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This program was recorded on December 29, 2020
The scenario is all too common for lenders and credit reporting agencies: A consumer debtro defaults on a loan or other financial obligation. The lender makes a derogatory report to credit reporting agencies. The negative impact to the consumer’s credit score triggers a succession of spurious, redundant disputes by a consumer more diligent than he ever was in paying the loan. Whether to knuckle under to the debtor’s demand or steadfastly maintain th accurate report becomes the lender’s distasteful choice. This program will discuss when to fight and when to fold, and how to do it efficiently.
Frank Drake concentrates his practice in the areas of creditors’ rights, creditors’ bankruptcy, and commercial litigation. Frank has worked with credit unions, banking and financial institutions, consumer and commercial lenders, and student loan agencies to enforce contracts, minimize losses, and fight fraud. As federal regulatory compliance has become increasingly complex, he also assists lenders with difficult compliance issues.
1 General Credits
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- What are the consumer’s rights to legitimately dispute an errant report?
- What is a lender’s obligation to investigate and respond?
- Can a lender flatly ignore a redundant or frivolous dispute safely?
- What must a lender do about a report on a delinquent account discharged in bankruptcy?
- Must a lender report “paid as agreed” on voluntarily paid debts post-discharge?
- When should a lender amend a report in compliance with a debtor’s demands