Credit Reporting Agencies

News & Analysis as of

An Opportunity to Collaborate? The CFPB’s credit report study

On February 19, 2015, the CFPB released its credit report study, entitled “Consumer voices on credit reports and scores.” After conducting focus groups with 308 consumers in four major metropolitan areas, the study concludes...more

Attention Commercial Credit Providers – Deadline Looms and Uncertainty on EDR

Commercial credit providers (CCPs) may be required, by the current Australian privacy laws, to join an external dispute resolution (EDR) scheme (EDR scheme) by 12 March 2015 if they wish to continue participating in credit...more

Class Action Trends in Virginia: Employment Background Reports

Forty percent of the consumer class actions filed in Virginia in 2014 alleging violations of the Fair Credit Reporting Act (“FCRA”) relate to background reports for employment purposes. With one exception, all of the cases...more

UDAAP Round Up: 2014 Year in Review

In this issue: - A. UDAP/UDAAP Actions - 1. Auto Lending - 2. Banking Products - 3. Credit Card Add-On Products - 4. Credit Card Advertising - 5. Credit Reporting and...more

Eighth Circuit Rules Disputed Debt Claim Does Not Violate FDCPA

On December 4, the U.S. Court of Appeals for the Eighth Circuit held that a debt collector did not violate the FDCPA by informing a consumer reporting agency (CRA) that a consumer owed a debt without also expressly indicating...more

The Importance Of Selecting An Available Arbitration Forum

The Eleventh Circuit affirmed a Florida district court’s denial of Cashcall’s motion to compel arbitration, as the forum selected in the parties’ loan agreement was not available. Appellee Abraham Inetianbor initially...more

FTC continues to press concerns about credit report accuracy in follow-up report

A follow-up report on credit report accuracy issued this week by the Federal Trade Commission is likely to be cited by the CFPB as additional support for the CFPB’s concerns about inaccurate credit reporting. In December...more

2014 Survey Of Class Action Cases In Virginia: The Statistics

In Virginia, class action lawsuits are not permitted in state court. This limitation, however, does not mean that companies doing business in Virginia are not defending class action lawsuits in Virginia....more

The Bankruptcy Discharge, Debt Buyers, and Credit Reporting: Recent Developments

Recent news stories by The New York Times and NPR have brought much attention to a question that many creditors likely face on a regular basis: When a debt is sold to a debt buyer prior to the debtor entering bankruptcy, what...more

Watch Your Back: The Growing Threat of FCRA Background Check Class Actions

Class action suits against employers alleging a violation of the Fair Credit Reporting Act when using background checks performed by a credit reporting agency have more than tripled in 2014, with new cases continuing to be...more

CFPB Addresses Medical Debt Collection, Requires Consumer Reporting Agencies To Provide Accuracy Reports

On December 11, the CFPB held a field hearing on medical debt collection and how it affects consumer credit reports. In his prepared remarks, Director Cordray announced the release of a white paper focused on the specific...more

Community Banking Excellence - Issue 4, 2014

In This Issue: - Another Perspective - From the Editor - Executive Compensation: It May be Limiting Your Choices - Community Banks Adding Prepaid Products Face New Imperatives - Discharge, Debt Buyers and...more

New CFPB Procedure: Credit Reporting Agencies Must Report and Take Action On Furnishers

On December 11, 2014, the CFPB announced a major change related to its monitoring of furnishers involved in credit reporting. The CFPB introduced a new requirement that “major credit reporting companies,” as part of ongoing...more

CFPB Addresses Medical Debt

The CFPB released a report that found medical debt has a significant impact on consumer credit, as 43 million Americans have overdue medical debt on their credit reports. The CFPB is concerned that the systems for incurring,...more

CFPB requires credit bureaus to identify furnishers and industries with highest dispute rates and issues study of collections...

In conjunction with its field hearing today on medical debt collection, the CFPB released a study that “describes characteristics of the medical and non-medical collections tradelines on consumers’ credit reports and the...more

FCRA Preempts Tortious Interference Claim, Says NJ Court

The Fair Credit Reporting Act (FCRA)—a federal law that regulates the collection and use of “consumer information”—covers employers who solicit third-party vendors known as consumer reporting agencies (CRAs) to run background...more

California District Court Certifies “Not Inherently Unascertainable” Consumer Class

In addition to the explicit Rule 23(a) requirements of numerosity, commonality, typicality, and adequacy of representation, an implied prerequisite to certification is that the class must be sufficiently definite: that is,...more

Findings from ICO Visits to Credit Reference Agencies

On September 30, the UK Information Commissioner’s Office (ICO) published a review of the manner in which personal data is processed by credit reference agencies (CRAs). Although the report focuses on CRAs, the ICO...more

In The Cross-Hairs? Protecting Your Company Against Consumer Financial Protection Bureau Investigations and Investors' Mortgage... [Video]

Watch an in-depth webinar presented by Litigation Partner Philip R. Stein, about the Consumer Financial Protection Bureau's attempts to expand its jurisdiction and authority over consumer finance companies and financial...more

House to hold Sept. 10 hearing on credit reporting

On Wednesday, September 10, the House Financial Services Committee will hold a hearing entitled “An Overview of the Credit Reporting System.” The scheduled witnesses are...more

This Week In Securities Litigation

In the roll-up to the Labor Day weekend, the SEC issued new rules regarding asset backed securities and credit rating agencies. The Commission also announced a new pilot program on tick size....more

Retailers Facing New Class Action Attack for Routine (but Unlawful) Background Check Practices

Retail employers are under attack by a wave of recent class action lawsuits alleging violations of the Fair Credit Reporting Act (FCRA), as well as related state counterpart laws – such as the California Consumer Credit...more

State Attorneys General Bringing Actions Under Dodd-Frank

As the CFPB celebrates its three-year anniversary, the current trend appears to be lawsuits brought by state attorneys general or state regulators pursuant to their authority under Dodd-Frank Section 1042. Under Section 1042,...more

Bankruptcy Court Refuses To Dismiss Class Suit Claiming Bank’s Credit Reporting Practices Violated Bankruptcy Code

On July 22, the U.S. Bankruptcy Court for the Southern District of New York rejected a bank’s motion to dismiss a putative class action adversary proceeding alleging that certain of the bank’s credit reporting practices...more

CFPB Releases Supervisory Report Highlighting “Risky Practices” of Nonbanks

The CFPB released a report regarding certain actions the CFPB discovered during its supervision of the payday, debt collection, and consumer reporting industries. The report, which covers the CFPB’s supervision of those...more

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