On January 13, the FTC announcement a proposed order to conclude with a corporate credit report provider (Respondent) alleging that the Respondent engaged in deceptive and unfair practices. According to the FTC complaint, the Respondent failed to provide companies with a clear, consistent and reliable process for correcting errors in their credit reports, even though it sold these companies products that were supposed to help them improve their reports. The FTC complaint also alleged that the respondent’s telemarketers misrepresented another service to businesses and falsely asserted that businesses had to purchase the service for the respondent to complete the business’s credit profile. . Further, the Respondent allegedly failed to disclose to the Companies that subscription to the service is automatically renewed each year, nor properly disclosed other renewal practices that resulted in increased costs. Under the proposed order, the respondent would be required, among other things: (i) to comply with specific time limits to promptly investigate and correct errors; (ii) inform companies of the results of their investigations; (iii) provide businesses with free access to revised information; and (iv) either delete the disputed information or reinvestigate the information to confirm its accuracy when a company notifies the respondent of incorrect information in its report. Additionally, the proposed order would require the respondent to reimburse certain businesses that purchased its service products between April 2015 and May 2020, and provide many current customers with the ability to cancel their services and obtain refunds. .
In this article: Before you apply for a mortgage, you’d probably like to know how to get a credit report. This is smart, because when you apply for a mortgage or other loan, it is better to know in advance what the lenders will see. There are several ways to obtain a credit report: Request […]
Woman shopping online Buy-it-now, pay-later company Klarna will start telling credit agencies who is paying on time and who is falling behind. The company said the move could help or hinder its customers’ ability to get credit for loans such as mortgages. From June, banks and credit card companies will be able to see people’s […]
A credit report gives a detailed history of how you manage your debts, almost serving as a report card to a potential lender. Banks and other financial institutions usually look at both your credit report and your credit score when deciding whether to lend you money and the rate you should be charged. It is […]