. The lawsuit, filed in U.S. district court in Utah, alleges the defendants violated the Telemarketing Sales Rule (TSR) by requesting and receiving payment of prohibited upfront fees for their credit repair services. Under the rule, companies can only charge fees for telemarketed credit repair services after providing consumers with documentation reflecting that the promised results have been achieved....


FICO’s New Credit Score

Many lenders have already upgraded, or are in the process of upgrading, to FICO® Score 9. It is FICO's Score version, and it has important changes compared to previous scoring formulas: Third-party collections that have been paid off no longer have a negative impact.Medical collections are treated differently than other types of debt. Unpaid medical collections will have less of a negative impact on FICO® Score 9.Rental history, when it's reported, factors into the score?this may be especially beneficial for people with a limited credit history. Financing a new car? FICO® also has a specialized score called Auto Scores, which is...


House Committee Hearing on Credit Reporting

On February 26, 2019, a House Committee held an important hearing on the credit reporting agencies. The CEOs of Experian, Equifax and Trans Union were witnesses. Here are some excerpts. Congresswoman Katie Porter's line of questioning was covered on MSNBC by Lawrence O'Donnell. VIDEO: Tweet to share: Clips like these exploded on Twitter. The top videos (Porter, AOC, Tlaib) received 600,000, 360,000 and 380,000 views, respectively! [email protected] to Equifax CEO: "if you agree that exposing information like what exists in your credit reports creates harm...WHY are your lawyers arguing in federal court that there was no injury & no...


FICO’s New Credit Score takes Banking Activity into Account Boosting Consumers’ Scores

Fair Isaac Corp. the company that invented credit scores, announced a new credit scoring system based partly on consumers' bank account activity. Heretofore, credit scores ignored consumers' bank activity. The new score called UltraFICO Score is not meant to weed out persons applying for credit. Rather, it is meant to improve credit scores for those who maintain a bank balance and who avoid overdrafts.  FICO is doing so on the theory that such persons are more likely to repay their loans. According to a WSJ article, the UltraFICO score will function as an appeal of sorts, boosting many applicants with less-than-ideal...


A Truly Terrible Idea–Homeland Security Proposes to Check Credit Reports of Immigrants

The Department of Homeland Security today announced a proposed rule that would make it harder for immigrants to get visas to study or work in the U.S., to extend their visas, or to become lawful permanent residents (green cards). DHS proposes to use the immigrant's credit report and credit score in a factor in ruling on applications. This is a truly horrible idea. The reports and scores are not designed for immigration purposes. Credit scores are only designed to predict if a consumer pays his or her bills on time. Credit scores are based on credit history and what balances...

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