Personal Finance

This Week in Credit News: The CFPB Is Busy

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The Consumer Financial Protection Bureau may be coming under fire during the run-up to the 2012 Presidential election, but that’s not stopping it from getting down to business.

Debt Collectors Getting New Federal Oversight

The federal Consumer Financial Protection Bureau’s final rules for debt collections agencies will take effect on Jan. 2, when it gains full regulatory control over the industry, the agency recently announced. Included in these new rules are provisions that allow it to examine not only companies that attempt to collect on balances related to personal household debt, but also those that work with the U.S. Department of Education to collect overdue student loan payments.

Part of the more rigorous examination process involves CFPB employees making on-site inspections of debt collections firms, in an effort to make sure all efforts are in compliance with the new rules, the report said.


CFPB Now Keeping Tabs on Credit Reports

In addition to all the other types of issues about which it accepts complaints, the Consumer Financial Protection Bureau will now do the same for Americans’ credit reports. The bureau says the reason for doing this is not only that this document can play a vital role in determining a potential borrower’s eligibility and costs for any line of credit they may wish to seek, but also because employers, insurance companies, landlords, cellphone service providers and even utilities use them to determine consumers’ credit standing.

Specifically, when it comes to credit reports, the agency is empowered to deal with complaints about incorrect information listed on consumers’ files, those stemming from a credit bureau’s investigation into those issues, improper use of credit reports, an inability to obtain that document or a credit score and hiccups related to credit monitoring and identity protection services.


The House in ‘A Nightmare on Elm Street’ Was Truly Scary Before Angie Hill Rehabbed It

Halloween is upon us and while the CFPB fights the spooky scaries of the financial world, there are still some other real-life horrors to deal with, like a dilapidated old home that was the setting of an iconic scary movie – “A Nightmare on Elm Street.”

Luckily, current owner Angie Hill has been working to restore the home to its original terrifying glory, tearing down a large portion of the original home and rebuilding it. Of course, before that could begin, she cleared the house of its bad energy by burning some sage. Does the home still satisfy horror movie purists? According to Hill, she still gets visitors who recognize the home from its Freddy Krueger origins.

@AOLRealestate @woodgra

Image: NS Newsflash, via Flickr

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