Welcome to Hudson Cook Insights - a collection of articles written each month by the attorneys of Hudson Cook, LLP, in an effort to keep their clients and other compliance professionals informed about current trends and developments in consumer credit finance that will affect the way they do business.
On June 10, 2020, Kohl's Department Stores settled claims brought by the Federal Trade Commission alleging that the retailer violated the Fair Credit Reporting Act by refusing to provide victims of identity theft with complete records of questionable transactions. article continued
There are two types of advertisers during a crisis. The first type knocks it out of the park by reaching consumers with empathy and graciousness through ads that generate feelings of hope, togetherness, and kindness. A perfect example is the Nike ad promoting social distancing and encouraging people to "play for the world." The second type makes light or, even worse, takes advantage of the situation. The worst of this type prey on fear and uncertainty. Others are simply tone-deaf. article continued
Creditors that furnish information on consumer accounts to consumer reporting agencies must do so with accuracy and integrity consistent with the Fair Credit Reporting Act and its implementing regulations. "Accuracy" means that the information provided to a consumer reporting agency correctly: (1) reflects the terms of and liability for the account; (2) reflects the consumer's performance with respect to the account; and (3) identifies the appropriate consumer. article continued
Some plaintiffs' lawyers operate on the theory that if you fling enough bovine byproduct against the barn wall, some of it will stick. They include in their complaints every possible claim, regardless of how tenuously those claims are supported by the facts, hoping that at least one claim will survive defense motions. Sometimes that tactic works. Here's an example from a recent case where it didn't. article continued
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