Credit Reports

News & Analysis as of

NAIC Adopts Cybersecurity Bill of Rights

The National Association of Insurance Commissioners (“NAIC”) continued its efforts to advance cybersecurity in the insurance industry when it recently adopted the Cybersecurity Bill of Rights. The Cybersecurity Bill of Rights...more

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

CFPB Enforcement Action Targets Background Check Company’s Screening Practices

On October 29, the CFPB announced a consent order with a national employment background screening provider and its affiliate for alleged violations of the FCRA. According to the CFPB, the company and its affiliate failed to...more

CFPB Releases Monthly Complaint Report for September

On October 27, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends in consumer complaints. This Monthly Complaint Report also...more

CFPB highlights credit card complaints in fourth monthly complaint report

The CFPB has issued its October 2015 complaint report, the fourth in its new series of monthly complaint reports. The new report highlights credit card complaints and complaints from consumers in the Chicago, Illinois metro...more

Best Practices for Complying with the New York City Fair Chance Act

Given the imminent effective date of New York City’s Fair Chance Act, employers may be wondering what they need to do to comply with the law. As many employers are aware, effective October 27, 2015, the Fair Chance Act...more

Background Screening – When is Section 603(y) Applicable?

When a company uses commercial background checks to evaluate the suitability of job applicants, they must comply with the Fair Credit Reporting Act (FCRA), which regulates the collection, dissemination, and use of consumer...more

Privacy Tip #6 – Protecting your child’s identity

I have spent some time over the past few weeks concentrating on steps individuals can take to protect their privacy and identity. But how do you protect your child’s identity?...more

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

Flurry of FCRA Complaints Recently Filed in Nevada Courts

Approximately 50 cases have been filed recently in Nevada state and federal courts against furnishers of information and credit reporting agencies (CRAs) for alleged Fair Credit Reporting Act (FCRA) violations. It appears...more

Privacy Tip #4—What do I do when I get a letter informing me of a data breach?

We’ve all gotten them–the dreaded letter that informs us that our data has been compromised, including our Social Security number. Some have received so many of these “notifications” that they are de-sensitized, throw their...more

Debtor Sues Lenders for Alleged Violations of the Fair Credit Reporting Act

On September 18, 2015, Margaret M. Okamoto (“Plaintiff”) filed a complaint (the “Complaint”) in The United States District Court for the District of Nevada alleging violations of the Fair Credit Reporting Act, 15 U.S.C. §...more

#Retweet the #CFPB: How Social Media is Affecting Consumer Advocacy

Social media has become an integral part of our society, and now it's playing a big role in our industry, too. The Consumer Financial Protection Bureau (CFPB) is harnessing the power of Facebook and Twitter not only to create...more

No Credit, No Problem: NYC’s New Guidance Further Limits Employer Credit Checks

As we previously reported, New York City recently passed a law prohibiting employers from requesting or using an individual’s credit history in making employment decisions. On September 3, 2015—the same day that the new law...more

Two New NYC Statutes Constrain Hiring Process - Hedge Up - A Heads-Up on Employment Issues Confronting the Hedge Fund Industry

If you read one thing... - Two new employment statutes place additional burden on New York City firms during prospective employee screening and provide fodder for the plaintiffs’ bar - Credit history and...more

Using Consumer Reports for Hiring Decisions Creates Unanticipated Litigation Risk for Employers

When employers obtain a consumer report for employment purposes, §1681b(b)(3)(A) of the Fair Credit Reporting Act (the “FCRA”) requires issuance of a pre-adverse action notice to the subject of the report (the “consumer”) if...more

New York City Offers Guidance for Employers on the Use of Credit History in Employment Decisions

As we blogged about previously, Mayor Bill De Blasio signed into law the Stop Credit Discrimination in Employment Act (“SCDEA”) in May. The SCDEA went into effect on September 3, 2015 and it prohibits employers from using an...more

NYC Commission on Human Rights Issues Enforcement Guidance for Newly Effective Credit Check Law

On September 3, 2015, the amendment to the New York City Human Rights Law (“NYCHRL”) prohibiting the use of credit checks in employment (“Credit Check Law”) became effective. On the same day, the New York City Commission on...more

How to Protect Your Deceased Loved Ones From Identity Theft

We've all been warned about protecting ourselves from identity theft, but one group of victims can't take action to protect themselves—the dead. Identity thieves steal the identities of more than 2 million deceased Americans...more

CFPB Shines its Spotlight on Credit Reporting Consumer Complaints

As the consumer finance industry is now aware, on June 25, 2015, consumer narratives became publicly available on the Consumer Financial Protection Bureau’s (CFPB) Consumer Complaint Database. As of August 1, 2015, the Bureau...more

CFPB Spotlights Credit Reporting Industry in Latest Complaints Report

On August 25, the CFPB released the second of its monthly complaint reports, highlighting complaints received from consumers regarding the credit reporting industry. In its latest snapshot report, the CFPB revealed a 56...more

Employment Law Reporter – August 2015

THE INCREASING DANGER OF BACKGROUND CHECKS - New Laws and Emerging Privacy Rights Complicate an Already Difficult Process. The intersection of privacy laws and employment practices can be a dangerous one. Employers...more

If You Credit-Check New Hires, Go Over Your Disclosures or Face FCRA Exposure

Employers, beware: a recent rash of class action suits regarding Fair Credit Reporting Act (FCRA) violations, specifically regarding disclosure provisions, poses new compliance requirements for materials you distribute to...more

IRS Admits Security Breach More Extensive

Earlier this year, the IRS announced that identity thieves had been able to hack one of its computer databases and gain access to extremely sensitive data.  Back then, the IRS indicated that about 225,000 households had been...more

CFPB Monthly Reports to Emphasize Consumer Complaint Trends

On July 16, 2015, the Consumer Financial Protection Bureau (CFPB) issued the first in a new series of monthly reports that will “highlight key trends from consumer complaints submitted to the [CFPB].” According to the CFPB...more

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