The CFPB says it will distribute $1.8 billion to 4.3 million consumers who were charged illegal advance fees by Lexington Law and CreditRepair.com, which used telemarketing to offer credit repair s…
Customers charged illegal fees by two of the largest credit repair firms will soon see a refund check, the Consumer Financial Protection Bureau announced Thursday.
There are a number of errors a credit repair service might look for on a person’s credit report, including accounts or legal actions that don’t belong to the customer and negative information that’s too old to be included. Typically, a consumer can perform these actions on their own behalf.The CFPB refund announced today stems from a 2019 lawsuit the bureau brought against two Salt Lake City-based companies that own Lexington Law and CreditRepair.com.
A district court agreed with the CFPB and, in 2023, the companies were ordered to pay $2.7 billion to customers, plus additional civil penalties. The court also banned the companies from telemarketing credit repair services for 10 years. The companies have since filed for Chapter 11 bankruptcy, according to the CFPB, and shut down about 80% of their business, including their call centers.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Apple Pay, other tech firms come under CFPB regulatory oversightCFPB can already take action against companies that break the law, the new rule would allow the CFPB to regularly supervise the large digital-wallet and payments firms and their practices.
Read more »
Lexington Gold identifies encouraging exploration target at Free State projectAim-listed Lexington Gold is “encouraged” by the significant exploration target potential identified at its Ventersburg gold project in the Free, State, South Africa, chairperson Ed Nealon says in an update announcing further progress on the project.
Read more »
CFPB Proposes Crackdown on Data Brokers That Sell Sensitive Personal InformationNewswire Editor is a Common Dreams staff position.
Read more »
Elon Musk calls for abolishing consumer finance watchdog CFPB — a longtime GOP targetMeanwhile, the consumer finance watchdog is moving ahead with rulemaking in the final weeks of Biden’s administration.
Read more »
Musk Effort to Eliminate CFPB is ‘Intolerable Corruption’Newswire Editor is a Common Dreams staff position.
Read more »
CFPB expands oversight of digital payments services including Apple Pay, Cash App and PayPalThe most popular apps covered by the rule collectively process more than 13 billion consumer payments a year, the CFPB said.
Read more »