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Consumer Reports Credit Reports

Ballard Spahr LLP

CFPB issues proposal to prohibit use of medical debt information in credit decisions

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The steady drumbeat of steps during Rohit Chopra’s tenure as CFPB Director to call into question the reliability and predictability of medical debt information in credit underwriting reached a crescendo last week with the...more

Orrick, Herrington & Sutcliffe LLP

Maryland updates prohibited items reported on consumer credit reports

On May 9, the Governor of Maryland approved SB 41 (the “Act”) which will change the requirements on prohibitions for consumer reporting agencies as to what information they may include in consumer credit reports....more

Blank Rome LLP

Eleventh Circuit Affirms Dismissal of FCRA Claims Since Alleged Inaccurate Information Was Not Objectively and Readily Verifiable

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Financial institutions, credit furnishers, debt collectors, and other businesses reporting consumer information to credit reporting agencies should take note that the Eleventh Circuit Court of Appeals has declined to impose a...more

Ballard Spahr LLP

CFPB Publishes Consumer Response Annual Report

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The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues two opinions that stress FCRA compliance for consumer reporting companies

On January 11, the CFPB issued two advisory opinions to consumer reporting companies, reminding them of FCRA obligations. The first advisory opinion addresses background screening companies and inaccuracies that appear on...more

Cooley LLP

CFPB Issues Background Screening, File Disclosure Advisory Opinions

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On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two advisory opinions addressing consumer reporting agencies' (CRAs) obligations, under the Fair Credit Reporting Act (FCRA), related to information...more

Orrick, Herrington & Sutcliffe LLP

U.S. district court holds state laws partially preempted by FCRA

On January 9, the U.S. District Court of Maine entered judgment, determining that Maine law is only partially preempted by the federal Fair Credit Reporting Act (FCRA). The plaintiff, a trade association that represents the...more

Troutman Pepper

FCRA Legislation to Watch for the Remainder of 2023

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The Fair Credit Reporting Act saw no shortage of activity in the first half of 2023. That activity included federal and state legislation. Congress has introduced several bills intended to amend the FCRA — and on the state...more

Troutman Pepper

The 7 Most Notable FCRA Cases of 2023 So Far

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The first half of 2023 has produced significant developments for the Fair Credit Reporting Act. Important decisions have come from multiple areas of the field, including the federal courts of appeals and regulatory agencies. ...more

Ballard Spahr LLP

FTC and CFPB submit amicus brief in Second Circuit on FCRA requirement for furnisher to conduct reasonable investigation of...

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The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) have filed a joint amicus brief in which they urge the U.S. Court of Appeals for the Second Circuit to reverse the decision of a New...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Responding to Direct and Indirect Identity Theft Disputes Under the FCRA: What Are The...

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We first review the Fair Credit Reporting Act provisions that establish the different requirements for how a creditor or other furnisher of information to a credit bureau must respond to direct and indirect identify theft...more

Orrick, Herrington & Sutcliffe LLP

Credit reporter must face FCRA suit on hard-inquiry reinvestigation

On April 10, the U.S. District Court for the Eastern District of Pennsylvania denied a credit reporting agency’s (CRA) motion for summary judgment in a certified class action suit accusing the CRA of willfully violating the...more

Foley & Lardner LLP

The Consumer Financial Protection Bureau Issues 2022 Annual Report of Credit and Consumer Reporting Complaints

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On January 3, 2023, the Consumer Financial Protection Bureau (CFPB) issued its annual report of credit and consumer reporting complaints. The report contains a thorough analysis of how the nationwide consumer reporting...more

Ballard Spahr LLP

CFPB annual report on consumer complaints about “Big 3” consumer reporting agencies flags concerns with use of automated processes

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The CFPB has issued its “Annual report of credit and consumer reporting complaints” that reports on consumer complaints submitted to the CFPB regarding the three largest nationwide consumer reporting agencies (NCRAs)—Equifax,...more

Troutman Pepper

Keeping Up With the Bureau Episode 3: Evolving Federal and State Requirements for Furnishers and Users of Consumer Reports - The...

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Please join Consumer Financial Services Partner Ethan Ostroff and his guests and colleagues Alan Wingfield, Chris Capurso, and Derek Schwahn in the third episode of a special four-part series on recent developments with the...more

Troutman Pepper

Third Circuit Adopts “Reasonable Reader” Standard for Evaluating Whether a Credit Report Is Inaccurate or Misleading

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What standard should courts use to determine whether information contained in a consumer’s credit report is inaccurate or misleading? According to the Third Circuit in a recent precedential decision, the standard should be...more

Ballard Spahr LLP

Ninth Circuit draws line on FCRA required disclosures

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In Theresa Tailford, et al. v. Experian Information Solutions, the U.S. Court of Appeals for the Ninth Circuit recently affirmed a district court decision which held that Experian Information Solutions, Inc. did not violate...more

Ballard Spahr LLP

Pennsylvania federal district court rules public records vendor is consumer reporting agency subject to Fair Credit Reporting Act

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A Pennsylvania district court has ruled that a company that provides reports based on a search of public records is a “consumer reporting agency” (CRA) as defined by the Fair Credit Reporting Act....more

Sheppard Mullin Richter & Hampton LLP

CFPB Provides Guidance on How Consumers Can Obtain and Dispute Inaccuracies in Credit Reports

On January 27, the CFPB released a report directed to consumers about obtaining information in their consumer reports and disputing suspected inaccuracies in these reports with companies as needed. The CFPB notes that “[a]s...more

Ballard Spahr LLP

CFPB issues report on credit report disputes

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The CFPB recently published a new report, “Disputes on Consumer Credit Reports.” Using data on auto loan, student loan, general purpose credit card, and retail card accounts opened between 2012 and 2019, the report looks at...more

Womble Bond Dickinson

FTC Reaches Largest FCRA Settlement To Date

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On April 29, 2021, the FTC announced a $20 million settlement with Vivint Smart Home, Inc. (Vivint), a national seller of in-home security and monitoring systems, based on violations of the Fair Credit Reporting Act, the FTC...more

McGlinchey Stafford

Fair Credit Reporting Act: Policy Check In – Permissible Purpose

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Now, more than ever, consumer report information impacts the everyday life of consumers in a meaningful way. Not only are consumer reports used by creditors, but also employers, insurers, landlords, and more. It should...more

Morrison & Foerster LLP - Class Dismissed

Relief For The Unharmed: Supreme Court Considers Whether Article III & Rule 23 Permit Certification Where Most Class Members Are...

The United States Supreme Court has repeatedly declined to resolve a question that has sharply divided the Circuits: whether a class may be certified even though it contains uninjured members. See e.g., Tyson Foods, Inc. v....more

Troutman Pepper

Congress Considers Amendment to the FCRA to Exclude Paid Medical Debts from Credit Reports

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On March 11, U.S. Representative Patrick McHenry (R-NC) reintroduced a bill to amend the Fair Credit Reporting Act (FCRA). H.R. 1645, the Protecting Consumer Access to Credit Act, would remove from a consumer’s credit report...more

Troutman Pepper

Maine Federal Court Finds State-Imposed Credit Reporting Restrictions Preempted by the FCRA

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A federal court in Maine recently held that the federal Fair Credit Reporting Act (“FCRA”), 15 U.S.C. § 1681, et seq., preempts burdensome credit reporting restrictions imposed by the Maine Fair Credit Reporting Act. “By...more

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