Credit Reports

News & Analysis as of

CFPB Issues Report on the Use of Remittance Histories in Credit Scoring

On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB Director to study...more

FTC Settles Claims Against Credit Repair Company

The Federal Trade Commission recently announced that it has entered into a settlement with one of the nation’s largest credit repair companies and its owners for alleged violations of the Credit Repair Organizations Act...more

CFPB Reports Risky Practices in Newly Supervised Nonbank Markets

On May 22, the CFPB issued a report highlighting illegal actions uncovered by its supervision of the nonbank payday, debt collection and consumer reporting markets. These markets are being federally supervised for the first...more

CFPB Releases Report on Medical Debt and Consumer Credit Scores

The CFPB’s Office of Research released a report showing findings that medical debt that goes into collections and shows up on credit reports may result in over-penalization with regard to consumer credit scores. The study...more

Rogue CFO III – Background Checks

Perform Background Checks. It seems obvious. Why would a company not want as much information about a candidate for its CFO position that it can legally obtain? But this oversight is common. Too many smaller companies hire...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

More on INTERPOL, the UAE, and Bounced Checks

A reader recently sent in this comment, which has been modified to protect the reader's privacy...more

CFPB takes steps to protect foster care youth from credit reporting problems

To address concerns about the vulnerability of foster care children to credit reporting problems, the CFPB has published three action letter templates for child welfare caseworkers to send to credit bureaus if they find...more

Virginia Enacts Transitional MLO Licensing Law for Out-of-State MLOs

Last month, Virginia Governor Terry McAuliffe signed Senate Bill 118, creating a transitional mortgage loan originator (MLO) license. Specifically, the law authorizes Virginia's State Corporate Commission to issue a...more

FTC Announces Settlements with Data Brokers over Alleged FCRA Violations

The Federal Trade Commission recently announced two more settlements with data brokers for alleged violations of the Fair Credit Reporting Act (FCRA). The settlements with Instant Checkmate, Inc., InfoTrack Information...more

Beyond Credit Reporting: The Extension of Potential Class Action Liability to Employers under the Fair Credit Reporting Act

Do not be fooled by its title: the Fair Credit Reporting Act (“FCRA”) reaches far beyond the realm of credit reporting and governs a broad spectrum of industries. Indeed, the provisions of FCRA apply to any business entity...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

Financial Services Law - Mar 14, 2014

State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency - The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more

CFPB Releases Report and Guidance Bulletin on Credit Reporting

The CFPB released a report on the findings of its first major study on credit reporting principally resulting from thousands of complaints received between July 21, 2011 and February 1, 2014. ...more

Credit reporting remains a CFPB top priority

Credit reporting was the first industry targeted by the CFPB using its “larger participant” supervisory authority. As demonstrated by the CFPB’s actions last week, credit reporting continues to be a high CFPB priority and is...more

Statements Rendered Credit Report Reseller a Credit Repair Organization

Sounding a cautionary note to the hypercompetitive credit report resale and monitoring industry, the U.S. Court of Appeals for the Ninth Circuit recently held that a reseller’s statements on its website and in television...more

CFPB Consumer Advisory Board Meeting To Focus On Consumer Reporting

The CFPB announced this week that its next Consumer Advisory Board meeting will be held on February 27, in Washington, DC, and that the sole public session will focus on the “consumer experience in the credit reporting...more

Bipartisan Group Of House Members Ask FHFA To Allow Use Of Alternative Credit Scores

On January 9, Representatives Ed Royce (R-CA), Jim Himes (D-CT), Spencer Bachus (R-AL), and Carolyn Maloney (D-NY) petitioned FHFA Director Mel Watt to expeditiously direct Fannie Mae and Freddie Mac to revise their...more

Weathering the Sea Change in Fair Credit Reporting Act Litigation in 2014

In 2013, the ballooning number of employment class actions illuminated the sea change in Fair Credit Reporting Act (FCRA) litigation. The FCRA was enacted in 1970 during President Nixon's administration, and is hardly in its...more

Supreme Court Declines to Review Fair Credit Reporting Act

The United States Supreme Court declined to grant certiorari to decide whether the Fair Credit Reporting Act preempts private rights of action under New Jersey state law for defamation. FCRA’s furnisher rule imposes special...more

Litigating in the Gap Between Theory and Reality - Reseller Liability Under Section 1681e(b) of the Fair Credit Reporting Act

One of the most significant sources of litigation risks for niche businesses occurs when the statutory laws governing their conduct fail to reflect the real-world context of the industries in which they operate. Because even...more

Credit Scoring in the Twenty-First Century

In this issue: - Introduction - The Issue: Operational Risks Posed by Reliance on a Single Third-Party Credit Scoring Provider - Risks to Financial Regulator - Obstructed Oversight 4 Political Risk...more

CFPB files amicus brief in FCRA case

The CFPB recently filed its first amicus brief in a Fair Credit Reporting Act (FCRA) case. This brief, like the amicus brief the CFPB filed in August 2013 in the Seventh Circuit in a Fair Debt Collection Practices Act case,...more

Banking & Financial Services E-Note - September 30, 2013

In This Issue: - NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year - CFPB Cracks Down on "Furnishers" Giving Credit Report Information -...more

Will bankruptcy ruin my credit (re-revisited)?

Last year I wrote a shorter update to a much longer article about "Will bankruptcy ruin my credit?" So what's new? A very recent client experience, that's what. A client got a new car loan at a very favorable interest rate a...more

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