News & Analysis as of

Credit Reporting Agencies

CFPB's Monthly Report Focuses on Student Loan Products

The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product...more

How’d You Score That? CFPB Fines Experian Because of Misleading Credit Score Marketing

Whether it’s a football game, a standardized test, or a person’s credit, scores matter. In the case of consumer credit scores, the difference between falling in the high and low ends of the score spectrum impacts the...more

Russian Legislation Update: February - April 2017

by White & Case LLP on

Welcome to the most recent issue of our Russian Legislation Update, covering the period of February - April 2017. In this issue: - Banking - National Payment System - Banking - Banks' charters...more

CFPB issues annual complaint report

by Ballard Spahr LLP on

The CFPB has issued its annual Consumer Response Report that provides an analysis of the approximately 291,400 complaints handled by the CFPB between January 1 and December 31, 2016. According to the report, complaint volume...more

CFPB Enters Into Consent Order with Credit Reporting Agency Over Alleged Misrepresentations

by Goodwin on

On March 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based credit reporting agency (CRA) and its subsidiaries, resolving allegations that the...more

Credit Reporting Remains a High Priority for the CFPB

The CFPB confirmed credit reporting remains a high priority for the agency by issuing a special Supervisory Highlights devoted to credit reporting earlier this month. The report was generally complimentary of the strides...more

CFPB Explores Use of Alternative Data in Calculating Credit Scores

by Baker Donelson on

The CFPB is exploring the use of alternative data in an effort to expand credit access to consumers who lack enough of a credit history to obtain a credit score. Traditionally, a credit score is based on a consumer's history...more

CFPB May Focus on Credit Reporting as an Enforcement Priority

by Goodwin on

On February 28, 2017, the CFPB issued its monthly complaint report spotlighting credit reporting complaints (the Spotlight). Two days later, the Bureau issued a Special Edition of its Supervisory Highlights Report, which also...more

CFBP Releases Special Edition of its Supervisory Highlights Focusing on Consumer Reporting

by Ballard Spahr LLP on

The CFPB recently released a “Special Edition” of its Supervisory Highlights that focuses exclusively on data accuracy issues in consumer credit reporting and the handling and resolution of consumer disputes. The report...more

Alternative Data and Credit Scores: Will it Trigger CFPB Enforcement?

by Reed Smith on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) recently announced an effort to better understand how “alternative data” could be used to expand access to credit. Through a formal notice and request for...more

CFPB Issues Consent Order Against Equifax and Transunion for Deceptive Practices

by Goodwin on

On January 3, 2017, the Consumer Financial Protection Bureau (CFPB) entered into consent orders with credit reporting agencies Equifax and TransUnion, requiring that they pay a total of over $17.6 million in restitution to...more

CFPB Continues Its Focus on Medical Debt

by Baker Donelson on

Last week, the Consumer Financial Protection Bureau (CFPB) announced a consent order with two debt collection law firms specializing in medical debt. This action is similar to prior CFPB enforcement actions taken against debt...more

CFPB Consent Orders with Consumer Reporting Agencies Focus on Marketing Practices not Credit Reporting

Marketing practices remain at the forefront of CFPB activity as evidenced by two recent consent orders entered into with TransUnion and Equifax. The consent orders combine to require the CRAs to pay more than $17.6 million...more

CFPB Complaint Report Returns to Debt Collection

The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of...more

CFPB Makes FinTech Headlines

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) made headlines in FinTech on October 24, 2016. First, the Bureau released its first-ever Project Catalyst report on promoting consumer-friendly innovation...more

What Happens When My Company Receives a National Security Letter? A Primer

by Orrick - Trust Anchor on

Even today, most companies—even technology companies—do not think they have information that the U.S. Government wants or needs, particularly as it might relate to a national security investigation. The reality is that as...more

CFPB September 2016 complaint report highlights money transfer complaints, complaints from Pennsylvania consumers

by Ballard Spahr LLP on

The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area.  The CFPB began taking money transfer...more

Three Actions to Take If You Are a Victim Of Identity Theft

You may be a victim of identity theft and not even realize it. Have you received a letter from a bank you do not recognize confirming that your new line of credit has been approved? Or maybe a phone call from a credit card...more

Most Recent CFPB Supervisory Highlights Feature FCRA, LO Compensation and Debt Collection Issues

The Consumer Financial Protection Bureau’s most recent supervisory highlights publication featured issues relating to the Fair Credit Reporting Act, loan originator compensation and in-person debt collection that should be on...more

NAIC Cybersecurity Task Force Weighs Credit Freezes

by Carlton Fields on

On May 24-25, the NAIC Cybersecurity (EX) Task Force held an interim meeting to hear comments from various industry trade organizations and other interested parties on the proposed Insurance Data Security Model Law exposed...more

Eleventh Circuit Weighs In on the FCRA’s Furnisher Investigation Requirement

by Ballard Spahr LLP on

The 11th Circuit has clarified that the Fair Credit Reporting Act (FCRA) requires furnishers of credit information—like their credit reporting agency (CRA) counterparts—to conduct "reasonable" investigations of consumer...more

Your daily dose of financial news The Brief – 5.25.16

by Robins Kaplan LLP on

It’s a week of big fat NOs so far, with Tribune emphatically turning down Gannett yesterday and Monsanto doing the same to Bayer and its massive all-cash $62 billion offer...more

FTC Releases Updated FCRA Guidance On Background Checks

by Littler on

On May 10, 2016, the Federal Trade Commission (FTC) released a new publication related to background checks and the Fair Credit Reporting Act (FCRA) titled What Employment Background Screening Companies Need to Know About the...more

Registration Requirement for CRAs in Rhode Island

by Arnall Golden Gregory LLP on

Rhode Island has a quirky statute that arguably requires any consumer reporting agency who provides credit reports or information to state residents to register with the Department of State – Business Services Division. I...more

Seventh Circuit Holds No Agreement Entered Into With Respect To On-Line Contract

by Carlton Fields on

This case arises from an appeal from an Illinois federal district court, which ruled that TransUnion, a credit reporting agency, did not give a putative class of its website users proper notice of an arbitration agreement,...more

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