News & Analysis as of

Credit Reports Consumer Financial Protection Bureau Credit Reporting Agencies

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 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

CFPB Takes Aim at Overdraft Fees and Screening Inaccuracies

by McGuireWoods LLP on

On February 3, 2016, the Consumer Financial Protection Bureau (CFPB) took a series of steps aimed at improving access to checking accounts for the nearly 10 million American households that are “unbanked” or which have no...more

CFPB Tackles Checking Accounts With Compliance Bulletin, Letter to Banks

Why it matters - Taking a deep dive into the area of checking accounts, the Consumer Financial Protection Bureau (CFPB) sent a letter to 25 of the largest retail banks "encouraging them to make available and widely...more

CFPB Takes Action Against Subprime Credit Reporting Company Clarity Services, Inc.

On December 3, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against subprime credit reporting company Clarity Services, Inc. (Clarity), and its owner, Timothy Ranney (Ranney), for...more

CFPB highlights credit card complaints in fourth monthly complaint report

by Ballard Spahr LLP on

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

CFPB Shines its Spotlight on Credit Reporting Consumer Complaints

by Locke Lord LLP on

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

Supervisory Haiku-lights, Summer 2015

by MoFo Reenforcement on

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer...more

State AG – Credit Bureaus Settlement: What Furnishers Need to Know - More than 30 state attorneys general reached a settlement...

by Ballard Spahr LLP on

Last week, Ohio Attorney General Mike DeWine issued a press release announcing the results of a multi-state investigation into the three national credit reporting agencies (CRAs) - Equifax Information Services LLC, Experian...more

CFPB: The “Credit Invisibles” and Alternative Data

by Davis Wright Tremaine LLP on

On May 5, 2015, the CFPB published a report, Data Point: Credit Invisibles, finding that 26 million Americans (as of December 2010, and out of 189 million Americans with scorable credit records), or one in every ten, do not...more

CFPB Issues Study on Credit Reports; Next Steps are Unknown

by Ballard Spahr LLP on

The CFPB recently released a report that documents the results of a research project undertaken by the CFPB’s Office of Research to better understand the demographic characteristics of consumers without traditional credit...more

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

by Ballard Spahr LLP on

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

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

by Ballard Spahr LLP on

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

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

by MoFo Reenforcement on

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

by Ballard Spahr LLP on

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

House to hold Sept. 10 hearing on credit reporting

by Ballard Spahr LLP on

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

CFPB Releases Supervisory Report Highlighting “Risky Practices” of Nonbanks

by Goodwin on

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

’60 Minutes’ Show Gets Facts All Wrong in Report on Credit Reporting Agencies

by Ifrah PLLC on

The credit reporting industry – dominated by Experian, Equifax and Transunion – maintains a precarious balance of obligations: On the one hand, these companies bear a responsibility to banks and other businesses at large to...more

Employers Should Use Revised FCRA Disclosure for Employees and Job Applicants

Employers who use consumer reports as part of their decision-making process in the hiring, promotion or firing of employees should note the attached “A Summary of Your Rights under the Fair Credit Reporting Act” issued by the...more

New Federal Agency Rings In The New Year With New FCRA Background Check Forms

by Pierce Atwood LLP on

Employers that use third parties to perform background checks on applicants or employees must start using new Fair Credit Reporting Act (FCRA) forms immediately. The new Consumer Financial Protection Bureau, which is...more

Background Checks: Updated “Summary of Consumer Rights” Required Under Fair Credit Reporting Act

by Thompson Coburn LLP on

Start the new year out right by using the updated “Summary of Consumer Rights” form, required as of January 1, 2013, to comply with the Fair Credit Reporting Act (“FCRA”). Even if you updated your form earlier in 2012, you...more

Modified Fair Credit Reporting Act Notices Will Be Required Effective January 1, 2013

by Franczek Radelet P.C. on

The following is an important message for all employers that use credit reporting agencies to perform pre-employment background checks or other related investigations...more

Legal Alert: Employers Must Be Prepared To Use Revised FCRA Forms Beginning January 1, 2013

by FordHarrison on

Beginning January 1, 2013, employers must use the revised forms issued by the Consumer Financial Protection Bureau (CFPB) in November 2012 to conduct background checks under the Fair Credit Reporting Act (FCRA). ...more

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