NACA in the News: Borrowers skipping loan and credit-card payments without penalty could soon face a rude awakening

Release Date: 
May 29, 2020
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MarketWatch, Borrowers skipping loan and credit-card payments without penalty could soon face a rude awakening

"However, Ira Rheingold, executive director of the National Association of Consumer Advocates, a nonprofit consumer-advocacy group, said he has 'no faith that the CFPB will do the right thing for consumers.' He expects courts to take on more cases related to falling credit scores after those 120 days have elapsed.

'I hope this ushers a new movement away from credit scores and to holistically making financial judgement on a person based on what their current situation is,' he said."