CFPB Sues Mortgage Lender For Credit Report Abuses

Law360 (January 9, 2020, 10:41 PM EST) -- The Consumer Financial Protection Bureau filed suit Thursday against mortgage lender Monster Loans over an alleged scheme to duplicitously obtain credit reports on consumers who were then sold at least $15 million of student loan debt-relief by companies partly owned by Monster Loans’ president.

The consumer-protection watchdog sued Monster Loans — the legal name of which is Chou Team Realty LLC — as well as several student loan debt-relief companies and eight individuals.

The parties' alleged M.O. was to have Monster Loans obtain reports from Experian on millions of people with student debt, using the story that the data were needed...

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