KEVIN L. HERNANDEZ - PROTECTING NEVADA'S CONSUMERS - (702) 563-4450
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CONSUMER LAW BLOG

New Options Available to Protect Against Child Identity Theft

8/30/2018

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According to a recent study by Javelin Strategy & Research, more than 1 million U.S. children were victims of identity theft in 2017, leading to $2.6 billion in losses and families paying over $540 million out of pocket. In light of these staggering figures, the Federal Trade Commission has implemented a new “Child Identity Theft” option for those reporting ID theft through www.identitytheft.gov. The website also guides parents through the process of checking and freezing their child’s credit profiles for free and shows how to obtain credit reports through the major credit bureaus (Equifax, Experian, and Trans Union).
 
In general, children should not have credit reports unless they are authorized users on their parent or guardian’s accounts. If your child has a credit profile, be sure to report the identity theft through www.identitytheft.gov and use the report to dispute in writing with the credit bureaus.
 
If the credit bureaus and lenders fail to remove the fraudulent reporting from your child’s credit profiles within 30 days, you will have a claim on the child's behalf under federal law. The law allows consumers to bring claims for no out-of-pocket expense because the defendants are required to pay your attorney’s fees and costs as part of your claim, along with potential damages to you, if you are successful. If you or your children are victims of identity theft, you should contact a Las Vegas identity theft attorney to discuss your rights under the law.
 
Source: https://www.javelinstrategy.com/coverage-area/2018-child-identity-fraud-study
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U.S. Consumer Credit Scores Increased Due to Credit Overhaul

8/20/2018

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Millions of U.S. consumers saw their credit scores rise due to new credit reporting guidelines implemented by the national credit bureaus (Equifax, Experian, and Trans Union). The new guidelines prompted the credit bureaus to remove all non-loan collections, such as gym memberships and traffic tickets. Consumers who had at least one of these collection accounts deleted saw an average 11-point credit score increase. The credit bureaus implemented these new rules following settlements from lawsuits by several state attorneys general, including Nevada.
 
The report comes from Equifax, who sampled of millions of anonymous credit reports. Equifax’s report found that 8 million consumers had collections completely removed since the new credit reporting overhaul took effect. The percentage of debts in collections reflected on consumers’ credit profiles dropped from 12.5% in the second quarter of 2017 to 9.4% in the second quarter of 2018.
 
While this is great news for many consumers who had collections removed from their reports, this does not mean that consumers’ credit profiles will be free of errors. Nevada consumers should continue to check their credit reports using www.annualcreditreport.com to ensure the information is accurate and up-to-date. If you find any wrong information in your credit report, you should consult with a Las Vegas credit attorney to discuss your rights under federal law.
 
Source: https://www.wsj.com/articles/overhaul-boosts-credit-scores-of-millions-of-u-s-consumers-1534265756
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Military Lending Improvement Act of 2018 Introduced in the US Senate

8/13/2018

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On August 1, 2018, Senator Bill Nelson (D – FL) introduced “The Military Lending Improvement Act of 2018” to add protections to the Military Lending Act (MLA) and the Fair Debt Collection Practices Act (FDCPA). The bill proposed, among other changes, prohibiting debt collectors from threatening prosecution under the Uniform Code of Military Justice and would prevent collectors from harassing service members by contacting their commanding officers about a debt.
 
Regarding amendments to the MLA, the bill proposes lowering the maximum interest rate on covered transactions for service members from 36% to 24%, extending coverage of the MLA to veterans up to one year after discharge from the military, and expanding its coverage to include vehicles and other personal property.
 
These amendments offer strong protections for military service members and their families, who are often hardest hit by collection abuse. If you are a service member facing illegal collections, you should contact a consumer debt collection attorney to protect your rights under the law. These services are performed for no out-of-pocket expense because the debt collectors must pay your fees, costs, and damages if you have a successful claim.
 
Source: https://www.natlawreview.com/article/military-lending-improvement-act-2018-introduced-us-senate

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Law Office of Kevin L. Hernandez
8920 W. Tropicana Avenue, Suite 101
​Las Vegas, Nevada 89147
P: (702) 563-4450
F: (702) 552-0408
​E: kevin@kevinhernandezlaw.com

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