In 2017, the three largest Credit Reporting Agencies – Experian, Equifax and Transunion implemented some changes to what “public records” they report, according to a Consumer Data Industry Association (CDIA) press release. “Public Records” means information obtained from courts and other public entities. This includes bankruptcies, tax liens and judgments.
Judgments have serious consequences. In Maryland they last for 12 years, and are renewable. With a judgment, a creditor can garnish your wages, freeze your bank accounts, get a lien over your home or even seize your car. Sometimes people are surprised to find that there is a judgment against them. So, what can you do?
The CFPB’s Fall 2014 supervisory highlights, covering supervisory activity between March and June, points to failings by student loan servicers and debt collectors. The highlights identified six failings by student loan servicers, including misleading statements to consumers and telephone harassment. Debt collectors’ misconduct included charging illegal convenience fees to consumers paying by credit card, false threats of litigation and improper disclosure to third parties.