Thursday, June 20 2013 12:05 AM EDT2013-06-20 04:05:36 GMT
(WMC-TV) - The Memphis Fire Director is inflamed about the budget plan to slash 400 city jobs. He warns public safety will be impacted. The plan calls for cutting some 400 positions, through attritionMore >>
The Memphis Fire Director is not happy about the budget plan to slash 400 city jobs. He warns public safety will be impacted. More >>
Wednesday, June 19 2013 10:33 PM EDT2013-06-20 02:33:16 GMT
(WMC-TV) - Some Shelby County residents experienced a sudden storm complete with pouring rain, winds, and hail. According to Action News 5 meteorologists, isolated showers are still possible over theMore >>
Some Shelby County residents experienced a sudden storm complete with pouring rain, winds, and hail. According to Action News 5 meteorologists, isolated showers are still possible over the next couple of hours but some areas will remain dry.More >>
Wednesday, June 19 2013 9:40 PM EDT2013-06-20 01:40:13 GMT
(WMC-TV) - Paychecks for all teachers in DeSoto County Schools are expected to be fatter next year, without making taxpayer pockets any lighter. DeSoto County School Board President Ann Jolley told ActionMore >>
Paychecks for all teachers in DeSoto County Schools are expected to be fatter, without making taxpayer pockets any lighter.More >>
Wednesday, June 19 2013 7:34 PM EDT2013-06-19 23:34:41 GMT
(WMC-TV) - As the Memphis City Council spends hours deciding on a way to solve the city's budget crisis, appetites are sure to grow. Everyone has to eat right? But who should be paying for it? ActionMore >>
As the Memphis City Council spends hours deciding on a way to solve the city's budget crisis, appetites are sure to grow.More >>
Wednesday, June 19 2013 7:31 PM EDT2013-06-19 23:31:05 GMT
(WMC TV) - The Better Business Bureau of the Mid-South and the Tennessee Secretary of State confirmed a mailing that appears to be a corporate tax notice from a company named Corporate Records ServiceMore >>
An unsolicited request for annual report fees is actually a scam.More >>
MEMPHIS, TN -
(WMC-TV) - A Memphis lender's unsolicited credit offer has one loan officer venting his frustration at the three major credit bureaus.
"What the public doesn't know is the three major bureaus -- Experian, TransUnion & Equifax -- sell (consumers' credit information) to anyone who wants to pay them for it," said Sam Goff, loan officer for Evolve Bank & Trust in Cordova, TN (www.getevolved.com).
The Action News 5 Investigators confirmed at least one of the credit bureaus sold an untold number of Mid-South homeowners' credit scores and loan information to a third-party processor and marketer for Eagle Mortgage & Funding, 6260 Poplar Ave. in East Memphis (BBB rating=A+, licensed in Tennessee & Arkansas).
Eagle's branch manager Randy Almand said he paid processor Mailer Leads, LLC, of Fairhaven, OH, to use the information to build a pool of potential re-financing candidates. On Almand's behalf, Mailer Leads mailed each of the candidates an unsolicited letter -- what the loan industry calls a pre-screened offer of credit -- informing them they may qualify for a lower interest rate.
"I paid Mailer Leads a flat fee to customize the letter and send it to borrowers with a 660 credit score or higher and a loan balance of more than $100,000," said Almand.
A Mailer Leads, LLC, spokesperson who would only identify himself as 'Kevin' told The Action News 5 Investigators, "The law allows the credit bureaus to share a certain amount of information, including credit score ranges, to determine whether a consumer is a likely candidate for a particular loan service."
'Kevin' is right.
The federal Fair Credit Reporting Act states that "...a user of a mortgage prescreening product (e.g., a credit union, community banker or other lender) must: (a) certify to the consumer reporting agency that it has a permissible purpose to request a credit report; (b) actually make a "firm offer of credit" as defined under the FCRA; (c) actually have the means to honor the offer (i.e. mortgage brokers must have a contract that binds a lender to honor the offer); and (d) provide notice of the consumer's right to opt-out when making written solicitations to consumers."
"What this means is the consumer gets a bona fide loan offer that he/she can compare to (his/her current loan)," said Norm Magnuson, vice president of public affairs for the Consumer Data Industry Association in Washington, D.C. (http://www.cdiaonline.org/). "These mortgage offers save consumers time and money."
As a licensed lender, Eagle Mortgage & Funding qualifies under the law as having a "permissible purpose" for obtaining consumers' credit information, and Mailer Leads, LLC, may use that information as Eagle's processing agent.
Goff argued it may be legal, but he said it stinks to high heaven.
"Before I can pull your credit report, I have to have your expressed permission to do so," said Goff. "How can (the credit bureaus) share your personal information without your permission? That's my beef with it, and I think it is highly unethical."
With a touch of irony Almand, who declined Action News 5's request for an on-camera interview, said the pre-screened offer hasn't coughed up a single customer for Eagle Mortgage & Funding.
"To this day, I have not closed a loan through the help of that letter at all," Almand said. "I was just the sucker who said I would buy the leads."
Magnuson said even though pre-screened offers based on the sale of consumers' information by the credit bureaus are legal, consumers may opt out of those types of solicitations.
Wednesday, June 19 2013 11:17 AM EDT2013-06-19 15:17:18 GMT
(WMC-TV) - A woman was shot in the eye early Wednesday morning. She was taken to The MED in critical condition. Police responded to the shooting around 12:40 a.m. Where the shooting happened is not beingMore >>
A woman was shot in the eye early Wednesday morning. She was taken to The MED in critical condition.More >>
Tuesday, June 18 2013 4:44 PM EDT2013-06-18 20:44:40 GMT
(WMC-TV) - Thousands of people from across the country took to swimming pools Tuesday in an attempt to beat the world record for the world's largest swimming lesson. The City of Memphis joined in theMore >>
Thousands of people from across the country took to swimming pools Tuesday in an attempt to beat the world record for the world's largest swimming lesson.More >>
Wednesday, June 19 2013 6:10 PM EDT2013-06-19 22:10:15 GMT
(WMC-TV) - A Bartlett police officer is under investigation for assaulting his own wife Sunday, according to officials. Quentin Crowley was arrested after a verbal altercation that turned physical. HeMore >>
Two Bartlett police officers are off the job and under investigation for suspected abuse.More >>
Wednesday, June 19 2013 1:32 PM EDT2013-06-19 17:32:07 GMT
(WMC-TV) - With the third and final reading scheduled for later Tuesday evening, the battle over the budget rages at city hall. "There are no easy answers to this," said Mayor A C Wharton after a livelyMore >>
The city's administration proposed an amended budget which members voted on throughout the meeting.More >>
Wednesday, June 19 2013 6:47 PM EDT2013-06-19 22:47:49 GMT
(WMC-TV) - Time is running out for more than 100 cats at Memphis' Mewtopia Cat Rescue to find homes. Staffers at the rescue shelter are scrambling to find another place to house its animals after losingMore >>
An organization famous for rescuing cats is now in need of a rescue of its own.More >>
Tuesday, June 18 2013 11:46 PM EDT2013-06-19 03:46:39 GMT
(WMC-TV) - A Memphis police officer is charged with driving under the influence after refusing to submit a BAC test, according to police. Two police officers noticed a Hummer swerving and nearly hittingMore >>
A Memphis police officer is charged with driving under the influence after refusing to submit a BAC test, according to police.More >>
Tuesday, June 18 2013 6:14 PM EDT2013-06-18 22:14:48 GMT
(WMC-TV) - A woman who worked in the school system for years says she may out of a job as a result of low enrollment numbers. Marilyn Davis' story is similar to many in the school system. She has beenMore >>
A woman who worked in the school system for years says she may out of a job as a result of low enrollment numbers.More >>
Tuesday, June 18 2013 6:59 PM EDT2013-06-18 22:59:05 GMT
(WMC-TV) - Southaven Mayor Greg Davis is leaving office early with extra money. But where is it coming from? The money comes from the state's retirement system. Mayor Davis plans to leave his officeMore >>
Southaven Mayor Greg Davis is leaving office early with extra money. But where is it coming from?More >>
Tuesday, June 18 2013 7:48 PM EDT2013-06-18 23:48:44 GMT
(WMC-TV) - A U.S. Marshals Service task force was going door-to-door in a California community Tuesday asking residents for help finding a fugitive Mid-South couple, according to NBC Los Angeles. JanetMore >>
A U.S. Marshals Service task force was going door-to-door in a California community Tuesday asking residents for help finding a fugitive Mid-South couple, according to NBC Los Angeles.More >>