A “Consumer Report” is a report that bears upon a consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living. A consumer report can be transmitted by oral, written or other means of communication. Information contained in a consumer’s file with a credit reporting agency is not a consumer report [...]
FCRA
So many times I see clients seeking a loan modification or loan workout for their mortgage(s). Â In most cases, these are very dangerous, and usually only put off the inevitable fact that the borrower can not maintain payments on the property. Â The workout/modification is just a temporary band aid in most cases.
