Today, the House of Representatives passed the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency (CREDIT) Act (H.R. 3621), introduced by Rep. Ayanna Pressley. While the CREDIT Act—which still needs to go through the Senate—is primarily aimed at credit reporting agencies (CRAs) such as Equifax, Experian, and TransUnion, its impact will likely be felt among data furnishers.
The CREDIT Act points out how important accurate credit reports are to consumers for both banking and non-banking needs. The Act claims that:
The nationwide CRAs have failed to establish and follow reasonable procedures, as required by existing law, to establish the maximum level of accuracy of information contained on consumer reports. Given the repeated failures of these CRAs to comply with accuracy requirements on their own, [this] legislation is intended to provide them with detailed guidance improving the accuracy and completeness of information contained in consumer reports, including procedures, policies, and practices that these CRAs should already be following to ensure full compliance with their existing obligations.
The Act, which is 197 pages in total, incorporates into itself several other house bills, including:
- H.R. 3642, the Improving Credit Reporting for All Consumers Act, a bill sponsored by Representative Alma Adams;
- H.R. 3622, the Restoring Unfairly Impaired Credit and Protecting Consumers Act, a bill sponsored by Representative Rashida Tlaib;
- H.R. 3614, the Restricting Use of Credit Checks for Employment Decisions Act, a bill sponsored by Representative Al Lawson;
- H.R. 3621, the Student Borrower Credit Improvement Act, a bill sponsored by Representative Pressley;
- H.R. 3629, the Clarity in Credit Score Formation Act sponsored by Representative Stephen Lynch; and
- H.R. 3618, the Free Credit Scores for Consumers Act sponsored by Representative Joyce Beatty.
There are some industry-related highlights presented in the CREDIT Act. For example, the Act requires the removal of fully paid or settled medical debt. The Act makes mention of the CFPB’s Fall 2016 Supervisory Highlights that found that one or more debt collectors never investigated indirect disputes that lacked detail or were not accompanied by attachments. The Act also points out that, “there are no objective or enforceable standards that determine when a debt can or should be reported as a collection trade line. Because debt buyers and collectors determine whether, when, and for how long to report a collection account, there is only a limited relationship between the time period reported, the severity of the delinquency, and when or whether a collection trade line appears on a consumer’s credit report.”
One thing notably absent from the CREDIT Act is the impact that credit repair organizations have had on the ability to effectively investigate credit reporting disputes. Credit repair organizations flood data furnishers with generic disputes in order to either get the trade line deleted—regardless of its accuracy—or to bait data furnishers into inadvertent FCRA violations. The outrageously high volume of such disputes received by data furnishers makes it impossible for a company with even the most sophisticated and robust compliance department to properly categorize and investigate each claim.
Just last year, a jury found such a credit repair organization guilty of fraud against a debt collector for the practice of sending massive quantities of credit report dispute letters. In 2018, a different debt collector filed a RICO suit against a credit repair organization for the same reason. These are just examples in the limited sphere of the debt collection industry; the financial industry at large has likely seen similar issues. Even the CFPB filed a suit against a credit repair organization for its questionable marketing practices.
It’s troubling that a comprehensive bill designed to promote accuracy in credit reports doesn’t even mention one very present threat to the bill’s mission.
How Tiffaney Williams Has Taken Over the Financial Literacy Space and Has Made a National Name for Herself
NEW YORK, NY / ACCESSWIRE / October 22, 2020 / With over ten years of valuable experience, Tiffaney Williams, a leading financial strategist, has dedicated her life towards helping individuals gain financial freedom by restoring credit, building businesses to multiple 6 figures, and creating multiple streams of opportunities for income. Tiffaney is proud to be a Certified Credit Counselor, with a master’s degree in economics and over 10,000 credit repair success stories, as well as over 500 business testimonials. On top of an already impressive resume, she is also nationally acclaimed in the financial industry with over 20 features from highly syndicated news appearances, including NBC, USA Today, CBS, FOX ABC, Future Sharks, and more.
In order to achieve such high levels of success, great motivation is necessary. For Tiffaney, she found motivation by being a voice for the voiceless. Many of the people with her same upbringing are labeled a statistic, but Tiffaney knew there was more to it, and that she could be the one to change it.
“I knew in order to do better, I had to be better. I had my son Michael during my senior year of high school. I felt all my dreams had shattered. I quickly realized my son, the greatest gift of all time, wouldn’t be the reason my dreams shattered, and it wouldn’t be me. We must hold ourselves accountable and do what we say, be what we want, and obtain what we desire. My mindset has always been to focus on my focus,” Tiffaney explains.
To make her even more impressive, Tiffaney accomplished all of this in a male-dominated industry as a black woman, defying all expectations, and proving her individualism. What allowed her to rise to the top was that she sees herself as a coach of experience, not a coach of just book smarts and theory.
“I mastered what not to do first so I could teach others what to do the first time. What makes me different is that I understand the psychology of wealth strategies, which are to start mentally first. I coach from mental, physical, spiritual, emotional, and financial perspectives, providing a well-rounded and therefore effective approach,” Tiffaney explains.
Instead of letting disadvantages keep her down, Tiffaney was able to find a way to make them work for her, inspiring her to work harder. Tiffaney was inspired by her own experiences with lack of knowledge, financial literacy, and money management. She wanted more money at the time, not realizing until later that money was nothing to wealth.
“Coming from a low-income family, I knew I had to level up, because my heart desired being rich, not knowing it to be more than the kind of “rich” than what you see on TV. Now, I am inspired to inspire others. My goal later was to teach my community what I now knew and understood. I wanted to teach and educate my community so they can make sound financial decisions to their benefit,” Tiffaney says.
Often, Tiffaney believes, people overthink and try to live a perfect life without mistakes. This is a pitfall many fall into, and Tiffaney frames this as an emotional way to live, which is motivated by a fear of failure – a negative place for motivation to be born. Tiffaney believes that we need to live strategically, rather than emotionally, to be fulfilled in our daily lives.
“You have to execute and be okay with knowing there are always going to be bumps in the road. The experience of losses teaching us lessons are what creates a dynamic entrepreneur. Someone who can go through the journey of entrepreneurship and still make it to the finish line, will find success a million times,” Tiffaney says.
While her positive and directed attitude separates Tiffaney from the competition, she admits she doesn’t spend a lot of time thinking about her competitors. She believes worrying about others in her field is a significant waste of her energy and time that are much better spent elsewhere in areas that will propel her forward.
“There are over 4 million people in the US alone. With those numbers, I only have time to focus on looking for people that are looking for me. I focus on being goal-oriented, self-motivated and results-driven. I don’t just solve one problem, I solve massive problems,” Tiffaney says.
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Black-Owned Businesses Pioneer Black Friday by Accepting Cryptocurrency
ATLANTA, Oct. 22, 2020 /PRNewswire/ — This year’s Black Friday is developing into a profound shopping experience for the Black community, thanks to the Black founded cryptocurrency Guapcoin ($GUAP), in conjunction with a movement called “Guap Friday”.
Every Black Friday, shoppers search for the best discounts possible, which are usually offered by retail giants like Walmart and Amazon. While initiatives like Small Business Saturday encourage buyers to support local creatives and shops, there is rarely such a strong effort to support and market Black business owners. And as COVID-19 has had a greater impact on Black entrepreneurs than any other demographic, this holiday season will be especially challenging.
The organizers of Guap Friday are taking this opportunity to introduce the Black community to shopping with their own digital currencies like Guapcoin. Cryptocurrencies offer a safe, smart alternative to dollars. An increasing number of merchants are accepting digital currencies, and Guapcoin may be the best way to track and grow a real Black dollar.
Real “Black Dollars” Data
With blockchain and cryptocurrency, Guapcoin aims to dispel the myth of the “disappearing dollar” with data that demonstrates the potential growth factor not just to coin holders, but to future businesses and investors in Black entrepreneurs. In order to achieve this, Guap Friday is partnering with blockchain analytics platform TrustB, which promises to bring real data analytics to Black spending, as well as the means to measure Guapcoin’s impact.
What Can People Buy on Guap Friday?
Guap Friday will feature mostly Black-owned businesses that offer a wide variety of products and services. Merchants will be selling goods such as electronics, books, makeup, jewelry, haircare, skincare, clothing, handbags, and healthcare. Additionally, services available for purchase will be credit repair, astrology and tarot readings, legal advice, beauty classes, financial planning, and weight loss. Guap Friday will be adding new merchants all the way up to November 27. Merchants who want to participate in Guap Friday can learn more on the Guap Friday website.
Customers interested in supporting Black-owned businesses during Guap Friday will have to get some $GUAP in order to shop on the platform. Guap Friday will release further instructions on their website in the coming days. Currently, Guapcoin is available on the Probit.com Exchange. A Peer-to-Peer Exchange will also launch in November, which will allow users to buy and sell crypto directly from each other without a third party.
Developed in 2017 by Tavonia Evans, Guapcoin’s primary mission is to provide a sound and revolutionary economic base for the underserved and underestimated Black community, with a focus on building generational wealth. Guapcoin seeks to educate the community about blockchain and spark a revolution within consumer patterns. Learn more about Guapcoin and how to purchase the cryptocurrency on their website.
Email: [email protected]
Founder of Guapcoin Cryptocurrency
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