There is no doubt that the lending industry has become needlessly complicated. Part of the reason for this is to keep consumers in the dark about their loans. Consider this post an introduction to some of the more common entities involved with your mortgage loan.
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When you take a look at your credit report, do you notice that section called “credit inquiries” followed by a list of companies or names? The credit reporting agency has provided those companies listed in that section with access to your credit report. You probably don’t recognize some of the names listed but simply assume the inquiries are lawful. But the truth is that many of those companies do not have a permissible purpose for accessing your credit report.
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Retailers often offer “interest free” purchases. These “deals” are actually credit cards offered by banks. But these banks can’t make money when the credit they are offering is interest free. So they put obstacles in the way to make it difficult to comply with their terms to ensure that you end up paying them something and they turn a profit.
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Regulators and courts are scrutinizing lenders and loan servicers for buying force-placed insurance policies. A primary concern is the relationship among loan servicers, lenders, and insurers.
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Foreclosure-related notices are treated differently than other types of debt collection letters. There are several important factors that determine whether they are subject to the Fair Debt Collection Practices Act.
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You ever wonder why a credit card, lease, loan, or other agreement is dozens of pages of tiny print? So they can hide provisions whose sole purpose is to prejudice your rights. I’ve talked in the past about mandatory arbitration provisions and the lengths corporations go to keep you out of court. However, careful consumers need to also keep their eyes open for provisions which grant the business the right to contact them through the use of an automatic dialing system.
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You probably think that if your consumer rights are violated by a bank, credit card company, or other corporation, you will have your day in court. However, what few consumers know is that many consumer contracts (like your loan, bank deposit, or credit card agreements) contain forced arbitration provisions.
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