The Consumer Financial Protection Act (CFPA), approved in July 2010, revises Section 615 of the Fair Credit Reporting Act to state: If any person takes any
adverse action with respect to any consumer that is based on whole or in part on any information contained in a consumer report, the person shall:
• Provide an adverse action notice.
• Provide a score disclosure (including the credit score, the range of the score, four or up to five reason codes if inquiries adversely affected the credit score, the date the score was calculated and the name of the Credit Reporting Agency [CRA]).
• Provide the name, address and phone number of the CRA that furnished the credit report.
• Provide a statement that the CRA did not make the decision to take the adverse action and is unable to provide the consumer the specific reasons why the adverse action was taken.
• Provide notice of the consumers right to obtain a free copy of a consumer report from the CRA within 60 days and notice of the consumers right to dispute with a CRA the accuracy or completeness of any information in a consumer report furnished by the CRA.

So, what does all of this mean to the average layman who has to rely on the CRAs to obtain credit? Simply pu

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RealtyTrac reports that the number of foreclosures in the Chicago-metropolitan area fell nearly 16 percent in March, when compared to last year. We may not be out of the woods though, as the foreclosure number jumped more than 23 percent, when compared to February, according to The Herald-News.

As more and more homes are lost in the area, homeowners continue to seek bankruptcy protection to stop foreclosure in Chicago.

Our Chicago bankruptcy lawyers understand there is a way to secure your financial future after navigating through these financial speed bumps.

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When the foreclosure notice comes is often when things really begin to change for most folks. If they havent already decided to file for bankruptcy, they usually take a lot closer look when the official notice comes. Unfortunately, under the current economic conditions and housing crisis, the foreclosure process has become a long and drawn out process some times taking up to two years in some places to complete the eviction of the owners and the sale of the house. This is good news to some, bad news for others.

For those who want to stay in and keep their homes, filing bankruptcy may be their only choice for keeping it.

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Despite the best efforts of groups like the Better Business Bureau and the Federal Trade Commission, scammers manage to find new ways to take money from unsuspecting consumers on a regular basis. Here’s a look at one of the latest warnings that’s been posted by consumer advocates.

A New Mortgage Scam Afoot

The latest in a long line of mortgage and foreclosure “rescue” scams seems to be one that involves attempting to trick homeowners into thinking they qualify for money from a lawsuit against their lenders. According to the BBB, the scam works like this:

• An official-looking letter arrives: Victims have reportedly noted that they received a letter indicating that they were eligible to join a “joinder action suit” against certain mortgage lenders and banks. The letters

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