03.15.21 What We Don't Know Can Harm Us: Credit report errors skyrocket. An assignment / Fraudsters morph phishing tactics & migrate their targets. Clark's key rule is your best defense.

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 5.2K Ratings

🗓️ 15 March 2021

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

More than half of all consumer complaints filed with the CFPB concern credit report errors, likely related to the bureaus' waiver from CARES Act compliance. Don't wait until this affects your financial life - A Clark smart vigilance assignment - and it's easy. / Pretext phone calls, emails & texts keep coming, ever more sophisticated. Clark's strategy helps keep you 1 step ahead of criminals. Ask Clark topics include: The merchant lied -Clark didn't buy the warranty: Clark's endorsement policy, If you can't pay your credit card bill, The Best Credit Cards for Small Business Owners, Why Entrepreneurs Should Avoid Business Credit Cards, MLMs. Want more money advice? Sign up for Clark’s free daily newsletter! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Clark Howard Show, our mission to serve and empower you so you make better
0:12.1	financial decisions in your life.
0:14.8	In today's episode, I have an assignment for each person listening to this podcast.
0:21.5	Also, I received a fraudulent email I want you to know about.
0:27.2	So do you know that really the heats off Equifax Trans Union and Experian?
0:36.0	They had a real target on their backs after Equifax had the worst data breach in the history
0:46.3	of the modern era exposing the deep personal information to criminals of about two-thirds
0:53.7	of American adults.
0:55.8	That happened several years ago.
0:58.0	The credit bureaus tried to behave themselves for a while and now, well, not so much.
1:05.2	So do you know that more than half of all complaints that consumers are filing right now with
1:13.0	the Consumer Financial Protection Bureau?
1:15.9	Concern credit reports errors on them.
1:20.7	And there's a specific reason that Consumer Reports believes the number of complaints about
1:28.2	credit bureaus have skyrocketed and it's simple.
1:32.1	They haven't complied with various elements of the CARES Act that gave you special protections
1:38.8	due to coronavirus.
1:41.3	And if you are in a temporary program because of economic hardship, because of coronavirus
1:49.0	and you're not making your payments, which was agreed to as part of your arrangements with
1:56.6	your lender, then you are supposed to be reported as current.
2:02.2	Either the fault of the lender, the credit bureau, or a combination of the two people in
2:09.2	massive numbers are being reported as delinquent on their credit reports, devastating their
	...

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