| Volume 142 Number 26 |
Subscribe to the Newsletter
Forward this news alert to your family and friends
Helpful Links
Texas Consumer Complaint Center
Credit Reports and Identity Theft
Your Guide to Small Claims Court
Contact Us
1-713-743-2168
The People’s Lawyer’s Tip of the Day
Whether your summer plans include replacing your air conditioning, installing new flooring, or riding the range, you will probably read customer reviews to learn what people say about their experiences with a business or product. Shoppers benefit from knowing what others have to say, and the Consumer Review Fairness Act (CRFA) protects people’s ability to share their truthful experiences and opinions. Click here for more.
Rent is becoming unaffordable for most college graduates
This year’s college graduates are entering the best job market in years. That’s the good news. But here’s the bad news: finding an affordable place to live as you start your career is getting harder to do. A new study found the median rent in the U.S. is $1,535 per month, up almost 30 percent over the last decade. When you break it down for renters early in their careers, rent has grown nearly 15 percent. Now, factor in the amount of student loan debt most college grads carry. You’ll quickly see that putting a roof over their heads can be a daunting task. Click here for more.
Your Money
If your home buying budget includes only an estimated purchase price and a down payment, then you might want to rethink your budget: It also needs to account for closing costs. Closing costs are the various fees you pay to finalize the purchase of a home. Buyers typically pay between 2% and 5% of their home's purchase price in closing costs, according to Zillow, an online real estate marketplace. Many lenders, however, offer no-closing-cost mortgages to make buying more attainable by minimizing the initial out-of-pocket costs. A no-closing-cost mortgage, also called a zero-closing-cost mortgage, is convenient for buyers who want to hold on to their cash reserves. But make no mistake, you'll pay for the costs eventually. Be sure you understand the differences between this type of loan and others before you choose one. Click here for more.
For the Lawyers
Eighth Circuit affirms dismissal of a consumer’s suit against a debt collector, alleging that its collection letter violated the federal Fair Debt Collection Practices Act. Below Credico’s name in a debt collection letter, appeared the words "CREDIT-COLLECTIONS-BUREAU" in the top right corner. Several lines below the letter included the words "PROFESSIONAL DEBT COLLECTORS." The letter was sent to Klein in Minnesota and signed by three people, including Kathy Mitchell, who was not registered to collect debts in Minnesota. The court found that an unsophisticated consumer would understand that "PROFESSIONAL DEBT COLLECTORS" and "CCB" respectively describe and reference Credico. The court also found it was not an FDCPA violation for the letter to be signed by an unregistered individual. The court stated: The relevant signature was one of three signatures on the letter, and the other two signatories were both registered to collect debts in Minnesota. Further, Credico, doing business as Credit Collections Bureau, is licensed to collect debts in Minnesota, so it could legally collect the debt, and Mitchell's signature was not an unfair or unconscionable means to attempt to collect a debt. Click here for more.