New lessons for elder justice networks
In response to the COVID-19 crisis, the CFPB’s Elder Fraud Prevention and Response Network program adapted to conduct convenings virtually to respond to financial exploitation targeting older adults, including those from underserved populations. Elder justice stakeholders can learn from their best practices and replicate their efforts in their communities.
Algorithms, artificial intelligence, and fairness in home appraisals
Today, the CFPB is taking another step toward ensuring accountability for automated decision models, sometimes marketed as artificial intelligence (AI).
Mortgage data shows that borrowers could save $100 a month (or more) by choosing cheaper lenders
Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and downpayment)
Building resilience and durability into mortgage rules
The CFPB is exploring long-term solutions to move away from single points of failure, ensure system resilience, and eliminate unnecessary complexity in rulemaking.
Have medical debt? Anything already paid or under $500 should no longer be on your credit report
In April, the nationwide credit reporting companies – Equifax, Experian, and TransUnion – took action to remove medical collections already paid, under $500 or less than a year old from consumer credit reports. If you’re one of the millions of people with medical debt, here’s what you should know.
CFPB to distribute more than $22 million to consumers harmed by Burlington Financial Group’s debt relief and credit repair scams
More than 6,500 consumers who were misled by false promises and paid fees to Burlington Financial Group will receive checks in the mail this month from the CFPB’s Civil Penalty Fund.
Adjustable-rate loans are changing, because a widely-used interest rate index expires in June
A commonly used interest rate index officially ends on June 30, 2023. If you have an adjustable-rate loan, you might receive a notice from your lender or servicer about switching to another index. Here’s what that means for you.
Credit reporting companies should do more to ensure that servicemembers receive the free credit monitoring services they are legally entitled to
If you are on active duty (including an activated reservist) or a member of the National Guard, you can sign up for free electronic credit monitoring from all three major credit reporting companies to ensure your credit report is accurate and up to date.
Office of Research blog: Who gets sued in civil courts? Civil judgments are not evenly distributed
Creditors can obtain civil judgments to seize assets and garnish wages for unpaid debts. New research show that civil judgments are 20 times more common in some states than others and are more common in areas with a higher percentage of Black residents. Civil judgments are twice as common asContinue Reading
Zombie second mortgages: When collectors come for long forgotten home loans
Help is available for homeowners who took out second mortgages years ago, and believed their loans were either forgiven or modified into a single loan, and now are being targeted by debt collectors threatening foreclosure.