News & Analysis as of

Consumer Reporting Agencies

Credit reporting standards for civil judgments and tax liens to change July 1

by Ballard Spahr LLP on

An informative new American Banker podcast discusses recent and possible future changes to traditional credit scores, what they mean for industry, and possible industry responses. The podcast begins with a discussion of...more

CFPB Updates: Consumer Reporting Supervisory Highlights, Loss Over CID

In news at the Consumer Financial Protection Bureau, the agency released a special edition of its Supervisory Highlights focused on consumer reporting and was handed a major loss from the U.S. Court of Appeals for the D.C....more

A “Bad Apples” Database for Banks? Not So Fast.

by Davis Wright Tremaine LLP on

Should banks, while guarding against rolling episodes of misconduct by bankers, have the ability to blackball employees from the banking industry? A “bad apples” database of bank employees who have acted improperly in prior...more

CFPB settles with consumer reporting agency for alleged UDAAP/FCRA violations

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Experian, a consumer reporting agency, for allegedly engaging in the deceptive marketing of credit scores in violation of the Consumer Financial Protection...more

Student Loan Servicers Still Looking for Clarification on Reporting Obligations

There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and...more

Ninth Circuit: FCRA Background Check Disclosure Cannot Include Liability Waiver

by FordHarrison on

In a case of first impression, the Ninth Circuit Court of Appeals recently held that a background check disclosure that included a liability waiver violated the Fair Credit Reporting Act (FCRA). The Ninth Circuit is the first...more

FCRA Disclosure Revisited

by Sherman & Howard L.L.C. on

In these unsettled days of a new administration, it is almost soothing to see the courts focus on statutory language alone. Almost. The Fair Credit Reporting Act (“FCRA”) requires that, before a prospective employer (or...more

Litigation Alert: The Third Circuit Holds That Allegations That Personal Information Was Improperly Disclosed in Violation of the...

by Fenwick & West LLP on

Last week, the Third Circuit held that allegations of the unauthorized disclosure of personal information in violation of the Fair Credit Reporting Act (FCRA) constituted a de facto injury sufficient to confer standing at the...more

District Court Opinion Upholds Reasonable Investigation of Credit Dispute • Smith Debnam Law

A recent decision from the Northern District of Georgia serves as a reminder to both consumers and furnishers of information as to the furnisher’s obligation to reasonably investigate a dispute under the federal Fair Credit...more

CFPB issues brief on consumers without credit histories or credit scores

by Ballard Spahr LLP on

In May 2015, the CFPB issued a report, “Data Point: Credit Invisibles,” that documented the results of a research project undertaken by the CFPB to better understand the demographic characteristics of consumers without...more

Tenant Screening and the FCRA

by Arnall Golden Gregory LLP on

The Federal Trade Commission (“FTC”) recently issued guidance applicable to background screening companies (aka consumer reporting agencies) who engage in tenant screening. The FTC highlights four key responsibilities of...more

California Amends Identity Theft Requirements for Debt Collectors

by Reed Smith on

The California legislature has amended the existing requirements for debt collectors who receive consumer claims of identity theft with the Identity Theft Resolution Act (“Act”). See AB 1723; Cal. Civ. Code § 1785.16.2. The...more

CFPB Takes Enforcement Action Against FinTech Lender

by Reed Smith on

On September 27, 2016, the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order (the “Order”) with Flurish, Inc d/b/a LendUp (LendUp), a startup online lending company based in San Francisco that offers...more

Quirky Question #285: Potholes on the Ethical “High Road”

by Dorsey & Whitney LLP on

Question: We learned that some of our employees may have been engaging in unethical, and perhaps even illegal, behavior. We don’t tolerate this, so we hired a law firm to conduct an investigation, and based on the results...more

Client Alerts Connecticut Bans (Another) Box, Expanding Protections for Applicants With Criminal Backgrounds

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Connecticut amends its “ban the box” law with regard to employers and modifies technical requirements for consumer reporting agencies. The law is an expansion of Connecticut’s current law, and places...more

CFPB Examinations and Investigations: Defense Strategies and Best Practices

by WilmerHale on

The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more

CFPB May 2016 complaint report highlights credit reporting complaints, complaints from New Mexico consumers

by Ballard Spahr LLP on

The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting  and complaints from consumers in New Mexico and the Albuquerque metro area.  The CFPB began taking complaints about credit...more

FTC Releases New Guidance on FCRA Compliance for Employment Background Screening Companies

by MoFo Reenforcement on

The FTC has released new guidance aimed at helping companies that conduct background screenings for employment purposes to determine whether they are “consumer reporting agencies” within the meaning of the federal FCRA....more

Supreme Court Vacates Ninth Circuit’s Decision in Spokeo, Inc. v. Robbins, Holds “Bare Procedural Violation” of FCRA Does Not...

by Burr & Forman on

In a much-anticipated decision, the United States Supreme Court ruled on Monday in Spokeo, Inc. v. Robins, No. 13-1339, 2016 WL 2842447 (May 16, 2016), that a consumer cannot bring a lawsuit in federal court based only on a...more

FTC Issues Guidance for Background Screening Companies

by Jackson Lewis P.C. on

Employers regularly turn to background screening companies in order to obtain information/reports about applicants and employees. The Fair Credit Reporting Act (FCRA) applies to companies that sell or provide these...more

FTC issues new FCRA guidance for employment background screening companies

The Federal Trade Commission (FTC) issued new guidance for employment background screening companies containing information on how to comply with the Fair Credit Reporting Act (FCRA). One of the key elements of this new...more

Maryland Registration Requirement for CRAs

Maryland requires consumer reporting agencies to register with the Office of the Commissioner of Financial Regulation if you “intend to conduct consumer credit reporting services in the State of Maryland.” Last week I...more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

by Carlton Fields on

The Fair Credit Reporting Act (FCRA) regulates consumer reporting agencies (CRAs) and the use of consumer reports. The FCRA’s stated purpose includes requiring CRAs to adopt reasonable procedures for meeting the needs of...more

2016 Data Breach Litigation Report

by Bryan Cave on

Data security breaches – and data security breach litigation – dominated the headlines in 2015 and continue to do so in 2016. Continuous widely publicized breaches have led to 30,000 articles a month being published that...more

CFPB Issues Compliance Bulletin Clarifying Expectations on Furnisher Obligations Under the Fair Credit Reporting Act

by Carlton Fields on

The Consumer Financial Protection Bureau has issued CFPB Compliance Bulletin 2016-01, which "emphasize[s] the obligation of furnishers under Regulation V[1] to establish and implement reasonable written policies and...more

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