The U.S. Supreme court recently heard arguments in Obduskey v. McCarthy, a Tenth Circuit case finding that parties engaged in nonjudicial foreclosure proceedings are not “debt collectors” under the federal Fair Debt Collection Practices Act (“FDCPA”). Under the FDCPA, a “debt collector” is any party whose principal purpose is the collection of defaulted consumer debts, or who regularly collects or attempts to collect defaulted consumer debts.
 
In Obduskey, the Tenth Circuit found that nonjudicial foreclosure proceedings are attempts to enforce security interests as opposed to collecting money from a consumer. In making this ruling, the Tenth Circuit joined the Ninth Circuit, which found that a nonjudicial foreclosure is not collection activity because the purpose of a foreclosure is to retake and resell the security and not to collect money from the borrower. The Supreme Court’s ruling will provide lower courts with guidance regarding the scope of the FDCPA as it relates to mortgage foreclosure law.
 
If you are a victim of illegal debt collection efforts, including threats, harassment, or deception, you may have claims under the FDCPA. These claims can be brought at no out-of-pocket cost to you because the debt collector is required to pay your attorney’s fees and costs if you prevail. You may also recover up to $1,000 in damages for a successful FDCPA claim. Contact a consumer debt collection lawyer to discuss your legal rights. 
 
Source: https://www.jdsupra.com/legalnews/supreme-court-to-rule-on-whether-the-96903/

A new report from WalletHub lists Nevada as the most vulnerable state for identity theft and fraud. Nevada also ranked 2nd regarding median loss amount due to fraud.
 
This survey demonstrates that fraud and identity theft in Nevada, and Las Vegas especially, must be addressed starting with better credit education. To ensure the information is accurate and up-to-date, Las Vegas consumers should pull their credit reports regularly. If you notice fraudulent information, the first step is to initiate a "fraud alert" to prevent future damage. Next, Las Vegas consumers should visit www.Identitytheft.gov to fill out an FTC Identity Theft Victim’s Report and submit the report to the credit bureaus along with information about each fraudulent entry.
 
The data furnishers and national credit bureaus have 4 days to block the fraudulent information, and 30 days to investigate and remove it from your reports permanently. If these companies fail to do so, you have a legal claim under federal law that includes your attorney’s fees and costs as part of your damages. These companies must also cover your out-of-pocket damages, including loan denials, loss of credit limits, and other financial losses. If you’re an identity theft victim, contact a Las Vegas identity theft attorney as soon as possible to discuss your legal options.
 
Source: https://www.ktnv.com/news/report-nevada-tops-list-of-states-most-vulnerable-to-identity-theft-fraud

In the wake of the recent Equifax data breach, a new federal law will allow U.S. consumers, including here in Las Vegas, to freeze and unfreeze their credit reports with the three major credit bureaus (Equifax, Experian, and Trans Union) for free. It used to cost consumers $3 to $12 per bureau to freeze and unfreeze credit reports.
 
A credit freeze blocks lenders from pulling a consumer’s credit report to prevent identity thieves from opening new accounts in the consumer’s name. Once frozen, the consumer can unfreeze the account, either temporarily or permanently, to apply for loans or other types of credit.
 
The new law also extends short-term fraud alerts from 90 days to one year. A fraud alert forces lenders to contact a consumer before extending credit to ensure the loan application is not fraudulent.
 
If you are the victim of identity theft, you should reach out to the credit bureaus and demand a credit freeze or fraud alert immediately. You should also speak to a Las Vegas identity theft lawyer about your rights under federal law against the credit bureaus and creditors if they fail to remove fraudulent or inaccurate information from your reports.
 
Source: https://www.usatoday.com/story/money/2018/09/21/equifax-free-credit-freeze-new-law/1377815002/
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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

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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Nevadans face the highest risk of identity theft in the United States, according to a recent study by Securelife.com. The study looked at FBI statistics and data, such as the average loss per consumer and other general risk factors for each state. The average loss per identity theft victim in Nevada is $6,000, and the number of victims affected is 14 out of 100,000. In 2017, Nevadans lost $2.58 million to identity theft, which is more than double the next state on the list.
 
This survey demonstrates that identity theft and fraud in Nevada, and Las Vegas especially, must be addressed starting with better credit education. Las Vegas consumers should pull their credit reports at least annually to ensure the information is accurate and up-to-date. If you notice an error or fraudulent transaction, the first step is to initiate a "fraud alert" to prevent future damage. Next, Nevada consumers should visit Identitytheft.gov to fill out an FTC Identity Theft Victim’s Report and submit this report to the bureaus along with information about each fraudulent entry.
 
The national credit bureaus and data furnishers have 4 days to block the fraudulent information, and 30 days to investigate and remove it from your reports. If they fail, you have a legal claim against them under federal law that includes your attorney’s fees and costs as a measure of your damages. These companies must also cover your out-of-pocket damages, including loss of credit limits, loan denials, and financial losses. If you’re an identity theft victim, contact a Las Vegas identity theft lawyer as soon as possible to discuss your legal options.
 
Source: https://www.lasvegasnow.com/news/local-news/8-on-your-side-nev-is-riskiest-place-to-become-victim-of-identity-theft/1324290564

A recent class action lawsuit filed in Los Angeles alleges that Equifax is misreporting accounts with past due balances when the accounts are paid and closed. This practice makes the accounts appear delinquent, which may lead to loan denials and increased interest rates. The lawsuit accuses Equifax of violating the federal Fair Credit Reporting Act (“FCRA”) by failing to follow reasonable steps to ensure that the credit reports it generates for consumers are accurate.
 
This recent case demonstrates the ongoing need for Las Vegas consumers to review their credit reports regularly, especially after paying off a delinquent loan or credit card, to make sure the balance and past due information are correct. If the credit bureaus are reporting your account information incorrectly, you have the right to dispute this information online or in writing. The bureaus have 30 days to investigate your disputes and provide you with an updated credit report. If they fail to correct the inaccurate information, you have the right to hire an identity theft lawyer for no out-of-pocket expense because the FCRA includes those costs as a measure of your damages.
 
Source: https://www.reuters.com/article/equifax-errors-lawsuit/lawsuit-alleges-equifax-misreports-consumers-paid-off-accounts-idUSL1N1U6202

According to NBC News, more than 1 million children in the U.S. were victims of identity theft last year, including those living here in Las Vegas and Henderson. Two-thirds of the child victims are under the age of eight. This recent spike in child identity theft has led to $2.67 billion in losses to consumers.
 
These figures don’t convey the whole story because many parents never check whether their children have credit profiles (most children under 18 should not have a credit report unless they have credit cards or accounts with their parents). Fraudsters and identity thieves seek out children’s Social Security numbers and private information because they are often unused and easier to take advantage of to open new accounts.
 
To prevent child identity theft, parents should visit www.annualcreditreport.com to see whether their children have credit reports. If so, parents should review the credit reports for any fraudulent or inaccurate information. If the reports contain fraudulent information, the parents should obtain a police report and write the major credit bureaus enclosing the police report and information about the fraud.
 
You have the right to sue the credit card companies and credit bureaus for false reporting if they fail to remove the fraudulent information within 30 days of your written notice. You can also hire an identity theft lawyer for no out-of-pocket cost because these companies are required to pay your fees and costs if you have a case.