Consumer attorneys occasionally advise their clients not to record unlawful communications due to state laws requiring both parties' consent for recording. The CFPB should require that debt collectors subject to the FDCPA impliedly consent to recording by consumers.
There should be only one credit bureau. They all contradict each other and it is a nightmare to get anything resolved. They should be highly regulated. This is an industry making money off making peoples lives miserable and ensuring no-one can get mortgages or loans. They are crippling the economy. They are in the pockets of the banks and big corporations.
Bank of America, my mortgage holder, does NOT even allow a formal dispute to move forward. The past 12 months have been a continues headache with Bank of America. For example, our mortgage account have always been current, and never were we in Foreclosure status, nor even approaching default. However, every single month Bank of America reported to the three major credit bureaus that we were late. I've worked with their Military Liaison Officer on the resolution through phone calls, email messages, and formal letters but without success. Urgent Help/Assistance is needed for consumers to navigate and to resolve the problems that Bank of America is creating over simple and elementary issues of basic accounting procedures. Bank of America has the undue power of making reports to the credit bureaus which adversely affects the consumer. The Consumer lacks tools to challenge and fight back on Bank of America's abuse of power.
my in-laws had the same issue with BoA. They paid their mortgate EARLY every month and still were reported as late every month. This is tragic and ruined their credit. When these things happen it takes years for the credit to br repaired even though a collector reported the information falsely, incurracately, and repeatedly. BoA should be penalized HEAVILY for these infractions otherwise they just ignore consumers.
I am concerned that there is some type of rewards system in place that somehow monetizes those who report when a consumer has a potential bad credit scenario. Are there incentives out there to ding consumer's credit? As a conspiracy theory it makes sense since it drives up the cost of a loan.
The original comment was suggesting that anytime a debt collector calls they are automatically agreeing to be recorded if the consumer chooses to do so. I think that is a FANTASTIC idea.
Explaining why the repeat phone call abuse happens does not justify it. Apparently there are autodialers that call several consumers at the same time, than hang up on all but the first consumer that answers the phone. The result is a person can get several collection calls and hang ups through out the day, that is just not right.
josephusmyer
1
Consumer attorneys occasionally advise their clients not to record unlawful communications due to state laws requiring both parties' consent for recording. The CFPB should require that debt collectors subject to the FDCPA impliedly consent to recording by consumers.
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jfearon
2
There should be only one credit bureau. They all contradict each other and it is a nightmare to get anything resolved. They should be highly regulated. This is an industry making money off making peoples lives miserable and ensuring no-one can get mortgages or loans. They are crippling the economy. They are in the pockets of the banks and big corporations.
View this comment in the discussion thread
SJDuPlessis
3
Bank of America, my mortgage holder, does NOT even allow a formal dispute to move forward. The past 12 months have been a continues headache with Bank of America. For example, our mortgage account have always been current, and never were we in Foreclosure status, nor even approaching default. However, every single month Bank of America reported to the three major credit bureaus that we were late. I've worked with their Military Liaison Officer on the resolution through phone calls, email messages, and formal letters but without success. Urgent Help/Assistance is needed for consumers to navigate and to resolve the problems that Bank of America is creating over simple and elementary issues of basic accounting procedures. Bank of America has the undue power of making reports to the credit bureaus which adversely affects the consumer. The Consumer lacks tools to challenge and fight back on Bank of America's abuse of power.
View this comment in the discussion thread
Sertas
4
my in-laws had the same issue with BoA. They paid their mortgate EARLY every month and still were reported as late every month. This is tragic and ruined their credit. When these things happen it takes years for the credit to br repaired even though a collector reported the information falsely, incurracately, and repeatedly. BoA should be penalized HEAVILY for these infractions otherwise they just ignore consumers.
View this comment in the discussion thread
Debt Neutrality Petition
5
I am concerned that there is some type of rewards system in place that somehow monetizes those who report when a consumer has a potential bad credit scenario. Are there incentives out there to ding consumer's credit? As a conspiracy theory it makes sense since it drives up the cost of a loan.
View this comment in the discussion thread
R N
6
I agree both party's should be aware if any recording is going on. It is fair for both sides
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quino1974
7
I think charges should be pursued.
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Debt Neutrality Petition
8
The original comment was suggesting that anytime a debt collector calls they are automatically agreeing to be recorded if the consumer chooses to do so. I think that is a FANTASTIC idea.
View this comment in the discussion thread
Debt Neutrality Petition
9
Consumers should be able to request calls be limited to one contact per week if they desire. That is a fair and honorable compromise, no?
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Debt Neutrality Petition
10
Explaining why the repeat phone call abuse happens does not justify it. Apparently there are autodialers that call several consumers at the same time, than hang up on all but the first consumer that answers the phone. The result is a person can get several collection calls and hang ups through out the day, that is just not right.
View this comment in the discussion thread