Home / Daily Digest / Daily Digest – July 13. Senate Committee Holds Hearing to Fix ‘Broken’ Credit Reporting System; BCFP Accuses Dept. of Education of Refusing to Share Documents in Navient Case

Daily Digest – July 13. Senate Committee Holds Hearing to Fix ‘Broken’ Credit Reporting System; BCFP Accuses Dept. of Education of Refusing to Share Documents in Navient Case

The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.

 

SENATE COMMITTEE HOLDS HEARING TO FIX ‘BROKEN’ CREDIT REPORTING SYSTEM

  • The Senate Banking Committee yesterday held a hearing on the Fair Credit Reporting Act, inviting testimony from the BCFP as well as the FTC. The members of the committee, both Democrats and Republicans, shared their concerns over the FCRA and a “broken” credit reporting system highlighted by a lack of consumer control over the information managed by credit bureaus and an inability to appropriately penalize credit bureaus when a mistake is made.

 

BCFP ACCUSES DEPT. OF EDUCATION OF REFUSING TO SHARE DOCUMENTS RELATED TO NAVIENT LAWSUIT

  • The BCFP is accusing the Department of Education of blocking access to documents requested by the BCFP in its lawsuit against Navient, the nation’s largest student loan servicer. Navient says it needs permission from the Education Department before it can release the documents and that permission has not yet been given, despite a request from the BCFP.

 

PRESIDENT CREATES CONSUMER FRAUD TASK FORCE

  • President Trump this week issued an executive order creating a task force that will focus on market integrity and consumer fraud. The Task Force on Market Integrity and Consumer Fraud will include representatives from the Department of Justice, Bureau of Consumer Financial Protection, Federal Trade Commission, Comptroller of the Currency as well as eight other cabinet secretaries.

 

NORTHEAST DEBT COLLECTORS HEADED TO ATLANTIC CITY

  • Join the New England, New Jersey, New York and Mid-Atlantic units of ACA International for the annual Northeast Debt Collection Conference and Expo at Caesar’s Resort in Atlantic City, Sept. 16-18, 2018. By adding the West Virginia unit to the invitation list, this exciting conference now represents 12 states and Washington, D.C. The 2018 event features a timely and informative agenda of presentations on topics such as the TCPA, leadership, growing your agency and more.

 

COLLECT! LITE IS AFFORDABLE, EASY TO USE AND SCALABLE

  • Comtech, a worldwide leader in collection software, releases Collect! Lite for smaller or startup companies. Designed to provide the basic functions of the larger editions of Collect! at an attractive entry-level price, the cloud-based Collect! Lite package, at $49 per month, can accommodate up to 4 users and manage up to 1,000 accounts.

 

WORTH NOTING: There is only one Blockbuster video store left in the United States … The world’s tallest waterslide, which has been closed for two years following a tragic accident, is now going to be demolished … A California mayor wants to ban neckties after a report said they cut off blood flow to the brain … The best way to get people to tell the truth, according to science … Build-A-Bear’s Pay Your Age event backfired spectacularly … Why you need a “To Don’t” list … How much more the typical baby boomer makes more than the typical millennial in every state … President Trump had some strong words about the Prime Minister of Great Britain on the eve of his visit there … Walmart has patented technology that will allow it to overhear conversations between employees and customers … If the CDC says “do not eat this cereal,” you should probably listen.

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The Daily Digest is sponsored by Beam Software. A Microsoft Gold Certified Partner, Beam is a thought leader in portfolio management and collection software. They offer both cloud-based and on-premise solutions to accommodate the entire collection continuum. For more information, please visit www.beamsoftware.com or call (800) 212-2326.

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