News & Analysis as of

Credit Reports

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

Credit Monitoring Services: A How-To Guide

by Bryan Cave on

Organizations are not, generally, required to offer services to consumers whose information was involved in a breach. Nonetheless, many organizations choose to offer credit reports (i.e., a list of the open credit accounts...more

CFPB March 2017 complaint report highlights credit card complaints, complaints from Massachusetts consumers

by Ballard Spahr LLP on

The CFPB has issued its March 2017 complaint report that highlights credit card complaints. The report also highlights complaints from consumers in Massachusetts and the Boston metro area. ...more

Retail and Consumer Products Law Roundup - March 2017

Retailers Prevail Over Pharmacy Customers in California Tax Suit - Retailers have won a victory in the realm of California taxation in McClain v. Sav-on Drugs (March 13, 2017) __ Cal.App.5th __ (Nos. B265011 &...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

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

New Mexico comes late to data breach party, requires promptness

by Thompson Coburn LLP on

Thirteen years after the first state data breach notification law was enacted, New Mexico has finally decided to join the other 47 states with such laws, sending HB15 in mid-March to Gov. Susana Martinez for signature...more

CFPB Monthly Report Returns its Focus to Credit Reporting

The CFPB issued its monthly report on consumer complaints this month, providing a high-level snapshot of the recent trends in consumer complaints. The Report provides a summary of the volume of complaints by product category...more

Financial Services Weekly News - March 2017 #4

by Goodwin on

Editor's Note - The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more

Market Solutions, Volume 26, No. 1

by Morrison & Foerster LLP on

Sanctions: Will the Trump Administration Stay the Course? President Trump made many statements during the campaign regarding actions he plans to take to reverse Obama administration sanctions policies. These included...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

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

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

California Employment Law Notes - March 2017

Victoria Zetwick, a county correctional officer, alleged that the county sheriff created a sexually hostile environment in violation of Title VII and the California Fair Employment and Housing Act by, among other things,...more

CFPB Monthly Report Returns its Focus to Credit Reporting and Mortgage Complaints Fall Out of the Top Three

The CFPB issued its monthly report on consumer complaints last week. The report is a high-level snapshot of trends in consumer complaints. The Reportprovides a summary of the volume of complaints by product category, by...more

CFPB February 2017 complaint report highlights credit reporting complaints, complaints from Louisiana consumers

by Ballard Spahr LLP on

The CFPB has issued its February 2017 complaint report that highlights credit reporting complaints.  The report also highlights complaints from consumers in Louisiana and the New Orleans metro areas....more

DC Fair Credit in Employment Amendment Act of 2016

by Morgan Lewis on

DC mayor signs act prohibiting employer use of an employee’s credit information. On February 16, the mayor of the District of Columbia signed the DC Fair Credit in Employment Amendment Act of 2016 (the Act). The Act...more

CFPB January 2017 complaint report highlights mortgage complaints, complaints from Tennessee consumers

by Ballard Spahr LLP on

The CFPB has issued its January 2017 complaint report that highlights mortgage complaints.  The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas....more

New Child Care Background Check Bill Leaves More Questions Than Answers

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Background screening companies that provide background checks to online child care job posting services in California may face increased civil liability as they seek to comply with new Assembly Bill No....more

Privacy Tip #70 – Renters: Check out This Scam Thwarted by the FTC

I know a lot of people who have looked for and been successful in finding an apartment and/or a roommate on Craigslist. If you are looking for an apartment on Craigslist right now—listen up....more

D.C. Council Passes Ban on Credit History Screens on Job Applicants, Interns, Employees

by Jackson Lewis P.C. on

The Washington D.C. Council unanimously passed the “Fair Credit in Employment Amendment Act” (Bill 21-244) to amend the Human Rights Act of 1977 and prevent employers from taking discriminatory action against applicants,...more

CFPB Enters Consent Orders with Credit Reporting Agencies Over Allegedly Deceptive Credit Scores

by Goodwin on

On January 3, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into two consent orders, available here and here, with two national credit reporting agencies over allegations that the...more

SoFi Settlement Provides Lessons for Lenders Marketing “Soft Pull” Preapprovals

by Davis Wright Tremaine LLP on

Originally published in the FinTech Law Report, Volume 19 - September/October 2016. A class action was filed in November 2014 against Social Finance, Inc. (SoFi) for alleged violations of law stemming from its marketing...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

CFPB's First Project Catalyst Innovation Report Addresses FinTech Regulation

by Baker Donelson on

In October, the CFPB issued its first ever Project Catalyst Innovation Report highlighting "innovation insights" by FinTech companies in multiple areas. The CFPB launched the Project Catalyst initiative in November 2012 with...more

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