Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Bureau sues software company
The CFPB yesterday announced it had filed a lawsuit in federal district court accusing a California-based software company and its owner of providing assistance to illegal credit-repair businesses. The CFPB alleges that Credit Repair Cloud and CEO Daniel Rosen have violated the FTC's Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act of 2010 (CFPA) by providing substantial assistance or support to credit-repair businesses that use telemarketing and charge unlawful advance fees to consumers. The CFPB’s lawsuit seeks relief for harmed consumers from the defendants, disgorgement of their unjust gains, an injunction to stop their illegal conduct, and civil penalties.
Credit Repair Cloud is a California-based corporation founded by Rosen. According to the CFPB, since 2013, Credit Repair Cloud has sold software and other tools to help others start and operate credit-repair businesses. A credit-repair business provides consumers with goods or services that purport to remove derogatory information from credit reports or otherwise improve a person's credit history, credit record, or credit rating. Such companies that use telemarketing are covered by the TSR, and may not request or receive fees from a consumer until the company has provided that consumer with a credit report that shows the promised results and that was issued more than six months after such results were achieved.
The CFPB’s complaint alleges that Rosen and Credit Repair Cloud are providing substantial assistance to credit-repair companies that use telemarketing to reach consumers and charge unlawful advance fees under the TSR. Specifically, the CFPB alleges that Rosen and Credit Repair Cloud have encouraged the credit-repair businesses that use their services – including trainings, materials, and software -- to charge unlawful advance fees and Rosen and Credit Repair Cloud knew or consciously avoided knowing that these customers were charging advance fees in violation of the TSR.